What you leave behind will be your legacy. For most people, the idea of a legacy isn’t something that is planned out. It just happens. Others may take steps toward what they think will be their legacy; however, studies show that somewhere between 60-70% of wealth is completely depleted by the 2nd generation. What you do today can help shape what your legacy really ends up being.
You may still consider your 18-year-old a child, but to the world, they are an adult. As your child graduates from high school and heads out into the newfound ventures of adulthood, it’s important to consider the legal implications that arise when they legally become an adult.
The transfer of wealth from one generation to the next is an obstacle all high-net-worth families face during the estate planning process. The team at NewEdge Wealth has prepared a whitepaper with everything you need to know to prepare the next generation for wealth.
As we head into the new year, now is the time to take stock and assess whether your wealth strategy utilizes the appropriate strategies to address the current tax law, soaring market returns, and any changes to your goals or family circumstances.
It was announced this morning that President Biden will renominate Jerome Powell as the Federal Reserve chair. He will also elevate Fed Governor, Lael Brainard, to vice chair of the Fed.
On November 2nd, 2021, Congress released the most recent tax provisions for the Build Back Better Act, including several proposed changes to retirement plans. Amongst the changes are those that directly target contributions to retirement accounts with large balances, limit future Roth Conversions and potentially eliminate the Backdoor Roth IRA strategy.
After months of negotiations between moderate and progressive Democrats, on November 2, 2021, Congress released the latest version of the Build Back Better Act for the $1.75 trillion social and climate spending bill.
President Biden and Democrats in Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. On September 15th, the House Ways and Means Committee voted to approve tax provisions to be included in the Build Back Better Act.
House Democrats have circulated initial proposals around tax policy changes that they want to include within the Build Back America Act, the massive tax-and-spending budget reconciliation bill that party leaders hope to move through the chamber in the coming weeks. Many of the proposals within the bill are what was expected in one form or another, but there are a few new wrinkles.
Parents frequently express concerns regarding passing wealth to the next generation, a concern backed by research — 70% of families lose their wealth by the second generation and ninety percent by the third.