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mental health trustee

Navigating Mental Health Issues When Serving as Trustee

By , and Guides & Whitepapers
A Conversation with an Experienced Estate Attorney and Trustee At Wealthspire Advisors, there are several senior advisors who also serve as trustee for their clients. Mike Delgass is one such advisor. Mike is a Managing Director and has been with the firm since 2005. Before Wealthspire, Mike practiced as a trusts and estates attorney and was a partner at two nationally recognized law firms. Mike draws from his extensive legal experience not only to help his clients navigate complex tax planning, but also in his role as personal trustee for some of the families with whom he works. Though there…
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IRS RMD

Return of 2020 RMDs Allowed by New IRS Announcement

By and Blog
On June 23, the Internal Revenue Service issued a notice that told taxpayers they could unwind any required minimum distributions from their retirement accounts that they had taken in 2020. This provides a significant opportunity for IRA beneficiaries who didn’t need this money for expenses. They can put these distributions back into their IRAs to grow there tax-deferred, lowering their total tax bill. Required Minimum Distributions In general, IRA beneficiaries who are at least 72 years old (or 70½ if they were born before July 1, 1949) are required to take a certain fraction out of their regular IRAs each year.…
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Special Needs Planning & Special Education Planning

By and Blog
An Introduction It’s hard to believe that the beginning of a new school year will soon be upon us. However, those of us with children who receive special education services may look upon it with more dread than anticipation. For some, the school year evokes thoughts of PPTs and due process complaints, not back-to-school shopping. The personal aspects of advice around special needs and education — the constant feeling that you must fight tooth and nail to protect your child — combine with my professional role as an advisor to parents in a similar position, moving me to do more…
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Credit reports and credit scores

Equifax Data Breach – Suggested Next Steps

By and Blog
There is much we still don’t know about the massive data breach that occurred at Equifax, one of the three credit reporting bureaus. As of now, it appears that over half of the adult population of the United States – about 143 million people – had their personal identification information stolen. This data could include social security numbers, names, addresses and dates of birth. In other words, all that a fraudster would need to impersonate you and open new accounts, credit cards, etc. Other information like credit card numbers and drivers licenses also seems to have been stolen from a…
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Understanding the Proposed Regulations for FLPs and Family Businesses

By , and Blog
If you’re a family business owner or you created a family limited partnership (FLP), you may be wondering about the proposed Treasury Regulations that were released earlier this month.  You may have even tried to read an article or two on the topic.  If you’re wondering whether you should care about the proposed regulations and why, please read on. Background Valuation discounts for transfers of business interests between family members can be a powerful gift and estate tax planning tool.  Most discounts relevant to this discussion can be put into two general classifications: (1) lack of control, and (2) lack…
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