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This week's Trust and Estate article is: "What Clients Can Learn from Warren Buffett’s Estate Plan" (Excerpt from actual article): "His three children control what becomes of his remaining fortune." You can read the article by clicking here: https://conta.cc/47tWG7A

This week's Trust and Estate article is: "Navigating Estate Planning As The TCJA Nears Expiration" (Excerpt from actual article): As I’ve referenced in my last few articles, the Tax Cuts and Jobs Act (TCJA) expires at the end of 2025. This could be a big deal. While the upcoming election will likely determine whether it will happen, no one has a crystal ball. Given the potential for reduced estate tax exemptions, people with sizable portfolios may want to act now to make the most of their wealth. Below are some strategies to mitigate your tax burden while ensuring a smooth asset transfer. You can read the article by clicking here: https://conta.cc/4cV4v7l

"In both estate administration and angling, it pays to prepare for the unexpected" (Excerpt from actual article): Financial advisors can address property challenges, encourage clarity in wills. You can read the article by clicking here: https://conta.cc/479AUWG

 "The Hidden Realities Of Probate: Are Americans Prepared?" (Excerpt from actual article): With the “great wealth transfer” currently underway, Americans stand to inherit up to $84 trillion over the next two decades. This is the largest wealth transfer in history, meaning that we are more than likely to see record numbers of probate filings over the next couple of decades. The danger here is that most Americans are unaware, uninformed and under prepared when it comes to probate and what it entails. This not only puts inheritances at risk but will also adversely affect families unless they start preparing now. You can read the article by clicking here: https://conta.cc/3yJsSHr

"Back To School…Estate Planning? POAs For College Bound Kids" (Excerpt from actual article): What is often lost amidst the flurry of college preparations is a discussion on estate planning…for the college bound kids. While the focus tends to be on the child’s academic success in college, and rightfully so, there are crucial estate planning considerations that families should explore as children turn age 18 and head off to college. Specifically, families need to explore getting a health care power of attorney (HCPOA) and a financial power of attorney (FPOA) in place for their now adult children. Here is why these documents are vital: You can read the article by clicking here: https://conta.cc/3WAWbni

"Supreme Court Ruling In Loper Bright Changes Estate Planning" (Excerpt from actual article): A recent Supreme Court case will change the dynamic of key aspects of tax planning, including estate tax planning: Loper Bright Enterprises v. Raimondo, 603 U.S. ___ (2024). There was also a companion case, Relentless v. Department of Commerce. As Ed Sullivan would say, this is “a really big show.” While this may all seem a bit nuanced and technical, it could be valuable to understand how the tax ground rules have just changed. You can read the article by clicking here: https://conta.cc/3LUh8ok

This week's Trust and Estate article is:  "Wealth Advisers Must Ensure Estates Use Pre-Sunset Exclusion" (Excerpt from actual article): Thanks to Inflation Reduction Act funding, the IRS has pushed to increase enforcement and compliance on above the 90th income percentile to close the $688 billion tax gap. The focus on the highest income generators, through holdings in partnerships and as investors, means this demographic likely will see an increase in estate and gift tax audits—especially as the temporary gift tax exclusion comes closer to running out. You can read the article by clicking here: https://conta.cc/3YpK92O

"UBS Sees $83T Wealth Transfer Over Next Three Decades" (Excerpt from actual article): Almost a third of the world’s millionaires will be in emerging markets by 2028, according to the Global Wealth Report 2024, as the millionaire population increases in nearly every country.. You can read the article by clicking here: https://conta.cc/3W4aII1

"How Biden And Trump’s Tax And Estate Planning Proposals Differ" (Excerpt from actual article): Both President Joe Biden and former President Donald Trump have proposed significant changes to the tax landscape, particularly concerning wealth transfer tax exemptions (including estate, gift, and generation-skipping transfer tax exemptions), post-mortem basis adjustment rules, and capital gains taxes. Understanding the implications of these proposed plans is crucial for taxpayers and policymakers alike. This article will explain some of the key differences between the Biden and Trump plans, examining how they may shape the future of taxation in the United States. You can read the article by clicking here: https://conta.cc/3Wam1PS

 "Estate Planning To Protect Generational Wealth Transfers: Lessons From The Gilded Age." (Excerpt from actual article): HBO's The Gilded Age dramatizes the privileged lives of some of America's wealthiest families in late 19th century New York City. In U.S. history, the Gilded Age covers the 1870s to the late 1890s. You can read the article by clicking here: https://conta.cc/3VBGgo7