Federal Estate Tax Exemption Trust Us: Estate Planning Wisdom podcast

14:33

In this episode of Trust Us, Danielle Friedman, Herb Fineburg, and Max McCauley tackle the pitfalls of common estate planning advice, highlighting the risks of adding children to bank accounts or deeds purely for convenience. They discuss the adverse tax implications, potential family conflicts, and legal issues that can arise from such actions. The hosts emphasize the importance of consulting with informed professionals and suggest alternative methods, such as living trusts, beneficiary designations, and powers of attorney, to achieve estate planning goals without unintended consequences. (00:00) - Introduction and Overview (00:56) - Risks of Adding a Child to a Checking Account (02:12) - Tax Implications of Joint Accounts (03:14) - Inheritance and Gift Tax Consequences (04:32) - Family Strife and Legal Issues (05:18) - Adding a Child to Property Deeds (07:49) - Better Alternatives for Estate Planning (11:01) - Conclusion and Final Thoughts If you are interested in learning more or have any questions, please feel free to contact Danielle at danielle.friedman@offitkurman.com , Herb at hfineburg@offitkurman.com , and Max at cmccauley@offitkurman.com .…

Trust Us: Estate Planning Wisdom

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Federal Estate Tax Exemption 13:46

21 weeks ago13:46

13:46

In this episode of Trust Us, Danielle Friedman, Herb Fineburg, and Max McCauley discuss the significant changes anticipated with the sunset of the Federal Estate Tax Exemption. They explain what the exemption is, how it impacts estates, and the strategic planning necessary to navigate potential changes post-2025. Topics include essential planning techniques, potential legislative changes, and advice on how to prepare for the uncertainties. Introduction to Federal Estate Tax Exemption (0:46) Current vs. Future Exemption Amounts (1:28) Hypothetical Example of Taxable Estate (2:47) Impact of Future Legislative Changes (3:53) Strategic Planning Techniques (5:23) Advantages of Early Planning (10:37) Conclusion and Recommendations (13:17) If you are interested in learning more or have any questions, please feel free to contact Danielle at danielle.friedman@offitkurman.com , Herb at hfineburg@offitkurman.com , and Max at cmccauley@offitkurman.com .…

Trust Us: Estate Planning Wisdom

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The Rules of Intestacy 25:18

27 weeks ago25:18

25:18

In this episode of the Trust Us podcast, hosts Danielle Friedman, Herb Fineburg, and Charles "Max" McCauley III dive into the complex world of intestacy—the laws that govern the distribution of assets when someone passes away without a will. From common misconceptions about how assets pass to surviving spouses and children, to the unexpected complications of business succession and guardianship of minors, this episode unpacks the consequences of intestacy. Learn why not having a will can lead to costly legal battles, family disputes, and unintended tax burdens. Whether you're married, have children, own a business, or simply want peace of mind about your legacy, this episode will make you rethink your estate planning—and why it’s never too early to start. If you are interested in learning more or have any questions, please feel free to contact Danielle at danielle.friedman@offitkurman.com , Herb at hfineburg@offitkurman.com , and Max at cmccauley@offitkurman.com .…

Trust Us: Estate Planning Wisdom

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Trusts vs. Prenups – Why Trusts Provide Better Asset Protection feat. Joseph Armstrong 28:01

34 weeks ago28:01

28:01

In this episode of "Trust Us: Estate Planning Wisdom," hosts Danielle Friedman, Herb Feinberg, and Charles Max McCauley, along with special guest Joe Armstrong, delve into the critical comparison between trusts and prenuptial agreements in protecting family assets. The hosts explore why trusts can be a stronger and more flexible alternative to prenuptial agreements, especially when planning for high-net-worth individuals and their children's marriages. They discuss how properly structured trusts can provide robust asset protection without the potential awkwardness or limitations of prenups. Key points covered include: The advantages of discretionary trusts over mandatory distribution provisions How trusts can protect assets from divorce proceedings more effectively than prenups The potential pitfalls of last-minute prenuptial agreements The use of self-settled asset protection trusts as an alternative to prenups The importance of careful trust design in estate planning This episode emphasizes the long-term benefits of proactive trust planning in safeguarding family wealth across generations. It offers crucial insights for parents looking to protect their children's inheritances and for individuals seeking to shield their assets before marriage. Join us for this enlightening discussion on the power of trusts in modern estate planning and asset protection strategies. If you are interested in learning more or have any questions, please feel free to contact Danielle at danielle.friedman@offitkurman.com, Herb at hfineburg@offitkurman.com, and Max at cmmcauley@offitkurman.com.…

