Parhaat Legacy Planning Podcastit (2024)

1
What Is a Dynasty Trust, Perpetuities Trust or Generation-Skipping Trust? 13:24

12d ago13:24

13:24

Many clients ask about a particular kind of trust called a “dynasty trust,” “perpetuities trust” or “generation-skipping trust.” There is no set way to draft these types of trusts — rather, these terms only emphasize the intent of the trust to benefit future generations. This episode discusses those trusts — or rather, their common features or elem…

1
Expressing Goals and Intent for the Trust: The Trust Letter of Wishes 14:25

26d ago14:25

14:25

On this podcast, Steve has emphasized that the estate plan is designed to carry out the intent of the testator or settlor. With that in mind, it is especially important for the client to communicate those wishes, so that the trustee, beneficiaries and other interested parties understand the settlor’s intent in situations that might arise, such as a…

1
Naming Guardians for Minor Children 10:10

1M ago10:10

10:10

For parents with young children, naming the guardian who will raise their children upon the parents’ passing can be one of the most important and foundational questions of an estate plan. And in fact, because this decision is so personal and important, many clients find it daunting — and as a result, they might delay making the decision, or even de…

1
Building Flexibility into the Estate Plan: the Power of Appointment 14:08

2M ago14:08

14:08

On this podcast, we talk about the importance of flexibility in irrevocable trusts and estate planning. Once a trust is irrevocable, we can explore methods to modify that trust to address changed circumstances. But in the planning process, we can look ahead and build flexibility into the documents so that even after the testator’s passing, the plan…

1
Passing Down the “Family Cottage” or Other Legacy Property 18:49

2M ago18:49

18:49

As we have discussed on this podcast, legacy planning is not just about transferring money. It’s also about transferring values and relationships. And often the transfer of specific property goes hand-in-hand with the fostering of those values and relationships. To this end, many clients hope to pass along a family vacation home, farm or other gath…

1
Helping a Beneficiary Purchase a Home 10:08

3M ago10:08

10:08

Many clients like the idea of helping a child, grandchild or other beneficiary with the purchase of a home to give the person a “head start” and a sense of independence. But this kind of transfer can have unanticipated, adverse consequences. This episode explores options and best practices for structuring transfers from a tax and non-tax perspectiv…

1
The Step-Transaction Doctrine and the Case of Smaldino 13:07

3M ago13:07

13:07

Because each donor is treated as a separate party for tax and other purposes, donors often involve others in making gifts. For example, a donor might transfer assets to his or her spouse, so the spouse actually makes the gift for tax purposes. These transfers might be especially important, given the possible “sunset” of current gift, estate and GST…

1
The Reciprocal Trust Doctrine 10:12

4M ago10:12

10:12

This podcast often discusses the elements of a trust, and how to grant access, control and flexibility to beneficiaries and trustees. But for tax and other purposes, the donor typically cannot retain those kinds of powers. Interestingly, the donor often can set up a trust for the benefit of a spouse, and grant the spouse that kind of access, contro…

1
Annual Gifting to Individuals: Options, Opportunities and Pitfalls 11:06

6M ago11:06

11:06

The beginning of the year is a good time to think about annual gifts to descendants and other beneficiaries. Episode 17 will walk through some options to make efficient use of annual gifting and also address some potential pitfalls. Summary and transcript: https://media.mcguirewoods.com/events/2024/Legacy-Planning-Once-Removed-Ep17.pdf…

1
Gift and Estate Tax, Inflation Adjustments for 2024 7:06

6M ago7:06

7:06

In previous episodes, we discussed the exemptions that apply for gift, estate and generation-skipping transfer tax. Many of these exemptions are adjusted for inflation each year. In Episode 16, we’ll review those exemptions and the adjustment for inflation in 2024, and we will look ahead to some potential changes in the law at the end of 2025. Summ…

1
The Rich Relative Playbook 8:00

6M ago8:00

8:00

For this podcast and in general, we think a lot about wealth and the transfer of wealth. Of course, we should define “wealth” broadly, to include not just money and property, but also relationships, values, history and wisdom. On this podcast in particular, we talk about ways to transfer wealth to encourage and foster the right kinds of values and …

1
Leaving It All to Charity: Lessons From Ashton Kutcher and Mila Kunis 10:18

11M ago10:18

10:18

Celebrities Ashton Kutcher and Mila Kunis recently made the news with their comments about their estate planning. They plan to give all of their money to charity upon their deaths, as part of their plan to raise well-adjusted kids. In this episode, Steve unpacks the comments they have made about their estate plan. He identifies some opportunities a…

