As we approach the end of the fiscal year, high net worth individuals find themselves at a pivotal juncture for tax planning. The complex web of tax laws can be overwhelming, but fear not. In this comprehensive guide, we'll break down some savvy strategies to help you optimize your tax position a...
As the holiday season approaches, it is a time for families to come together, share joy, and create lasting memories. However, amidst the festive cheer, there lies an invaluable gift that often goes overlooked – the gift of a secure and thriving future for your family business. Family business su...
Have you ever heard the saying, "Shirtsleeves to shirtsleeves in three generations"? It's a popular phrase in business, especially among family-owned companies. It suggests that family wealth often disappears by the third generation. The first generation makes the money, the second enjoys it, and...
Life often feels like a rollercoaster, full of ups and downs, twists and turns. And just like how a rollercoaster has those particularly scary loops, life has its own intimidating moments: difficult conversations. From discussing your estate plan with your children to confronting a friend to add...
Today, we're diving deep into a topic that many Pennsylvanians might have heard of but might not fully understand: the Pennsylvania Inheritance Tax. Whether you're a long-time resident or just moved to the Keystone State, it's essential to grasp this topic, especially if you're planning your esta...
When it comes to estate planning, especially in the context of leaving a legacy for our children, a common dilemma arises: how to distribute property in a fair and just manner. While our instincts might drive us towards an equal distribution, a deeper reflection often reveals that 'fair' and 'equ...
My Grandfather, I called him “Papa”, was a brilliant man. A veteran of World War 2, he built a successful medical practice and was an astute investor. Although he faced death on a regular basis as a physician, he could not face his own mortality. Like many of us, Papa was extremely uncomfortable ...
Estate planning is crucial for ensuring that your assets are distributed according to your wishes after you pass away. Two popular estate planning tools are wills and revocable living trusts. Though they serve similar purposes, they come with distinct features and benefits. Let's delve into the d...
There's an old saying that “Wealth doesn't build character, work builds character.” Many of my clients are conflicted about leaving wealth to their children. They want to make their children's lives better but don't want inherited wealth to rob the children of motivation or deprive them of the ha...
This week's blog is a fable about a father and son confronting one of the most difficult parts of family business succession: passing control from one generation to the next.
With the start of school a distant hope, my wife and I are facing one of the greatest crises of our family life: "How do we keep our kids from driving us nuts when there are still six weeks of summer left?" This year, we took the easy way out and sent our 12- and 13-year-old sons to camp in the ...
Whether it's called “The Great Wealth Transfer,” “The Silver Tsunami,” or some other catchy sounding name, it's a fact that a tremendous amount of wealth will pass from Baby Boomers to younger generations in the next few decades. In fact, it's said to be the largest transfer of intergenerational ...
I have three children. Henry is 11, Scotty is 9 and Keeley is 5. Scotty is turning 10 this month. For some reason, this birthday has me thinking a lot about how quickly my kids are growing up. I had always heard the phrase "They grow up so fast" but am truly starting to appreciate the truth in th...
Click Here to listen to Attorney Scott Lynett, Esq. discuss contractor succession. We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIF...
On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it could have big implications for both your retirement and estate planning strategies—and not all of them are positive. Last week, we discussed three of the SECURE Act's mos...