Shows
Future Focused: Sophisticated Estate PlanningQualified Small Business Stock After OBBBA: Key Updates and Opportunities In this episode of Future Focused: Sophisticated Estate Planning, hosts Michael Clear and Erin Nicholls are joined by Corporate Partners Scott McClure and Len Gray to discuss how the One Big Beautiful Bill Act (OBBBA) is expanding opportunities with qualified small business stock (QSBS). OBBBA brought about key updates to QSBS, including an increased capital gain exclusion amount, a higher asset threshold for a company to qualify as a small business, and reduced holding periods. Tune in, as this conversation emphasizes the importance of proactive tax planning for founders and business owners to maximize their benefits under this new l...
2025-08-1924 minFuture Focused: Sophisticated Estate PlanningNavigating the Complexities of Private Foundations: Best Practices and Compliance Insights with Erin Nicholls and Sara OsinskiIn this episode of Future Focused: Sophisticated Estate Planning, Partner Erin Nicholls and Associate Sara Osinski examine the complexities of managing private foundations. They focus on how the 5% minimum distribution requirement is calculated, including the role of administrative expenses. The conversation highlights the importance of federal compliance through Form 990-PF and stresses the need for accurate documentation. They also share best practices such as holding annual board meetings, consulting advisors, and obtaining pre-approval for scholarship programs. Key compliance risks like self-dealing are also addressed, reinforcing the importance of strong governance.
2025-07-3020 minFuture Focused: Sophisticated Estate Planning50 Episodes: A Lookback and CelebrationToday marks a special milestone, our 50th episode! Since launching in 2023, we've had the privilege of engaging with thought leaders, innovators, and trusted advisors to explore the most pressing issues shaping families and their wealth. To celebrate, we’re taking a moment to reflect. In this episode, we’ll revisit some of the standout conversations that have defined our journey, from generational transitions and philanthropic strategy to the intricacies of tax and trust administration. Whether you've been with us from the start or are tuning in for the first time, we’re grateful to have you as part of this c...
2025-07-0926 minFuture Focused: Sophisticated Estate PlanningSpeaker Showcase: Strategies for Navigating Disputes in Contested Matters with Steve Malech and Matt SmithIn the final episode of the Speaker Showcase, Partners Steve Malech and Matt Smith discuss the complexities of estate planning, particularly in the context of divorce and family disputes. They highlight the importance of clear definitions in legal documents, the potential for costly litigation, and the challenges posed by multi-jurisdictional assets. They emphasize the need for proactive legal advice to navigate these issues effectively and avoid misunderstandings that can lead to significant financial and familial turmoil.
2025-06-1020 minFuture Focused: Sophisticated Estate PlanningSpeaker Showcase: Navigating the Business Life Cycle with Vanessa Maczko and Jack SousaIn the second episode of Future Focused: Sophisticated Estate Planning Speaker Showcase, Private Client Services Partner Vanessa Maczko and Corporate Partner Jack Sousa discuss estate planning strategies, with a focus on business owners and succession planning for both family and non-family enterprises. The discussion highlights the importance of structuring ownership using voting and non-voting shares to balance control with marketability. It also explores how liquidity solutions, such as life insurance, can support seamless ownership transitions in the event of a member’s passing. By bridging corporate and estate planning, the conversation emphasizes the need for thoughtful equity tr...
2025-05-2720 minFuture Focused: Sophisticated Estate PlanningSpeaker Showcase: Hot Topics in Estate Planning with Michael Clear and Erin NichollsIn the inaugural episode of our Speaker Showcase, Partners Michael Clear and Erin Nicholls explore the evolving landscape of estate planning, with a special focus on strategies for middle and high-net-worth clients in Connecticut. The discussion addresses the potential sunset of the estate and gift tax exemptions in 2026, offering practical gifting strategies to maximize the currently high exemption amount. Michael and Erin also highlight Connecticut's latest advancements in trust modifications and non-judicial settlement agreements, and caution practitioners on the potential tax implications that may arise from enacting these strategies. Don’t miss this insightful conversation on hot, hot topics in...
