Articles

For many partners at top law firms, their earnings represent the first time in that person’s family history that such wealth has been generated. With this first-generation wealth creation comes certain challenges and many opportunities. As a partner in a law firm, they now have additional financial and tax responsibilities that they may not be fully aware of. Many focus on financial planning and investment advice but often do not spend enough time thinking about how to efficiently transfer newl

Ready to take the next step in managing estate administration with confidence? Click here to download our comprehensive Estate Administration Playbook today to access expert guidance, practical tips, and valuable resources designed to help you navigate this complicated process smoothly. A version for professionals can be found here.

In this episode, Eric Dostal and Rich Yam discuss the taxes and legal duties that are the executor's responsibility. They also cover the financial consequences to the estate if deadlines are missed.

Are you charitably inclined? Do you expect a high income tax bill for this year because you sold your business, received a large bonus, or took a large IRA withdrawal to complete a Roth IRA conversion? If you are charitably inclined and have unusually high taxable income this year, you can create and fund a grantor Charitable Lead Annuity Trust (“CLAT”) and benefit from an immediate income tax charitable deduction to lower your personal income tax bill for this year. What is a CLAT? A CLAT is a

An asset protection trust (APT) is a lawful estate planning vehicle designed to shield assets from unknown future creditor claims, lawsuits, or judgments by placing those assets in a trust governed by enforceable spendthrift protections. Depending on the structure, an APT can let the settlor benefit from trust assets while reducing the risk that creditors can reach them. APTs range from offshore structures to Domestic Asset Protection Trusts (DAPTs) which are legal in certain states. How Does a

A directed trust is a type of trust where certain investment, business, and distribution powers are bifurcated from the administrative trustee powers and assigned to Direction Advisors who hold the power and responsibility to carry out those functions. Unlike a traditional delegated trust relationship, where a single trustee manages all administrative, investment, business and distribution roles, a directed trust allows a settlor (trust creator) to separate responsibilities among multiple fiduc

In Episode 3 of Navigating Estate Administration, host Eric Dostal provides a countdown of the first 30 days and shares essential steps to help viewers avoid any unnecessary delays in their projects.

Your choice of business structure will have far-reaching effects on your tax planning and your ability to engage in certain wealth transfer techniques. This high-level overview of two common types of corporate entities, C corporations and S corporations, may be helpful as you evaluate how best to structure your next venture or as a quick refresher on the “rules of the road” for an existing corporation. As always, it is critical to consult with your legal and tax advisors before implementing or

Having a comprehensive estate plan in place is important for everyone, regardless of your personal family life, and can cover a wide array of situations, including circumstances like who will make your medical or financial decisions if you are not able to, what will happen to your home or bank accounts, or who will care for your young children upon your death. For some families with children who have special needs, establishing a strong estate plan is crucial and often necessary to ensure prope