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Spoiler alert: In the acclaimed HBO series “Succession,” the patriarch of a family-run business, Logan Roy, fails to name a clear successor. After his sudden death, the family is ripped apart. Eventually the business is sold to outsiders under dire conditions.

Don’t think that your family is immune from...

Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger focus on income tax planning. And one of the most valuable tax planning areas is...

The average length or retirement is 18 years, according to the U.S. Census Bureau. And with today’s medical technology, it could last significantly longer. Thus, a major challenge is balancing the need to maintain your standard of living while preserving as much of your wealth as possible for your family to enjoy...

You’ve likely spent most of your adult life accumulating wealth that you intend to eventually pass on to your loved ones. But are you concerned that one or more beneficiaries of your estate might squander their inheritance?

One solution is to establish a spendthrift trust that can provide protection...

When creating your estate plan, there is a certain amount of prognosticating involved. What will your financial picture look like years into the future? How will the estate tax laws change? No doubt one of the biggest challenges involved with estate planning is all the uncertainty. One option to hedge your bets...

Generally, it’s advantageous to keep funds in your retirement accounts for as long as possible. Indeed, the longer you refrain from withdrawing funds, the longer they must continue tax-deferred growth.

However, you must begin taking required minimum distributions (RMDs) from employer-sponsored retirement plans, such as 401(k) plans, and IRAs...

The cycle continues: Your adult children — one of the first generations to benefit from Section 529 plans — are saving for their kid’s college educations through 529 accounts of their own. Did you know that parents aren’t the only ones who can establish 529 plan accounts? As a grandparent, you can...

It’s true that because of the current record-high gift and estate tax exemption amount, most families don’t have to worry about transfer taxes. However, there are some that must continue to work to reduce their estate tax liability. In fact, these taxes continue to place a burden on families with significant amounts...

There’s a good chance that your estate plan includes a revocable trust — sometimes known as a “living trust.” This type of trust can help your estate avoid probate, guard your privacy and provide protection in the event you’re incapacitated. But that’s not to say revocable trusts are without drawbacks.

After your retirement, or if you’re retiring soon, you may be more inclined to make donations to your charity. However, you may receive little or no tax benefit from your contribution, depending on whether you itemize deductions. As a result, you might rely on a provision in the tax code to achieve...