2025-05-1317 minFuture Focused: Sophisticated Estate PlanningUnlocking Digital Asset Potential with Expert Jake ClaverDigital Assets may be poised to revolutionize the financial world and the velocity of moving money across the economy. On this episode of Future Focused: Sophisticated Estate Planning, host Erin Nicholls and Corporate partner R.J. Kornhaas welcome guest Jake Claver, Managing Director of Digital Ascension Group, a multifamily office serving high-net-worth and ultra-high-net-worth clients. Jake shares his background in mergers and acquisitions and how his success in traditional markets ultimately led him to cryptocurrency and an expertise on digital assets. Discover how investment in digital assets could transform the future of financial transactions, providing opportunities for attorneys, financial...
2025-04-0126 minFuture Focused: Sophisticated Estate PlanningArtful Estate Planning: Strategies for Collectors with Deborah RobinsonThe disposition of unique assets like art collections requires proper planning. On this episode, Partner Michael Clear and Associate Kaitlyn Pacelli speak with Deborah Robinson, Partner at Art Market Advisors. Deborah emphasizes the importance of early conversations to streamline the process. She also dives into the implications of appraisals, sales, and the division of collections, offering valuable guidance for families and trustees. Tune in to gain valuable insights into managing unique assets during your lifetime and ensuring the proper plan is in place to dispose of those assets after death.
2025-03-0632 minFuture Focused: Sophisticated Estate PlanningWealth Wars: Navigating the Battlefields of Family Disputes with Partner Steve MalechWhen families clash over control of substantial wealth, whether in connection with the testamentary wishes of a loved one or the management of assets in an estate or trust, hiring the right fiduciary and probate litigator can make all the difference. In this episode, Partner Michael Clear sits down with Wiggin and Dana Partner and Chair of the Fiduciary and Probate Litigation Practice Group, Steve Malech, to unpack the role of a fiduciary and probate litigator in family wealth disputes. Through compelling real-world examples, Steve highlights a variety of practical takeaways for fiduciaries, beneficiaries, and fellow attorneys, offering insights o...
2025-02-1831 minFuture Focused: Sophisticated Estate PlanningStrategic Gifting: Reducing Taxes by Removing AssetsHow can you reduce taxes by removing assets from your estate? In this episode, Partner Michael Clear answers this question, highlighting several gifting strategies to shift wealth out of a taxable estate. Michael touches on strategies like making annual exclusion gifts, direct payments for tuition and medical expenses, opening 529 accounts, and creating life insurance trusts. Be sure to tune into this insightful episode and ensure you are prepared for the year ahead. If you have any questions on incorporating gifting strategies within your overall estate plan, please reach out.
2025-01-2914 minFuture Focused: Sophisticated Estate PlanningSpeaker Series: Family Office and Strategic Investments with Erin Nicholls, R.J. Kornhaas and Dimitri TournasIn the final episode of our speaker series, Partners and Family Office Co-Chairs, Erin Nicholls, R.J. Kornhaas, and Dimitri Tournas delve into the unique capabilities and services offered to high net worth individuals and family offices, highlighting the firm’s expertise in real estate, corporate transactions, and personalized private client services. This episode also explores the evolving landscape of family offices, including the importance of proper governance and tailored legal counsel. Be sure to tune in to discover how we collaborate across departments to provide comprehensive solutions for our clients.
2024-12-0312 minFuture Focused: Sophisticated Estate PlanningThe Role of Legal Counsel in Private Investments with R.J. KornhaasOn this episode, hosts Erin Nicholls and Michael Clear welcome corporate Partner R.J. Kornhaas to discuss the intricacies of investing in privately held businesses and business succession planning. They delve into essential considerations, such as the types of investments—including convertible notes and preferred stock—and emphasize the importance of having legal counsel review documents to safeguard investor interests. Whether you're an advisor, a founder or investor in a privately held company, tune in to explore how to navigate private investments wisely and understand the role of legal counsel in mitigating risks, ensuring compliance, and facilitating successful transactions.
