Gift and Estate Tax, Inflation Adjustments for 2024

Legacy Planning, Once Removed

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How Anthropologie gets omnichannel right (and what to learn) 27:29

14 hari yang lalu27:29

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Episode web page: https://tinyurl.com/2b3dz2z8 ----------------------- Rate Insights Unlocked and write a review If you appreciate Insights Unlocked , please give it a rating and a review. Visit Apple Podcasts, pull up the Insights Unlocked show page and scroll to the bottom of the screen. Below the trailers, you'll find Ratings and Reviews. Click on a star rating. Scroll down past the highlighted review and click on "Write a Review." You'll make my day. ----------------------- In this episode of Insights Unlocked , we explore the evolving landscape of omnichannel strategies with Kate MacCabe, founder of Flywheel Strategy. With nearly two decades of experience in digital strategy and product management, Kate shares her insights on bridging internal silos, leveraging customer insights, and designing omnichannel experiences that truly resonate. From the early days of DTC growth to today’s complex, multi-touchpoint customer journeys, Kate explains why omnichannel is no longer optional—it’s essential. She highlights a standout example from Anthropologie, demonstrating how brands can create a unified customer experience across digital and physical spaces. Whether you’re a marketing leader, UX strategist, or product manager, this episode is packed with actionable advice on aligning teams, integrating user feedback, and building a future-proof omnichannel strategy. Key Takeaways: ✅ Omnichannel vs. Multichannel: Many brands think they’re omnichannel, but they’re really just multichannel. Kate breaks down the difference and how to shift toward true integration. ✅ Anthropologie’s Success Story: Learn how this brand seamlessly blended physical and digital experiences to create a memorable, data-driven customer journey. ✅ User Feedback is the Secret Weapon: Discover how continuous user testing—before, during, and after a launch—helps brands fine-tune their strategies and avoid costly mistakes. ✅ Aligning Teams for Success: Cross-functional collaboration is critical. Kate shares tips on breaking down silos between marketing, product, and development teams. ✅ Emerging Tech & Omnichannel: Instead of chasing the latest tech trends, Kate advises businesses to define their strategic goals first—then leverage AI, AR, and other innovations to enhance the customer experience. Quotes from the Episode: 💬 "Omnichannel isn’t just about being everywhere; it’s about creating seamless bridges between every touchpoint a customer interacts with." – Kate MacCabe 💬 "Companies that truly listen to their users—through qualitative and quantitative insights—are the ones that thrive in today’s competitive landscape." – Kate MacCabe Resources & Links: 🔗 Learn more about Flywheel Strategy 🔗 Connect with Kate MacCabe on LinkedIn 🔗 Explore UserTesting for customer insights for marketers…

sekitar setahun yang lalu 7:06

MP3•Beranda episode

In previous episodes, we discussed the exemptions that apply for gift, estate and generation-skipping transfer tax. Many of these exemptions are adjusted for inflation each year. In Episode 16, we’ll review those exemptions and the adjustment for inflation in 2024, and we will look ahead to some potential changes in the law at the end of 2025.

Summary and transcript: https://media.mcguirewoods.com/events/2024/Legacy-Planning-Once-Removed-Ep16.pdf

39 episode

Legacy Planning, Once Removed

Gift and Estate Tax, Inflation Adjustments for 2024

Legacy Planning, Once Removed

published sekitar setahun yang lalu

MP3•Beranda episode

Summary and transcript: https://media.mcguirewoods.com/events/2024/Legacy-Planning-Once-Removed-Ep16.pdf

39 episode

Semua episode

Legacy Planning, Once Removed

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Options to Structure Gifts: The Asset Protection Trust, Asset Management Trust & Asset Preservation 9:24

11 hari yang lalu9:24

9:24

There are numerous ways to give or leave assets to beneficiaries, and each structure should be carefully tailored to be consistent with the client’s goals. Three common goals for estate planning are to protect, manage and preserve assets. This episode explores ways to structure asset protection, asset management and asset preservation trusts to balance access, control and flexibility.…

Legacy Planning, Once Removed

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The Legacy Mindset: What It Is and How to Build It 12:47

25 hari yang lalu12:47

12:47

There is a lot of talk about fostering the right “mindset” to facilitate personal growth and fulfilment. The most popular seems to be a “growth mindset,” compared to a “fixed mindset.” This episode explores a related concept — that of a “legacy mindset.” The legacy mindset is a mindset directed at an individual’s legacy or effect on people, institutions, or ideas. This episode considers the value of a legacy mindset, and it provides some thoughts on how to identify and develop your legacy mindset — not just upon death, but during life.…

