D' Trump's Estate -- And Yours

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We noodge about estate planning - constantly, according to some of our clients.

There is rarely a day when we don't ask someone: "Have you taken care of your will, trust, DPOAs, and insurance? Would you like an analysis or a referral?"

The most common response: "Ummmm, yeah, we've been meaning to get around to that."

According to Forbes magazine D' Trump may be in the same boat. Forbes estimates that Trump's failure to deploy basic estate planning practices may cost his heirs over a billion dollars.*

Our heirs probably won't face a 9 or 10 digit tax bill when we go.** In fact, most of them will pay bupkis in estate or inheritance taxes.

If you are married and take some simple steps, your joint taxable estate (FMV of assets + lifetime taxable gifts, minus liabilities and exclusions) must exceed roughly $23 million before your heirs will owe a penny.*** Only about 2 in a thousand (0.2%) of us is that wealthy.

So, why do we constantly noodge about estate plans and documents?

Because: we've seen what happens to families and relations when there is no estate and wealth plan. It isn't pretty!

When you mix money, kids, current and ex-spouses, and ambiguous intentions - you're lucky if chaos is all that results. Throw in non-traditional families and LTRs that never resulted in marriage - and you've got a distressingly high probability of broken hearts and broken lives! (We've seen this scenario three times so far this year.)

So, talk to us - or talk to someone else.

We'll make it easy for you: First 5 to call {818) 489-4228} or email us steven@stevenroymanagement.com gets a free one-hour consult (it will probably last more than an hour - but what the heck - you buy the coffee and the whole thing is free).

* The Forbes article makes a number of sweeping assumptions, unsupported by anything that even remotely resembles evidence, about how Donald Trump's estate is structured. Much of the article revolves around "He should do this" assertions to many of which the response - "that ship has already sailed" - comes to mind. To reach Forbes' $1.3 billion figure, D' Trump would have to completely ignore estate tax planning - something we doubt is true. Notwithstanding, the article touches on some ideas you - or the entrepreneur in your life - might want to consider.

** A ten digit tax is "super billionaire" turf - implying a taxable estate over $2.5 billion. Forbes estimates (October 2018) there are about 600 billionaires in the US, only half of whom have an estate that big. In case you are wondering, D' Trump ($3.1 billion in 2018) lands near (just above) the median of the US Billionaire's Club.

*** Technically your estate, not your heirs, pays this bill. Your heirs write the check though - We guarantee, the technical distinction will not make them happy.


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