Westport Wealth Management

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

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