“’We’re increasingly seeing trust documents where multiple means for increasing flexibility are built into a single document,” says Suzanne Shier, a Chicago-based chief tax strategist at Northern Trust Wealth Management, which manages $233.1 billion.”
The past century, as the saying goes, was a simpler time, especially for estate planning. For families with high net worth, leaving a fortune to children and grandchildren might have been done through fairly common and straightforward estate tools.
But in 2015 and for the foreseeable future, first generation millionaires and billionaires will likely be considering more creative methods to ensure their legacies are passed on successfully.
A recent article in The Wall Street Journal explores the issues today’s wealthy face as they look to the uncertainty in the heirs future.
The past few years, which saw a fiscal cliff and an ever shaky tax climate, demonstrate just how rapidly tides turn. How then does one plan ahead to make sure their life savings and hard work will be around for say 50, or even 100 years?
The answer, the article suggests, is inserting flexibility into your plan. Like a bridge that gently sways in the wind, but doesn’t crumble, so too must an estate plan be set up for whatever sunshine or storms may lie ahead. Decanting, dynasty trusts, irrevocable trusts—these are just a few methods mentioned as an answer to the issue.
Read more of the original article to learn what some families and trust companies are doing these days to stay up to date and ready for the future.
For your own estate planning, consult an experience estate or probate attorney who will thoughtfully consider all your goals and implement them with a forward-thinking approach.
The attorneys and team at Nickerson Law Group help families with estate planning, probate, guardianship, and special needs trust planning in Austin, Cedar Park, Round Rock, Georgetown, Lakeway, Bee Cave, Dripping Springs and the central Texas area. For more information and to learn about our firm, visit Nickerson Law Group’s website.
Reference: The Wall Street Journal (May 4, 2015) “Why Estate-Planning for a Distant Future Requires Flexibility”
Suggested Key Words: Future Planning, Legacy, Beneficiaries, Business Transition