Common Questions

Should I give assets to family now or leave them as an inheritance?

The answer depends on your own financial needs, the asset involved, your goals for the recipient and the potential tax consequences. A lifetime gift and an inheritance can be treated differently, so timing should be considered as part of the larger plan.

What is a step-up in basis?

For many inherited assets, the tax basis may adjust to fair market value at the owner’s death. That can affect the gain recognized if the asset is later sold. Exceptions apply, so the specific asset and applicable tax rules matter.

Does a trust replace the need to review beneficiaries?

No. Trust documents, account ownership and beneficiary designations need to be considered together. Different assets may transfer in different ways, so your financial and legal professionals should review how the pieces connect.

Do I still need planning if estate tax isn’t my main concern?

Yes. Family wealth planning also involves who receives assets, how accounts are titled, beneficiary instructions, potential income taxes, your own financial needs and how your wishes will be carried out.

How do life insurance and long-term care fit into the plan?

Both can affect the resources available to you and your family. Their role depends on your financial situation, existing coverage, liquidity needs and the risks you are trying to address.

How do I coordinate my advisor, attorney and CPA?

Start with the decision you are trying to make and make sure each professional understands the same goal. Clearly assigning responsibilities and next steps can help prevent important financial, legal or tax issues from being handled in isolation.