2024-11-1230 minFuture Focused: Sophisticated Estate PlanningSpeaker Series: Hot Topics in International Estate Planning with Carolyn ReersOn the fifth episode of our speaker series, Partner Carolyn Reers explores the growing trend of high-net-worth individuals seeking residency or citizenship abroad for tax benefits and safety. She highlights popular destinations like Malta, St. Kitts and Nevis, and St. Lucia for citizenship through investment, as well as Italy, Malta, Portugal, Switzerland, Greece, and Spain for golden visa programs. Carolyn also explains the complexities of the U.S. expatriation tax regime and the challenges of maintaining U.S. tax compliance while living abroad. Tune in to gain valuable insights into international planning and compliance in today’s global landscape.
2024-10-2818 minFuture Focused: Sophisticated Estate PlanningSpeaker Series: The Corporate Transparency ActOn the fourth episode of our speaker series, Partners Erin Nicholls, R.J. Kornhaas and Dimitri Tournas dive into the key compliance requirements of the Corporate Transparency Act (CTA) and its impact on small to medium-sized companies. They break down the new federal beneficial ownership registry, the filing requirements, and the challenges of identifying beneficial owners. Tune in to gain insight into the information needed to meet the CTA's obligations and what it means for your business.
2024-10-1508 minFuture Focused: Sophisticated Estate PlanningFrom the Sidelines to the Spotlight: Winning Strategies with Thomas ArcherIn this powerhouse episode, hosts Erin Nicholls and Michael Clear step up to the plate with Thomas Archer, a certified financial planner and owner of the Thomas J. Archer Companies, to discuss the nuances of estate planning and business succession for high net-worth individuals, including professional athletes and business owners. Archer, not one to sit on the sidelines, shares his personal journey from a humble beginning to amassing a clientele that includes billionaires and professional athletes, emphasizing the importance of proper financial planning, asset protection, and the pitfalls of lacking financial literacy. This episode is a playbook on effective s...
2024-10-0129 minFuture Focused: Sophisticated Estate PlanningCounsel for the C-Suite: Management Representation in M&A with Christian Chandler and James GreifzuIn a typical M&A transaction, the interests of the executives and management team can significantly diverge from the other parties to the transaction making it essential to retain independent counsel, separate from the buyer and the seller. In this episode, Erin Nicholls and Michael Clear are joined by Partners Christian Chandler and James Greifzu, co-chairs of the Wiggin and Dana Management Team Representation practice group. They discuss their role in ensuring executives are properly represented in deals and the importance of early and informed legal representation to ensure that their interests are protected and aligned with the transaction's...
2024-09-1730 minFuture Focused: Sophisticated Estate PlanningSpeaker Series: Divorce-Proofing Your Dynasty with TrustsNavigating estate planning amidst divorce can be complex. On the third episode of our speaker series, Partner Matt Smith emphasizes the need for adaptable and forward-thinking strategies to protect assets across varying state laws. Highlighting cases where outdated estate plans clash with the modern realities of marriage, divorce, and inheritance, Matt delves into crafting lifetime trusts, navigating state-specific trust codes, and integrating prenups to safeguard one’s financial future. He also underscores the persistent challenge of ensuring estate plans remain effective in the face of life’s uncertainties and changes in law. Tune in to gain valuable insights on safeg...
2024-09-1009 minFuture Focused: Sophisticated Estate PlanningBusiness Valuation Strategies with Evan Levine and Nainesh Shah of Complete AdvisorsTiming is crucial for clients looking to gift before the potential sunset of the estate and gift taxexemption at the end of 2025.In today’s episode, Partner Erin Nicholls sits down with Evan Levine, Founder of Complete Advisors as well as his colleague, Nainesh Shah, lead analyst, who specializes in business valuations for trust and estate planning, gift tax planning, and complex entities. They discuss the critical role of business valuations in estate and gift tax planning and the intricacies of determining discounts for lack of marketability and control, emphasizing the tailored approach needed for each un...