Legacy Planning, Once Removed

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The Family Bank: More Lessons From Warren Buffett and Ashton Kutcher 16:18

6 weeks yang lalu16:18

16:18

Estate plans and lifetime gifts are often based on discretionary distributions to beneficiaries. But famed investor Warren Buffett and movie star Ashton Kutcher have suggested an alternative, in which beneficiaries do not receive gifts – instead, those beneficiaries can take out a loan from a trust, or can ask a trust to make an investment in a beneficiary’s venture. This episode explores this concept, called a “family bank” or “family venture capital fund.” This structure can be used to facilitate loans and investments for a beneficiary, which can serve the settlor’s overall purpose. This episode highlights the advantages of a family bank and lays out opportunities to structure the entity for proper governance, investment philosophy and asset protection.…

Legacy Planning, Once Removed

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Terminating the Unwanted Trust 17:42

12 weeks yang lalu17:42

17:42

An estate plan often involves establishing an irrevocable trust for certain beneficiaries. But when circumstances change, clients wonder if the benefits no longer justify the costs of keeping the assets in a trust. Before moving to terminate a trust, however, parties should consider carefully whether the purposes of the trust would best be served through termination, if termination is permitted, what might be some available alternatives and how to move forward to make sure all parties are informed and protected. This episode explores potential options and pitfalls for terminating a trust, including adverse tax issues, and lays out some options as parties consider the future.…

Legacy Planning, Once Removed

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Talking With Family About Your Estate Plan — More Lessons From Warren Buffett 12:05

17 weeks yang lalu12:05

12:05

Many clients ask whether and when to share the estate plan with beneficiaries. Even after a client’s death, during the administration of an estate or trust, executors and trustees often ask the same questions about how much to share with beneficiaries. Communicating this estate plan can have important practical, moral and legal benefits in making sure the plan is carried out in the right way while fostering family unity and reducing tension or disagreement. In this episode, Steve draws on the lessons from Warren Buffett’s 2024 letter to the shareholders of Berkshire Hathaway in which Buffett provides wisdom on the question of sharing the estate plan with beneficiaries.…

Legacy Planning, Once Removed

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Facilitating Productive and Healthy Beneficiaries: The Beneficiary Well-Being Trust 13:42

18 weeks yang lalu13:42

13:42

On this podcast, Steve often explores ways to establish and administer trusts to facilitate productive and healthy beneficiaries. This episode explores a particular structure to further this goal: a “beneficiary well-being trust,” now authorized under Delaware law. A beneficiary well-being trust authorizes, and could require, the trustee to provide programs for the beneficiary regarding any number of subjects, including financial literacy, investments, mental health, and family history and legacy. The episode also delves into ways trusts can serve these important goals — now and after a settlor’s gift or the settlor’s passing.…

Legacy Planning, Once Removed

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Inflation Adjustments for 2025 8:37

20 weeks yang lalu8:37

8:37

There are many ways for a client to incorporate charitable giving into planning, during life and upon death. That charitable giving can be a significant part of the client’s legacy, and it can result in tax advantages. Many of the exemptions that apply for gift, estate and generation-skipping transfer tax are adjusted for inflation each year. In this episode, Murphy will review those exemptions and the adjustments for inflation in 2025 and discuss some strategies for efficient use of those exemptions in 2025.…

Legacy Planning, Once Removed

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Charitable Planning, Part 2: The Donor-Advised Fund 16:06

24 weeks yang lalu16:06

16:06

There are many ways for a client to incorporate charitable giving into planning, during life and upon death. That charitable giving can be a significant part of the client’s legacy, and it can result in tax advantages. In a prior episode, Murphy discussed outright gifts and gift agreements. But some clients are not ready to decide which charities to benefit, nor when and how. For those clients, a donor-advised fund (DAF) might be a good option. In a DAF, the client transfers funds to a fund within a public charity, which might be part of a community foundation or financial institution. A DAF can offer flexibility and simplicity for the donor. But there are some limitations to a DAF that donors should keep in mind as they consider which charitable vehicle to use. On this episode, McGuireWoods attorney Hunter Glenn discusses the advantages and limitations of this popular strategy.…

Legacy Planning, Once Removed

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Generation-Skipping Planning: Steps to Take Now 12:09

