Richard Yam, J.D.

In this episode of Navigating Special Needs Planning, host Mike Delgass sits down with experts Rich Yam and Heather Flanagan to explore how families can best support school-aged children with special needs.

Having a comprehensive estate plan in place is important for everyone, regardless of your personal family life, and can cover a wide array of situations, including circumstances like who will make your medical or financial decisions if you are not able to, what will happen to your home or bank accounts, or who will care for your young children upon your death. For some families with children who have special needs, establishing a strong estate plan is crucial and often necessary to ensure prope

The One Big Beautiful Bill Act (OBBBA) will have a significant impact on certain provisions of the Internal Revenue Code. Four major areas of change include the increase of the estate/gift/GST tax exemption, the state and local tax (SALT) deductions, and the qualified small business stock and qualified opportunity zone regimes. Federal Estate/Gift/GST Tax Exemption Under the 2017 Tax Cuts and Jobs Act (TCJA), the current estate/gift/GST tax exemption of $13.99 million per U.S. person was schedu

In this episode, host Mike Delgass is joined by Heather Flanagan and Rich Yam to discuss how families can support a loved one financially without putting benefits like Medicaid at risk.

Are you concerned about your wealth spoiling your heirs? Do you want to ensure your accumulated wealth and legacy promotes positive behavior and achievement? If you are fortunate enough to have accumulated wealth that can benefit your heirs, these are often questions that we encounter as wealth advisors. Understanding Incentive Trusts To address some of these concerns, incentive trusts have evolved as a powerful tool in modern estate planning. An incentive trust is a trust that controls distrib

For high-net-worth families with significantly appreciated art collections, estate planning can fall short of optimizing both legacy and tax efficiency. Enter upstream planning, a lesser known but highly effective strategy that leverages a senior family member’s unused estate tax exemption to minimize capital gains tax on appreciated artwork (or other low basis assets). When executed properly, this approach can result in a full basis step-up, effectively eliminating capital gains tax exposure o

Donating significant works of art to museums is a commendable act, enriching public access to culture and often forming a key part of a family’s philanthropic legacy. For many collectors, the available income tax deduction is also an important consideration. However, the path to securing that deduction is paved with complex IRS rules, particularly concerning valuations and appraisals. A recent U.S. Tax Court decision, WT Art Partnership LP v. Commissioner, T.C. Memo. 2025-30, highlights just ho

In the first episode of Navigating Special Needs Planning, we introduce the series and the deeply personal and professional connections that fuel this work at Wealthspire.

For many collectors, assembling an art collection is a journey fueled by passion, intellect, and a deep appreciation for beauty and history. It reflects your unique taste and often becomes intertwined with your personal story and legacy. But as with other significant assets, the question eventually arises: how do you thoughtfully pass this collection – and the legacy it represents – to the next generation without inadvertently creating friction among your loved ones? As advisors deeply involved

Many people don’t think about art as a traditional asset such as cash, securities, or real estate. However, art collections are often quite valuable and can make up a significant portion of your entire estate. Art collectors may own art for many reasons – some have a passion and love for art, some own an art collection to decorate their homes, and others own art strictly as an investment. Some art collectors may be artists themselves, creating works as a source of income. They also may create a

With the tax season fast approaching, you may have questions about how your trust is taxed, who is responsible for tax filings, or how trust income taxes get paid.

A Revocable Trust – sometimes referred to as a “Living Trust” – is a lifetime trust that can be amended or revoked at any time during the creator’s life. The creator (or “grantor”) of the trust typically also serves as trustee and is also a trust beneficiary during their life. At the grantor’s death, the terms of the Revocable Trust direct how the grantor’s assets are to be distributed, essentially acting as a substitute for the Will. Nonetheless, the grantor still executes a Will. This is beca