2024-09-0331 minFuture Focused: Sophisticated Estate PlanningSpeaker Series: Prenups – Protecting Your Assets Before Saying “I Do”With our second episode in our speaker series, Partner Helen Heintz dives into the increasingly common practice of drafting prenuptial agreements. Highlighting the evolution of her clientele over nearly two decades, Helen outlines the shift towards safeguarding inherited wealth in first and second marriages—primarily driven by concerned parents wanting to protect assets for their children. Helen further explores the nuances of these agreements across different states, such as Connecticut and New York, emphasizing the importance of disclosure, representation, and the distinction between separate and marital property. This episode is a must-listen for anyone interested in the mechanics and si...
2024-08-2012 minFuture Focused: Sophisticated Estate PlanningNavigating the Tax Landscape: Insights on GiftingOn this episode, Partner Vanessa Maczko details where we are now with taxes and gifting, and where we are going. She discusses what is not a taxable gift and how to use your estate and gift tax exemptions. Vanessa also delves into what it means when the high exemption rates are expected to sunset in 2026, and what can be done with little to no exemption left. Tune in to learn more about this important topic, and why it may be beneficial to gift now before it’s too late!
2024-08-0614 minFuture Focused: Sophisticated Estate PlanningSeal the Deal: The Art of Selling Companies with M&A Expert Jacob KoenigJacob Koenig, Managing Director and Partner of Woodbridge International, sits down with Partners Erin Nicholls and Michael Clear to discuss his firm’s unique approach to selling companies, including their focus on marketing and their ability to reach an extensive network of well-vetted potential buyers. The conversation touches on current market conditions and the importance of sticking to a timeline for closing deals. Jacob emphasizes the need for project management and clearly defined roles in the deal closing process, stating that it is crucial to keep everyone's feet to the fire and ensure that the timeline is followed to pr...
2024-07-3026 minFuture Focused: Sophisticated Estate PlanningThe Entrepreneur’s Guide to Equity: Structuring for Success: Part 2On this episode, Partners Erin Nicholls and Michael Clear continue their conversation with Wiggin and Dana Partner Jack Sousa, on entrepreneurship, equity, and entity structuring. They dive deep into the entrepreneur's guide to equity, employee stock options, and the strategic importance of early legal advice, with particularly valuable insights on estate planning synergy and innovative legal structures like convertible notes and SAFEs. Jack also hits on the wiggin(x) Startup Kit which provides emerging high-growth companies with an overview of some of the key issues to keep in mind as you start and grow your business. A crucial listen...
2024-07-1622 minFuture Focused: Sophisticated Estate PlanningLaunching “Future Focused: Private Wealth Insights”In the latest podcast episode, host Michael Clear introduces the “Future Focused: Private Wealth Insights” blog, a platform designed to help optimize and protect your financial future. Explore domestic and international estate planning strategies, tax optimization, and more, with regularly updated content to keep you informed about the latest trends and developments. Visit www.privatewealthinsights.com to learn more and subscribe for exclusive content.
2024-07-0204 minFuture Focused: Sophisticated Estate PlanningThe Entrepreneur's Guide to Equity: Structuring for SuccessDiscover the intersection between founding ventures and estate planning on today’s episode of Future Focused. Wiggin and Dana Partner Jack Sousa, a founder of wiggin(x) and co-chair of our Emerging Company and Venture Capital Group sits down with Partners Erin Nicholls and Michael Clear and offers invaluable insights into the client experience on Wiggin(x), a unique venture aimed at revolutionizing the startup ecosystem for founders. Don’t miss out on this engaging conversation that navigates the complex terrain of equity and legacy planning. From equity considerations, entity choices, and strategic planning for early-stage companies, Wiggin(x) is h...
