estate planning attorney

Important Estate Planning Considerations When It Comes to Transferring or Selling Your Vacation Home

Thinking About Transferring or Selling Your Vacation Home: Here are some important things to consider as you decide what’s best for you and your family. As the summer season is in full swing, many of us find joy in spending time at our vacation or second homes. These properties are often sources of cherished memories, especially for families who have spent countless summers together. However, maintaining a vacation home can be a significant responsibility, leading many owners to ponder whether it’s better to keep the property or pass it down to heirs. Deciding between selling the home or transferring it can be challenging, especially when considering family dynamics and the current real estate market. When deciding whether to sell or keep your vacation home, it’s essential to assess your family’s needs and desires. Ask yourself do all parties involved want to keep or use the property equally or if some

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Family Offices: Clients Want Their Own Wealth Team

Posted by Robert L. Arone Since 2017, the number of single family offices has grown substantially, with 3100 offices in North America. As the economy has surged, the number of families with millions in assets to invest has increased correspondingly. As a trusted advisor, you play an important role in managing the wealth of these families—and managing the risks associated with the recent downturn triggered by the coronavirus. But even families who are less wealthy can benefit from a team approach to the management of their estate and financial planning. What is a family office? A family office typically provides a variety of services to a very wealthy family, including but not limited to the following: Investment management Cash management Risk management Financial planning Estate planning Tax planning Planning for charitable giving Multi-generational planning Single family offices are typically used by one ultra-high net worth family having $100 million or more

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