Rose and Ellen, sisters who have lived together most of their lives, had an estate plan. They intended to leave everything to each other, and in the event of their death then things would flow to their older brother first and then his children. The problem with this approach was that the assets would be taxed three times before getting to the ultimate beneficiary - the nieces and nephews. Mary Sterk was featured in a Wall Street Journal article outlining how good estate planning saved millions of dollars in taxes for this family.
Good estate planning gets the things you value to the people that matter. In this episode Mary Sterk will guide you through important documents to have on file, how to structure a legacy, and talk about trust basics. She will also explore some charitable, personal and financial impacts of estate planning.