Tax Warrior Chronicles

The Value of Trusts

Posted on Thu, Mar 31, 2022

By: Waishan Lee, CPA

 

Among the safest and most tax-efficient ways to transfer assets is by using a trust. A properly drafted trust document is specifically designed to be both for the benefit of a third-party person or entity and protects the property that was transferred to the trust. But, do you know what exactly a trust is and how you can use a trust to benefit your loved ones, charities and even yourself? Today, we’ll provided a high-level overview of these incredibly useful vehicles.

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Unprepared Heirs: Starting the Family Conversation About Wealth Transfer (Updated)

Posted on Thu, Nov 19, 2020

In these challenging and uncertain times, planning for generational wealth transfer is more important than ever.  We've updated this piece from 2018 to, again, help families discuss wealth among themselves and how it will successfully pass from one generation to the next. 

 

The reports differ from $30 trillion to perhaps only $9 trillion, but nearly all experts agree the greatest wealth transfer in history will happen in the next 25 years with a significant transfer of wealth happening in the next 10. Is your family prepared?

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Guest Blog: “Control of the Dead Hand”

Posted on Tue, Feb 27, 2018

Intro by: Jane Scaccetti, CPA, MT, PFS

Blog by: Ashvini Chopra

 

We asked Ashvini Chopra to share his article Control of the Dead Hand since his experience was like many family dynamics we witnessed over the years. In this short case study, Mr. Chopra tells the story of his client who struggled to decide about the ownership of his assets after his death. I, too, have a short case study to share.

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Selling the Family Business? Set up a Family Office First!

Posted on Tue, Aug 08, 2017

By Ashvini Chopra

 

Today, The Tax Warriors® share a recently published article on selling a family business from the Family Firm Institute’s (FFI) journal, The Practitioner.  We found it compelling enough to seek the author’s approval so you, too, could benefit from its message. The author, Ashvini Chopra, is senior vice president, family office at Bennet Coleman in Mumbai, India. His global footprint demonstrates that family business issues are virtually the same no matter the market. Many of his views in the article align with strategies Drucker & Scaccetti has espoused for decades.  If you are a family business leader, read this post and give us your feedback. Enjoy…

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Larry Ellison’s Lesson About Next Generation Wealth, Taxes and Estate Planning

Posted on Mon, Aug 19, 2013

 

Larry Ellison’s rise to billionaire status on the wave of his contribution to the tech world, Oracle, has been filled with savvy move after savvy move.  He built his empire by staying one step ahead of his competitors, keeping an eagle eye on his investments and becoming a student of tax law.  But, what he did to pass wealth on to his two children, David, 30, and Megan, 27, managed to avoid the taxman’s grasp altogether.

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