By Stephen J. Smith The Family Vision Experience™ Introduction Sometimes clients conclude they cannot leave an adult child’s inheritance outright, perhaps because the child cannot manage money. Hypothetical example: One of Adam and Mary’s children, Tom, age 28, has had mental health issues since he was an adolescent. There is concern about his long term.. Read More
By Stephen J. Smith The Family Vision Experience™ You have contacted us and made an appointment for estate planning. We are mailing (with this article) our Starter Kit, including hints on filling it out. This article is intended to give you quick overview of our unique way of doing estate planning, which we call The.. Read More
By Stephen J. Smith The Family Vision Experience™ This hypothetical is a well disguised composite of several actual cases. A couple had three sons in their mid-40s when we met them. The couple had achieved very significant wealth from a successful business and other investments, and they were staring at a 7-figure estate tax at.. Read More
By Stephen J. Smith The Family Vision Experience™ Although not an actual case, it is inspired by many cases we have handled. Our clients put their daughter through college; she graduated debt free. She has a stable job with bright prospects, working for a fine employer. She is in good health and is careful with.. Read More
By Stephen J. Smith The Family Vision Experience™ Although not an actual case, it is inspired by many cases we have handled. Our clients put their daughter through college; she graduated debt free. She has a stable job with bright prospects, working for a fine employer. She is in good health and is careful with money:.. Read More
By Stephen J. Smith The Family Vision Experience™ My approach in recent years has been to work with WisPACT for when a parent is contemplating a special needs trust for a child. They have created two master trusts, one where a person is putting his own money into such a trust (often referred to in legal.. Read More
By Stephen J. Smith The Family Vision Experience™ Key learning over a career of estate planning: almost everyone should consider a charitable remainder trust as part of their estate plan. In creating well defined rules, Congress created highly useful planning opportunities: In 1969 Congress passed legislation meant to reform an area of abuse – where.. Read More
By Stephen J. Smith The Family Vision Experience™ Explanation of Concept The goal is to create a simple tracking tool to avoid losing sight of the big picture. Think horizontal timeline, with hash marks representing various points in time. At certain intervals which you select, you enter the date, draw a line up from the.. Read More
By Stephen J. Smith The Family Vision Experience™ In a hypothetical case, imagine that a married couple has a 25-year-old son living in Wisconsin. The son has a girlfriend and is in a stable relationship with her. Marriage is not on the immediate horizon. The girlfriend has career aspirations that could require significant investment. She.. Read More
By Stephen J. Smith The Family Vision Experience™ In 1976, the lifetime exemption from Federal estate taxes was $60,000. By 1987 the exemption was $600,000. By the time President George W. Bush had taken office, it was scheduled to increase to $1 million by 2006, but in the summer of 2001, Congress enacted scheduled increases.. Read More