26 weeks yang lalu12:09

12:09

Many clients ask about generation-skipping planning, or dynastic planning – ways to benefit future generations in a tax-efficient way. This episode reminds listeners of the scheduled “sunset” of the GST tax exemption at the end of 2025 and steps to consider in light of those changes in the law. Donors, beneficiaries and trustees should take this opportunity to make sure all their records are complete regarding the GST tax status of any trusts. Steve recently wrote about these concepts in the ACTEC Law Journal and in a shorter essay in the journal Trusts & Estates. This information will be critical when needed, which might be years from now. Although this information might be hard to track down, it will only get more difficult to collect later.…

Legacy Planning, Once Removed

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Countdown to Sunset 2025: Planning in the Face of Scheduled Changes in the Law 17:51

29 weeks yang lalu17:51

17:51

A significant change in tax law is scheduled to occur at the end of 2025: effective January 1, 2026, the estate, gift and generation-skipping transfer tax exemptions, currently $10 million per person (to be indexed for inflation), are scheduled to be cut in half, to $5 million (to be indexed for inflation). Starting in 2026, the ability for individuals to make tax-free gifts is scheduled to effectively be cut in half. Many clients are concerned about this scheduled change in the law, and they are considering whether and how to take advantage of current law while they can. This episode provides a brief summary of the scheduled change in the law, some potential solutions, and some disadvantages or pitfalls to keep in mind. As Steve summarizes, it is best to start that conversation now, well in advance of the 2025 deadline.…

Legacy Planning, Once Removed

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Charitable Planning, Part 1: Outright Gifts and Gift Agreements 11:18

30 weeks yang lalu11:18

11:18

Clients often ask about ways to incorporate charitable giving into their planning, during life and upon death. Charitable giving can be an important part of the client’s legacy and can have tax advantages as well. There are a number of strategies, but the simplest option is as an outright gift. But outright gifts might be simple to a fault — once the funds are in the charity’s hands, the donor might not have any ability to question the use of the funds, including if the charity dissolves. This episode explores the recent case of Derblom v. Archdiocese of Hartford that addressed a gift to a school that later closed. If the donor is concerned about use and oversight of the gift after it is made, a gift agreement can be a helpful tool. This episode provides some thoughts on how to use a gift agreement to carry out the donor’s wishes.…

Legacy Planning, Once Removed

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Passing on Values and Life Skills: Lessons From Golf 19:26

35 weeks yang lalu19:26

19:26

On this podcast, Steve talks about the best methods and structures to transfer wealth to ensure that the funds are used for their intended purposes. He also talks about ways to pass along values to beneficiaries or the next generation — values like hard work, humility, responsibility and respect. In this episode, Steve explores how golf (or activities like golf) can be a great environment for passing along those values.…

Legacy Planning, Once Removed

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Asset Protection: Protecting Assets from Creditors (and Predators) 11:52

37 weeks yang lalu11:52

11:52

In this litigious and uncertain world, clients are increasingly concerned about asset protection — how to make sure assets are used for their intended purposes and for the benefit of the intended beneficiaries and not diverted to a creditor or other third party. Clients are not only concerned about formal creditors, they are also concerned about individuals who learn about the assets and seek to take advantage of the beneficiary. Trusts and gifts, if properly structured, can provide significant protections from these creditors and predators, while still providing for flexibility to the beneficiary.…

Legacy Planning, Once Removed

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Substance Abuse and the Challenge of Trusts 14:50

40 weeks yang lalu14:50

14:50

On this episode we talk about the potential advantages of transferring wealth, but also the potential pitfalls — and the terrible irony that transferring wealth in the wrong way, at the wrong times or for the wrong reasons can sometimes have negative consequences. In this episode, we explore the sad situation of a beneficiary who suffers from substance abuse. In this case, the donor may fear that a gift or trust might enable destructive behavior. But if structured in the right way in terms of access, control and flexibility, the trust could even facilitate treatment and recovery.…

Legacy Planning, Once Removed

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What Is a Dynasty Trust, Perpetuities Trust or Generation-Skipping Trust? 13:24

42 weeks yang lalu13:24

13:24

Many clients ask about a particular kind of trust called a “dynasty trust,” “perpetuities trust” or “generation-skipping trust.” There is no set way to draft these types of trusts — rather, these terms only emphasize the intent of the trust to benefit future generations. This episode discusses those trusts — or rather, their common features or elements, and how to incorporate these aspects into the terms of a trust related to access, control and flexibility. The episode also addresses options for funding and administering the trust for tax and nontax purposes.…

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