Are Parents the Problem?
By John Napolitano CFP®, CPA, PFS, MST | Founder & Chairman When we think of multi-generational planning, most minds shift to children and grandchildren as the inheritors. However, most of the problems in estate planning belong to the parents. When passing the financial baton, it’s the parents’ responsibility first and foremost to set their families…
Do I Trust My Trustee?
By: Alex Weiss CFP® | President & Wealth Manager One of the fundamental rules of wealth preservation is to avoid the biggest mistakes. To be more specific, we sometimes refer to these as single points of failure in a financial plan. For high-net-worth families, designating your trustees might be one of the most often overlooked…
How Alternative Investments Fit Into Estate Plans
By Alex Weiss CFP® | President & Wealth Advisor Alternative investments can create friction in the conversation about estate planning. When someone is looking to fund their estate plan, we need to consider how tax liabilities will be funded. Now take alternative investments like privately held businesses, and you encounter a number of variables that…
Opening Financial Conversations with Aging Parents
When it comes to discussing finances with aging parents, it’s often a child, niece, or nephew who broaches the topic. This person is usually comparatively successful, organized, or deeply concerned. More often than not, they also witnessed estate planning or long-term care play out poorly in someone else’s life. Now, their parents are starting to…
How to Prepare Successful Inheritors
By: Thomas Schulte | Director of Financial Planning One of the most common concerns we hear affluent clients express: “I’m fearful that passing too much wealth to my inheritors will do more harm than good.” It’s a well-founded concern. Far too many examples of wealth are those passed carelessly between generations, bringing out the worst…
Every Day Is Saturday
By: John Napolitano | Founder and Chairman We have many clients who are starting to sell their businesses or retiring from companies and corporations. Many large changes occur, but the biggest are often in their routines. If you own a business or have a particularly high-performance job, you work your butt off Monday through Friday….
Making Cents: The Ups and Downs of Family Owned Real Estate
Some families intentionally pool their resources to make investments in real estate. Others inherit properties and become partners, whether that was their plan or not. Either way, owning real estate with family members can be a great way to benefit from family resources or be the straw that breaks the camel’s back with respect to…
Making Cents: When Your Own Success Is an Impediment
The day the Queen of Soul died, I jokingly asked “I wonder what type of mess she left for her heirs”. At the time, the comment was truly in jest, but sure enough, just like many before her, it appears that Aretha Franklin died without a will. Why would someone do that is the big…
Making Cents: Estate Planning for Digital Assets
I refer to estate planning as the process of organizing one’s personal and financial affairs in such a way as to minimize disruption, cost and taxes upon the death or disability of a person. You don’t need a lot of money to have an estate plan. All that’s needed are people you care about and…
Making Cents: Divorce and Money
It’s no secret that many couples end up airing their grievances in court. About 50% of our married population ends up in divorce, with second marriages showing a higher rate of divorce at around 65%. Rarely looked back upon with fond memories, the battling and legal costs associated with divorce brings anguish. Almost as rare…