Trust Us: Estate Planning Wisdom

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The Crucial Role of Irrevocable Trusts when Gifting Family Business Interests 10:37

49 weeks ago10:37

10:37

In Episode 4, through a compelling case study, hosts Danielle Friedman, Herb Fineburg, and Charles "Max" McCauley III explore the vital role of irrevocable trusts when gifting closely held family business interests for the benefit of children. A client gifted a mere 1.5% stake in his company to each of his three children without using irrevocable trusts, aiming to save on costs. When one child faced divorce unexpectedly, the divorce proceedings centered around this small 1.5% stake in the family business owned by the child. Further complications arose when that same child, who remarried, unexpectedly died, leaving his business interests to his surviving spouse. This led to family conflicts for the children, which destroyed the relationships among the client's grandchildren. The hosts discuss the missed opportunities for protecting the family business from the divorce and death of a child who owns an interest in the business. This Episode emphasizes how irrevocable trusts can shield assets from divorce and permanent family conflicts. Learn crucial lessons on proactive trust planning to protect both assets and family bonds. Join us for this insightful discussion on safeguarding your legacy. If you are interested in learning more or have any questions, please feel free to contact Danielle at danielle.friedman@offitkurman.com , Herb at hfineburg@offitkurman.com , and Max at cmccauley@offitkurman.com .…

Trust Us: Estate Planning Wisdom

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How Long Should a Trust Last? 19:56

1 year ago19:56

19:56

In Episode 3: "Transcript: How Long Should a Trust Last?" hosts Danielle Friedman, Herb Fineburg, and Charles "Max" McCauley III delve into the considerations and implications of establishing trusts, particularly regarding their duration. The discussion revolves around scenarios where trusts terminate at a specific age, leading to unintended consequences such as divorce settlements affecting trust assets. The hosts emphasize the importance of crafting trusts that endure for the beneficiary's lifetime, highlighting the benefits of protecting assets from creditors, divorce, and taxation. They stress the need for flexibility in trust documents to adapt to changing circumstances and advocate for dynasty trusts that span multiple generations. Throughout the episode, real-life examples and legal insights underscore the complexities and nuances of estate planning, guiding listeners toward informed decisions for effective wealth preservation. If you are interested in learning more or have any questions, please feel free to contact Danielle at danielle.friedman@offitkurman.com , Herb at hfineburg@offitkurman.com , and Max at cmccauley@offitkurman.com .…

Trust Us: Estate Planning Wisdom

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Passing Your Wealth to Your Children- How to Ensure Your Children Benefit from Your Hard Work 9:23

1 year ago9:23

9:23

In Episode 2, "Passing Your Wealth to Your Children: How to Ensure Your Children Benefit from Your Hard Work," hosts Danielle Friedman, Herb Fineburg, and Charles "Max" McCauley III, the complexities of estate planning through a poignant case study. Explore the repercussions of neglecting trusts in a $24 million estate, revealing how the absence of this vital component led to unintended consequences. Gain insights into the benefits of trusts, debunk common misconceptions, and discover the importance of comprehensive estate planning. Don't miss this episode for a concise guide to safeguarding your assets and securing your legacy. If you are interested in learning more or have any questions, please feel free to contact Danielle at danielle.friedman@offitkurman.com , Herb at hfineburg@offitkurman.com , and Max at cmccauley@offitkurman.com .…

Trust Us: Estate Planning Wisdom

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Preserving Your Trust: How to Preserve Trust Funds for Couples 6:19

1 year ago6:19