Like many couples, Susan and Larry, who were married for 46 years, had divided the financial chores. Larry handled the investments, and Susan paid some bills. Though Ms. Alpert owned a business arranging travel incentives for large corporations, she was not prepared to manage the household’s financial affairs.
Most of us would like to be remembered for who we were, not what we had. If you have any assets that you’ve accumulated during your lifetime that you plan to leave behind, it’s on you to figure out who gets what.
Many investors have an idea how they would like their assets distributed upon their passing. However, they are not sure of the best way to do so. Trusts are entities that ensure money and assets are handled according to the grantor’s instructions, keep the estate and its dealings private, and can be structured to a specific need.
Before gifting a holiday property, an individual or couple (who can gift up to $22.8 million against their lifetime estate-tax exclusion through 2025), should find out whether their children want it.