Concerns about inherited wealth can be found among many parents (wealthy and otherwise) who wrestle with whether or not bestowing wealth upon their children or grandchildren will be a blessing or a curse. It especially an issue for the ultra-wealthy. So in August 2010, Bill and Melinda Gates and Warren Buffet created the Giving Pledge […] The post Leaving a Legacy of Wealth and Values appeared first on The Heritage Law Blog .
Studies have found that 70% of the time, family assets decrease significantly from one generation to the next, and have disappeared completely 90% of the time by the third generation. Case in point, Cornelius Vanderbilt, the railroad and shipping scion of the 19th century, left his vast fortune of $100 million to his heirs when […] The post 5 Steps to Prepare Your Heirs for Their Inheritance appeared first on The Heritage Law Blog .
In this season of giving, we often think about how we’re giving back to the world we live in. You might donate here or there during the year when you remember to, but you could develop a well-thought-out charitable giving plan that would benefit the charities of your choice as well as your estate. Do […] The post Charitable Giving on Your Mind? appeared first on The Heritage Law Blog .
Appointing the right trustee is an important decision for anyone who is in the process of creating a trust. The trustee is responsible for managing the trust either when the trust is formed or in the future, depending on your type of trust. While many people naturally consider giving a family member this responsibility, it […] The post Choosing the Right Trustee appeared first on The Heritage Law Blog .
Back to school season is upon us! As we all prepare to get back into our routines it’s also a great time to be reminded of estate planning basics. The blog posts this month focus on just that. Getting back to basics so you can make estate planning part of our fall planning. Estate planning […] The post Estate Planning for the Young Adult: 7 Strategies to Start Today appeared first on The Heritage Law Blog .
There’s a great feeling of satisfaction that comes with giving. Being able to help your loved ones through major life events and financial transitions can be a very rewarding experience. Did you know that gifting not only helps your family while you are still alive but also helps shield you from estate tax? With […] The post Avoid Estate Tax and Preserve Your Family Legacy Through Gifts appeared first on The Heritage Law Blog .
When we think about estate planning, we usually think of how we manage tangible items and investments, but have you thought about protecting your digital assets? As our lives become more and more dependent on technology, it’s important to consider your digital assets when preparing an estate plan. What qualifies as digital property? Digital devices […] The post Estate Planning in the Digital Age appeared first on The Heritage Law Blog .
A recent article in the New York Times highlighted the psychological barriers to creating an Estate Plan. “No one likes to think about dying – and that is probably one reason most Americans lack wills.” https://www.nytimes.com/2017/02/08/business/how-to-make-a-will.html?smid=fb-share&_r=0 The likelihood of having a Will, or other Estate Planning documents increases with age. Only 20% of millennials (ages […] The post Is Your Brain Preventing You From Creating a Will? appeared first on The Heritage Law Blog .
Consider yourself lucky if your family owns a vacation home –a lakeside cabin, a beachfront condo–a place where parents, children and grandchildren can gather for vacations, holidays and enjoy each others company and relax together. Your vacation home is likely a place full of special memories where you or your children grew up enjoying summers […] The post Massachusetts Estate Planning for a Family Vacation Home appeared first on The Heritage Law Blog .
Small business owners generally work many long hours at growing their businesses, but often they don’t spend the time needed to think about what will happen to the business when they pass away. A Succession Plan is a key consideration for any Small Business Owner. In some instances, it’s easiest just to sell the business […] The post Small Business Succession Plans appeared first on The Heritage Law Blog .