2024-06-1822 minFuture Focused: Sophisticated Estate PlanningA Guide for Business Owners: Navigating the Complexities of Estate PlanningBusiness owners have their own set of challenges to address when considering estate planning strategies, including family concerns, personal concerns and operation of the business itself. On this episode, Partner Michael Clear supplies a roadmap of estate planning options for business owners that seek to address these challenges. He reviews the three phases of estate planning, which are foundational planning, continuity and liquidity planning, and advanced planning. Ultimately, the goal is to get the business owner through each phase, but what do these phases mean and how do we get there? Tune in for answers to these questions, and...
2024-06-0615 minFuture Focused: Sophisticated Estate PlanningThe CTA is Here to Stay: Reporting Requirements under the Corporate Transparency ActOn this episode, Partners Michael Clear and Erin Nicholls review the requirements under the Corporate Transparency Act (“CTA”) now in effect. They discuss what exemptions available to entities, who the beneficial owners are, when to file reports, and other insights into what is needed to comply with the CTA. Be sure to tune into this episode and review our other related content to learn more. Feel free to contact a Wiggin and Dana attorney with any questions.
2024-04-0922 minFuture Focused: Sophisticated Estate PlanningTeaching the Value of the Dollar: Guest Tom Henske Makes Total CentsDo your children think money grows on trees? Do they understand the value of a dollar? On this week’s episode, Partner Michael Clear sits down with Tom Henske, author of It Makes Total Cents, which gives parents tools to have an honest conversation with their kids about the value of money and the importance of starting the conversation at a young age. With a background in structuring life insurance portfolios for high-net-worth individuals and financial planning, Tom has made it his business to not only help clients prepare the money for their kids, but to also prepare the ki...
2024-03-2629 minFuture Focused: Sophisticated Estate PlanningLessons Learned with Larry Lipoff: Live From the 58th Annual Heckerling Institute on Estate Planning ConferenceOn this episode, Partner Michael Clear sits down with Larry Lipoff, CPA, TEP, CEBS, who is a Director in CohnReznick’s Trusts and Estates Practice, to discuss the key takeaways from the 58th Annual Heckerling Institute on Estate Planning Conference. They dive into topics such as the “Rockefeller Waterfall,” planning with fluctuating interest rates, a possible upheaval in residential and commercial real estate, trustee liability, gift splitting, and more. Tune in as Michael and Larry break down a number of topics that will inevitably affect how practitioners advise their clients on estate planning well into the future.
2024-03-0518 minFuture Focused: Sophisticated Estate PlanningLife Insurance and Trust Planning: Insights from Special Guest Sarah MooreLife insurance can be a valuable estate planning tool for generational wealth planning, creating liquidity and time diversification. On this week’s episode, Michael Clear and special guest Sarah Moore, Director of Advisor Relations at the Coyle Company, a firm that handles estate planning and business planning matters, discuss the importance of reviewing existing life insurance policies and portfolios to ensure they align with long-term estate planning goals. They delve into the impact of rising interest rates on life insurance policies and loans, and the need for trustees to regularly review policies for optimal performance. Tune in to learn how...
2024-02-2010 minFuture Focused: Sophisticated Estate PlanningA Closer Look at Conservatorships: What You Should KnowThe role of a conservator is often misunderstood and recent headlines about celebrity conservatorships tend to paint conservatorships in a negative light. However, in this episode, Hosts Erin Nicholls and Michael Clear, provide context to understanding the differences between conservatorship of the person and of the estate, voluntary and involuntary conservatorships, and how planning documents like powers of attorney and living trusts can help protect against the need for a conservatorship. This informative and engaging discussion is a must-listen for anyone interested in better understanding the real-world implications of conservatorships, as well as alternative strategies for managing one’s he...
2024-02-0619 minFuture Focused: Sophisticated Estate PlanningSun, Sand, and State Residency: Navigating Florida’s Domicile RulesWith so many people fleeing their northern home states and heading south for a sunnier lifestyle, it’s more important than ever to understand the process of changing domicile and residence. On this week’s episode, Partner Michael Clear travels to sunny Florida and chats with Florida-based Partner Veronica Bauer on the necessary “checklist” to declare domicile and residence in the state of Florida. They cover important steps such as obtaining a Florida driver's license, registering to vote, and filing a Declaration of Domicile. They also provide insights into the homestead exemption and how to avoid triggering events that could af...
