The Top 4 Estate Planning Questions Advisors Have About UHNW Clients
Financial advisors have a critical role to play in coordinating and educating their clients about estate planning now to protect their assets in the future. Here are the answers to some of the biggest questions financial advisors have about how to plan the estates of their UHNW clients.
What you need to know about generation-skipping gifts (and their tax implications)
Gifting to your children is an excellent way to reduce estate tax liabilities, but sometimes it makes more sense to give directly to grandchildren, rather than to your children. Because these gifts “skip” a generation, they are referred to as generation-skipping transfers (GST) or gifts and have special tax treatment. There are a few important things to keep in mind when considering a generation-skipping transfer gift, including the generation-skipping transfer tax. We’ll break the tax down for you and give you a few more important pointers to pay attention to.