1
It’s 5 o’Clock: Do You Know Where Your Will Is? A Lesson From Aretha Franklin 9:15

11M ago9:15

9:15

If you had to say where your will is located right now, could you? Despite the importance of that document, many clients are not sure where the original is located. In this episode, Steve discusses the case of Aretha Franklin’s will, and how the location of her will led to uncertainty and litigation regarding her true intent. In that case, two pote…

1
SLATs and the Case of McKim vs. McKim 5:50

1y ago5:50

5:50

Steve Murphy, chair of the private wealth services group, dives deeper into the subject of SLATs in this episode. SLATs can work well with estate tax benefits and creditor protection benefits, all while giving the spouse access, flexibility, and control. But in the event of death or divorce, suddenly some of those advantages evaporate. To explain t…

1
Spousal Lifetime Access Trusts, or SLATs 8:46

1y ago8:46

8:46

Steve Murphy, chair of the private wealth services practice group at McGuireWoods, discusses the Spousal Lifetime Access Trust, also known as the SLAT. Steve explains the rights that your spouse can have in this trust through the categories of access, flexibility, and control. And it is ultimately up to you, the client, to determine what level of a…

1
Trustee Removal and Case Update on Leo Kahn Revocable Trust 5:26

1y ago5:26

5:26

In this episode, Steve discusses the importance of the rule-based power to remove and replace a trustee. He explores this topic through the Leo Kahn Revocable Trust case in Massachusetts. In this case, the settlor named three trustees, and one trustee eventually wanted to remove the other two. The trust, however, included provisions that prevented …

1
Selecting the Right Trustee 7:45

1y ago7:45

7:45

In this episode, Steve provides insights on selecting a trustee of an ongoing trust, who may be the beneficiary or a third-party trustee. Steve will explain the advantages and disadvantages of each option, in addition to the three categories of functions your chosen trustee will manage. Read Summary & Transcript…

1
Trusts and Trustee Discretion 10:14

1y ago10:14

10:14

In this episode, Steve discusses the terms of a trust, how to ensure that the best trust structure is in place, and how to establish the right directions for a trustee to follow. He unpacks the differences between a rules-based approach with automatic steps for distribution of the trust versus a standards-based approach, where you give your discret…

1
Trust Income Tax 8:15

1y ago8:15

8:15

Steve has covered the transfer tax system of estate tax and gift tax, and generation-skipping transfer (GST) tax thus far in the Once Removed series. But there’s a separate tax regime everyone should be mindful of in estate planning: the income tax. Steve details the income tax and the particular rules of how it applies to trusts. He will explain h…

1
Trusts 10:05

1y ago10:05

10:05

Steve Murphy, chair of the private wealth services group, discusses four potential benefits of a trust structure and ways to balance potential concerns for your estate plan through simplicity and flexibility, on the one hand, or structure and certainty, on the other. He addresses the question of when you should have a gift or bequest held in a long…

1
In re Harrison and “Holdback” Trusts 7:15

1y ago7:15

7:15

Steve Murphy, chair of the private wealth services practice group, presents the case of In re Harrison. In this case, the settlors of a trust tried to go the simple route – they had the assets pass outright to their grandson for the most part. The assets would be held in trust for his benefit for a period of time. But when the time came for those d…

1
Once Removed: A Thoughtful Estate Plan 6:23

1y ago6:23

6:23

Once you are removed from the equation, what kind of structure can you leave behind to increase your chances that your wishes will be carried out? Steve Murphy, chair of the private wealth services group, introduces his new podcast series in this first episode. He explains the thought behind the “once removed” concept and how our actions affect our…

1
Property Ownership, Beneficiary Designations, and Avoiding Probate 7:47

1y ago7:47

7:47

How do you ensure that your assets are passed as simply and efficiently as possible? Steve Murphy, chair of the private wealth services group at McGuireWoods, will walk you through the classes of property involved before probate, the process of probate, and the importance of keeping a well-maintained list of your assets and checking it twice. Steve…

1
Estate and Gift Tax 10:16

1y ago10:16

10:16

What is the goal for transferring wealth during life and upon death? Whatever your plan may be, taxes will be a part of it. However, they don’t need to be the sole factor. Steve Murphy, chair of the private wealth services practice group at McGuireWoods, explains why taxes should not be the most important factors in the transfer of your wealth this…

1
Generation-Skipping Transfer Tax 9:32

1y ago9:32

9:32

There is a limit on how much you can benefit future generations without incurring additional transfer tax. Tune in to this episode to learn about the Generation-Skipping Transfer Tax (GST). This is a complex tax that applies to transfers of wealth between multiple generations. Steve Murphy, chair of the private wealth services practice group at McG…