2024-01-2320 minFuture Focused: Sophisticated Estate PlanningEstate Planning in 2024: Opportunities and Challenges AheadReady to kick off the New Year and make good on all those estate planning resolutions? On this first episode of 2024, Partners Erin Nicholls and Michael Clear highlight the estate planning opportunities resulting from changes in estate, gift and generation-skipping tax exemptions and discuss why 2024 is a good year to consider making big gifts before the exemptions are halved in 2026. They also discuss the importance of reviewing and updating your estate plans, including planning for beneficiaries, trust funding and making any desired changes to fiduciaries. 2024 will be the year to set clear goals, plan strategically, and focus on estate...
2024-01-0913 minFuture Focused: Sophisticated Estate Planning2023 Year in Review - Future Focused: Sophisticated Estate PlanningAs we wrap up 2023, let us take a look back at some of the important estate planning topics that were discussed throughout the year. Our Partners Erin Nicholls and Michael Clear and their distinguished guests shared their expertise on a wide range of subjects, including Using Trusts for Your Beneficiaries, SLATs, Estate Planning and Digital Assets, Key Considerations with Generation-Skipping Transfer Tax, How to Include Family Members in an Estate Planning Conversation, The Corporate Transparency Act, and Prenuptial Agreements. You can access the full episodes by clicking the link below to better understand these topics. Plus, we have exciting...
2023-12-2613 minFuture Focused: Sophisticated Estate PlanningAnd Just Like That, 2023 is Over: Preparing for 2024As 2023 draws to a close, we gear up for a busy holiday season and start planning for 2024 (#FutureFocused). On this week’s episode, Partners Erin Nicholls and Michael Clear highlight a few things that clients and advisors should focus on as we near the end of the year, including putting the finishing touches on estate plans, making annual exclusion gifts, charitable donations, and required minimum distributions from IRAs. Tune in to learn more and check back in the new year for fresh episodes on even more interesting, sophisticated estate planning strategies.
2023-12-1209 minFuture Focused: Sophisticated Estate PlanningPrenuptial Agreements: Safeguarding Your Family’s Financial FutureOn this episode of “Future Focused: Sophisticated Estate Planning,” Partners Erin Nicholls and Michael Clear sit down with Partner Helen Heintz to discuss the intricacies of prenuptial agreements. From the nuances of defining separate and marital property to navigating potential pitfalls, they review the complexities and importance of prenups in protecting wealth. Helen also sheds light on the significance of full disclosure, the ideal timeline for drafting agreements, and addresses common misconceptions, offering valuable insights for professionals guiding their clients through the prenuptial process. Tune in to gain a comprehensive understanding of prenuptial agreements and how they play a cruc...
2023-11-2820 minFuture Focused: Sophisticated Estate PlanningPurr-fectly Prepared: Estate Planning for PetsFor many, pets are part of their family like any other family member, sometimes more so. That said, who cares for your pets after your death, and what money can be set aside for their support? Questions like these are addressed on this episode of “Future Focused: Sophisticated Estate Planning,” where Partners Erin Nicholls and Michael Clear discuss various estate planning approaches, including making a bequest, funding a pet trust and designating entrusted people to care for your pets after your death.
2023-10-1714 minFuture Focused: Sophisticated Estate PlanningHome Sweet Loan: Helping Loved Ones Buy a HomeFor many potential home buyers, purchasing a home can be daunting, especially in today’s housing market. It is often a huge financial burden, and many will need some assistance to close the deal. On this episode of “Future Focused: Sophisticated Estate Planning,” Partners Erin Nicholls and Michael Clear discuss several available options to assist with purchasing a home for a family member, including intrafamily loans, purchasing through a trust, or gifting money. Tune into this episode to learn more and contact your Wiggin and Dana attorney with any questions and for further guidance.
