If I am worth less than two million dollars is there any need to do tax planning?
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Basic Estate Planning
What is estate planning?
What happens if I fail to plan?
What might happen if I am incapicitated and fail to plan?
What is the problem with guardianship, or conservativeship?
What happens in the circumstance that I fail to plan for my death?
What are the three Gremlins of estate planning?
What are some ways to plan?
Are there any other ways to plan?
What is the problem with planning based on using a will?
What is the problem with probate?
Why isn't joint ownership the best way to plan?
What should be my greatest concerns when planning?
Why am I out of control in the terms of an incapacity?
What are some ways to gain control?
What is a revocable trust?
What is the relationship between the beneficiaries and the trustees?
How do trustees take over?
What are the problems with relying on beneficiary designations?
What are some pitfalls in planning?
What are some mistakes made with minor planning?
What are some concerns for children over 18?
Can you summerize the value of using a trust in the circumstances described?
How do estate taxes work?
Can a married couple avoid the taxes of four million dollars?
If I am worth less than two million dollars is there any need to do tax planning?
What age should I start planning?
What other protections does a trust give?
Basic Estate Planning
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William A. Conway, J.D., in a professional career as a tax attorney, investment banker, and legal educator, serves his clients with both financial and legal counsel. A graduate of Georgetown University Law Center, he is a registered investment advisor and tax attorney included in both Who's Who in Finance and Industry and Who's Who in American Law. Mr. Conway is also a member of the bars of the Commonwealth of Virginia, District of Columbia, and the State of Maryland.
His practice is dedicated to building wealth enhancement strategies for his client families' estates and businesses, using far-reaching, advanced planning to achieve preserved wealth for generations. The firm's priority is our relationship with our client families and their personal, professional and estate goals.
Mr. Conway was an Adjunct Professor of tax law at George Mason University School of Law, where he taught law for five years and has lectured at Georgetown University Law Center. He annually teaches continuing education courses on estate planning and wealth preservation for attorneys, financial planners, and accountants.
A founding member of WealthCounsel, LLC , he serves as chairman of the Legacy Consulting Group and is a member of the National Academy of Elder Care Law Attorneys. In addition, Mr. Conway serves on the Greater McLean Chamber of Commerce and is President of the McLean Symphony, McLean, Virginia.
Invited for guest appearances on television programs such as "The Money Makers" on PBS, Mr. Conway also created and hosted the radio series, "Legacy," for many years on Washington Business Radio. You may now hear him on his new show, "Family Fortunes" on WTNT 570 AM Radio in the Washington Metro area each Saturday morning.
Generations, an updated companion book to the original "Legacy" radio show, is a 500+ page, hard-backed book, indexed by subject, and includes every aspect of estate planning.
If I am worth less than two million dollars is there any need to do tax planning?
Host: If I am worth less than two million dollars, is there any need to do tax planning?
William Conway: Absolutely, the reason we do tax planning is first of all we don t really know or understand what the tax rules would be in the years to come. We also don t know what value the assets that the couple might have might grow to in years to come. I have many cases where people come in to my office where they have assets that have grown over the course of 10, 15, 20 years to a sum far and excessive what they might have imagined.
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Transcripts
Host: If I am worth less than two million dollars, is there any need to do tax planning?
William Conway: Absolutely, the reason we do tax planning is first of all we don t really know or understand what the tax rules would be in the years to come. We also don t know what value the assets that the couple might have might grow to in years to come. I have many cases where people come in to my office where they have assets that have grown over the course of 10, 15, 20 years to a sum far and excessive what they might have imagined. So, if one of the couple passes away, when their assets are less than two million and the assets subsequently exceed two million by many, many fold, then the failure to use the coupon when the first spouse died is a failure that can not be solved. That failure is one that could only be used at the date of death of the first spouse. So, if for example if the husband would have passed away with only a million dollars between the husband and the wife, but his half million, his half of the assets that the couple have together, will put into a trust for reasons that are unique to that family, the surviving spouse never needed to go in to use any of those assets for her health or education or support. She had other resources, other income coming in and those moneys continue to simply grow within the trust. If those assets grew from half a million to two million to eight million to ten million and then the surviving spouse passed away, all the assets in the first spouse s trust that originally have been setup for the benefit of the surviving spouse and originally and now subsequently, will go on to the children or other beneficiaries that they have allocated the resources will go without any taxation. The failure to use the coupon from day one was a failure that could not be remedied later in life.
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