Tax Warrior Chronicles

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?

Read More

“The Talk” – Part II - Getting Your Parents to Talk About Family Wealth

Posted on Thu, Jul 06, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT

 

In Part I of this two-part blog series, we discussed what parents should tell their children about their wealth transfer plans.  On the flip side, we will now address how children can get their parents to talk about it.

Read More

“The Talk” – Part I: Talking to Your Kids About Wealth Transfer

Posted on Thu, Jun 29, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT

 

When you hear “The Talk,” you may not think the talk is about money.  However, many parents in high-net worth families find it difficult to discuss their wealth with their children -  particularly the amount of their wealth, their responsibilities for this wealth, and how it will be distributed once they pass on.  And they certainly don’t know the best age to reveal the “number” to their children, or if they should even tell them the value of their wealth at all. 

Read More

Crummey Trusts – An Effective Wealth Transfer Vehicle

Posted on Thu, Feb 27, 2014

Taxes are all we think about this time of year as we plan to file our previous year’s returns. Those with significant wealth often look for ways to transfer assets to the next generation with little or no transfer taxes. No one wants to add Uncle Sam to their estate beneficiary list.

Read More