2023-10-0313 minFuture Focused: Sophisticated Estate PlanningThe Corporate Transparency Act: Navigating Reporting and ComplianceThere has been a longstanding effort globally and a lot of pressure on the United States to implement some sort of registry on a federal level for ownership of small and mid-sized entities. On today’s episode of “Future Focused, Sophisticated Estate Planning,” Partners Erin Nicholls and Michael Clear chat with Partner Carolyn Reers about the Corporate Transparency Act (CTA), which requires disclosure of previously private beneficial ownership, formation, and management information for certain entities to the Federal government with the purpose of detecting and, ultimately, preventing money laundering and terrorist activities using these entities.Be sure to tun...
2023-09-1934 minFuture Focused: Sophisticated Estate PlanningFrom Cradle to College: Strategies for Funding Educational ExpensesFunding education at any level can be a large expense and may require a lot of advanced planning. In this episode of "Future Focused: Sophisticated Estate Planning," hosts Erin Nicholls and Michael Clear discuss key strategies for funding educational expenses. They explore various options, including the direct payment of tuition, 529 educational funding plans, and the use of trusts. Erin and Michael highlight the flexibility and tax advantages of these strategies, making it a must-listen for clients as well as professionals in the field of estate planning. Be sure to tune into this episode to learn how to optimize these...
2023-09-0524 minFuture Focused: Sophisticated Estate PlanningTrustee Troubles: A Beneficiary’s Guide to Trustee RemovalTrustees behaving badly? In this episode of "Future Focused," hosts Erin Nicholls and Michael Clear discuss trusts and mechanisms available for a trust beneficiary to remove a trustee. From understanding the roles of trustees and educating beneficiaries to exploring communication breakdowns, compromise options, and even judicial routes, Michael and Erin provide expert insights and strategies for reclaiming control and resolving trust-related grievances. Be sure to tune into this episode and contact your Wiggin and Dana Private Client Services attorney if you have questions about the role of a trustee or if you are considering removing a trustee.
2023-07-2515 minFuture Focused: Sophisticated Estate PlanningPrivate Foundations 101: Annual Administrative RequirementsIn this episode of “Future Focused,” Partners Erin Nicholls and Michael Clear discuss the operation of family foundations as a wealth planning strategy. They highlight the trade-offs between donor advised funds and private foundations, focusing on the annual requirements of private foundations. They cover topics such as federal reporting, the 5% minimum distribution requirement, state-level reporting, annual meetings, and grant-making best practices. This episode provides valuable insights for high-net-worth individuals interested in philanthropic endeavors and sheds light on the complexity of administering private foundations.Be sure to tune in and contact your Wiggin and Dana Private Client Services attorney...
2023-07-1116 minFuture Focused: Sophisticated Estate PlanningThe Estate Plan Audit: Addressing Changes in Assets, Relationships and TaxesIn an ever-evolving landscape, it's crucial to audit an estate plan and ensure it keeps pace with your life. On this episode, Partners Erin Nicholls and Michael Clear dive into the importance of revisiting your estate plan, examining the impact of changes in asset levels, evolving inter-personal relationships, relocating to a new state, and changes tax laws. They provide valuable insight into conducting a successful estate plan audit, equipping you with the knowledge and tools to safeguard your legacy.Be sure to tune in and reach out to your Wiggin and Dana Private Client Services attorney to cond...
2023-06-2023 minFuture Focused: Sophisticated Estate PlanningLife After Leaving the Nest: Key Estate Planning Considerations for High School GradsWith summer swiftly approaching, many families will be celebrating high school graduations and making plans to send those children off to college. But many are not prepared for the reality that parents lose their ability to access health and financial information related to their children after those children become young adults. Parents, therefore, may find themselves unable to assist their child with critical decisions as a child moves away from the home, often to a college campus.On this episode Partners Erin Nicholls and Michael Clear highlight the key documents that are essential to ensuring financial and...
