Trusts and Estate Planning - What You Need to Know!
CGTC Blog

What You Need to Know!

A blog about keeping you up-to-date with the latest Financial Planning and Wealth Management news.

Have you Considered a Donor Advised Fund to Achieve your Philanthropic Goals?

Planning for Success: Have you Considered a Donor Advised Fund to Achieve your Philanthropic Goals? As you contemplate your estate planning and leaving a legacy, you may want to recognize and give to charitable organizations or philanthropic causes that have made an impact on you.  Perhaps, you may want to encourage the beneficiaries of your estate to continue the legacy of charitable giving that you have maintained during your lifetime.  There are several options available to accomplish your charitable giving goals in your estate plan, and a simple and effective solution is with a donor advised fund.     Over the past decade, nonprofit fundraising has been rapidly transformed by new ways to give.  Donor advised funds are a popular way for donors to support nonprofits of all sizes.  Most people believe donor advised funds to be vehicles that streamline charitable giving during their lifetimes.  While this is certainly true, a donor...
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Steve McNair's Colossal Fumble

Planning for Success: Steve McNair’s Colossal Fumble Estate Planning is commonly believed to only benefit wealthy and older individuals, when in fact all stages of life can utilize certain aspects and strategies of estate planning.  One could infer that estate planning is of greater significance for younger adults than it is for older ones.  This is due to younger adults often having dependent children that will require care for the foreseeable future.  If you are a parent of a minor child, how would the unexpected disappearance of you or your spouse impact your family?  Are your assets appropriately titled to avoid freezing your estate and probate?  While estate planning is often thought to be a scary process, it is not something to fear.  By acting today, our team of seasoned professionals can develop an effective strategy to seamlessly transfer your property; thus, allowing you to continue to provide for the individuals...
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"Life is very tough. If you don't laugh, it's tough" - Joan Rivers

An individual’s residence and domicile are often narrowly perceived as the same; therefore, potentially missing out on tremendous tax benefits.  A significant aspect of the estate administration process is your domicile at the time of your demise, not where you were residing.  While you can have multiple residences in various states, you can only have one domicile.  Essentially, a domicile is a combination of two factors, the first is residency, and the second, an intent to remain for the foreseeable future.  Clients often look to establish residency in a jurisdiction with an attractive legislation for estate planning purposes.  Suffice it to say, Florida is considered a tax sanctuary fueled by its superior asset protection climate.  Currently, there are seventeen states that will impose either an estate or inheritance tax for estates that exceed a certain threshold.  Individuals located in these states with a considerable taxable estate could be required to pay...
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Is Your Estate Plan for the Average Joe?

Is Your Estate Plan for the Average Joe?   While no one likes to think of their own demise or what needs to be done to efficiently transfer assets and protect the interest of each beneficiary, it is imperative as a business owner .  Efficacious estate and succession planning will provide a lifeline for not only the survival of your business, but your employees and their families.  An effective estate plan clearly outlines how your assets are to be distributed when the time comes.  Ultimately, this will ensure your business can continue to run smoothly as the appropriate steps towards a successful succession have been thoroughly planned. With the Dolphin’s season opener right around the corner, the estate of Joe Robbie distinctly comes to mind.  In the mid-1960’s, Joe Robbie co-founded the Miami Dolphins, which at the time played in the old American Football League, shortly before the merger with the National...
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You Have All The Influence You Choose To Have - Philip Seymour Hoffman

Most of us have envisioned what it would be like to be the beneficiary of a multimillion-dollar estate; however, it is rarely cherished by the beneficiary, the complexity of planning involved to not only protect their interest, but future generations as well.  Envision being the beneficiary of a $35 million estate, only for it to be reduced by roughly a third, this was exactly what occurred to Philip Seymour Hoffman’s estate.  Due to his decision to choose a simple estate planning technique, approximately $12 million will never make it into the hands of his family; instead, being consumed by unnecessary taxes and fees that could have easily been avoided. Philip Seymour Hoffman passed away leaving behind his beloved girlfriend and their three young children.  While he certainly had the means to hire a top estate planning attorney to develop a comprehensive estate plan; however, Philip took the advice from his accountant...
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The Layup of A Lifetime - Kobe Bryant

While it may seem like a distant memory, it has been a little over a year since the legendary Kobe Bryant and his 13-year-old daughter, Gianna, tragically passed away in a helicopter crash.  Kobe’s untimely death at the young age of 41, highlights just how critical it is for every individual to not only develop an estate plan ensuring their loved ones are properly protected, but to ensure the documents are swiftly updated to reflect recent life events.   Bryant’s earnings, between his salary and endorsements during his 20-year career with the L.A. Lakers, are estimated to be roughly $650 Million.  Kobe had a comprehensive estate plan in place.  His estate plan included a trust to not only protect his assets, but to reduce his potential estate tax liability and ensure his wealth is properly passed on to his family.  Kobe’s trust was created to allow his wife and daughters to...
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Delivering Happiness: One Will at a Time

When people pass away, it serves as a reminder of life's fragility.  You never know what the future holds and it only takes one event to change everything in a blink of an eye.    Tony Hsieh was a visionary who co-founded Zappos, a shoe company, which focused heavily on customer service and famously offered customers free shipping and a complete refund on all shoes within a full year after purchase, no questions asked.  At only 46 years old, Tony Hsieh passed away from smoke inhalation complications from a fire at his vacation home in Connecticut.  At the time of his death, Tony was worth an estimated $840 million, but despite his immense wealth he did not even have a simple will prepared.  Given Hsieh's altruistic nature, it is puzzling why basic estate planning documents had not been prepared.  Unfortunately, he is not the first among celebrities and high-profile individuals to...
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