2023-06-0612 minFuture Focused: Sophisticated Estate PlanningLocation, Location, Location: Benefits of Jurisdiction Selection in Trust PlanningOn this episode, join Partners Erin Nicholls and Michael Clear as they dive into a discussion on jurisdiction selection in the context of advanced planning strategies. What does it mean to select a jurisdiction when establishing a trust, and what benefits are available when considering one jurisdiction over another? Erin and Michael address these questions and more, with a primary focus on the following factors: (i) the rule against perpetuities, (ii) bifurcation of trustee duties, and (iii) income tax implications. These and other factors help to determine which jurisdiction is best suited to address a client’s specific goals....
2023-05-2317 minFuture Focused: Sophisticated Estate PlanningBeyond the Documents: How to Include Family Members in an Estate Planning ConversationOn this episode, join Partners Dan Daniels and Michael Clear as they discuss the importance of educating the next generation on an estate planning matters. From the protection of assets in cases of divorce or litigation, to aligning a child’s assumptions with reality, you will gain insight on how best to structure a family meeting and facilitate a productive conversation for all members involved. Whether it be a pending marriage or a death in the family, these life events often trigger the need for a family meeting where family members can gain insight about the flow of assets un...
2023-05-0931 minFuture Focused: Sophisticated Estate PlanningFixing my Irrevocable Trust: DecantingOn this episode, join Partners Erin Nicholls and Michael Clear as they discuss mechanisms we have at our disposal to “fix” an irrevocable trust. The use of decanting, which is traditionally thought of as moving all the assets of one trust to a new trust, is one such mechanism. With the adoption of the Uniform Trust Code in the majority of US States, Erin and Michael contrast the use of common law and statutory decanting, and highlight some of the requirements and issues with both approaches. For example, the situs of an irrevocable trust may need to move to a di...
2023-04-2531 minFuture Focused: Sophisticated Estate PlanningKey Considerations with Generation-Skipping Transfer TaxOn this episode, join Partners Erin Nicholls and Michael Clear as they discuss key considerations when addressing Generation-Skipping Transfer (GST) Tax. With a particular focus on interesting planning opportunities and things to look out for when addressing GST tax. Erin and Michael emphasize the importance of thinking strategically about GST tax and its effects on estate planning. For example, if gifts to a grandchild are in the form of qualified education or medical expenses paid directly to the educational organization or medical provider, the gifts may qualify for the “Med-Ed Exclusion” and not be subject to GST tax. Also, in a...
2023-04-1116 minFuture Focused: Sophisticated Estate PlanningEstate Planning for Digital AssetsOn this episode, join Partners Michael Clear and Vanessa Maczko as they discuss estate planning considerations for digital assets, which often require special attention when compared to more traditional assets, like real property and marketable securities. For example, sentimental digital assets (such as social media accounts, email, photos on your computer or cell phone), may require specific language in your estate plan for your fiduciaries to access and protect them after your death. Cryptocurrency and other valuable digital assets (such as NFTs) require even more forethought to transfer to your beneficiaries. With that in mind, Michael and Vanessa offer...
2023-03-2819 minFuture Focused: Sophisticated Estate PlanningLegacy Assets in Estate PlanningIn this episode, Erin Nicholls and Michael Clear discuss strategies for preserving family legacy assets across generations. With a particular focus on the management and division of interests in real property, such as family compounds and homesteads, Erin and Michael discuss considerations related to carrying costs, ownership structures, bloodline protection, and transfers of interest, while also being mindful of a family’s overall estate planning goals.
2023-03-1417 minFuture Focused: Sophisticated Estate PlanningSLATs: are two too good to be true?Discussing Spousal Lifetime Access Trusts and strategies for using them for each spouse.
2023-02-2821 minFuture Focused: Sophisticated Estate PlanningSLATs and GiftingDiscussing Spousal Lifetime Access Trusts (SLATs) and how they can be a great idea for clients considering making a large gift.
2023-02-1422 minFuture Focused: Sophisticated Estate PlanningUsing Trusts for Your BeneficiariesUnderstanding the role of trusts and how modern trusts can be designed for flexibility
2023-01-0621 min