ESTATE & WEALTH PLANNING

You have worked hard to build the wealth you have today – allow us to help you properly plan for that wealth hereafter…

The Estate and Wealth Planning practice of DUGGAN BERTSCH maintains a keen focus on both the short-term and long-term planning needs of the client. We are experienced comprehensive planners in the Private Client segment with a broad understanding of not only the requisite legal documentation, but also wealth planning as its own discipline.

We seek to rise above the mere drafting of Wills and trusts. Our aim is to simplify sophisticated concepts and educate our clients, extract wealth and personal philosophies, help articulate and formulate strategy, build the lifetime wealth planning blueprint, and assist in the ongoing implementation and monitoring of the plan. A wealth plan is intended to be maintained, not forgotten. We can help you understand, value, and pay ongoing attention to your personal planning structure.

Estate and Wealth Planning services:

Trust & Estate Planning
Wealth Transfer Planning
Family Limited Partnerships & LLCs
Dynastic/Multi-generational Trust Planning
Business Succession Planning
Charitable and Philanthropy Planning
Life Insurance Planning
Asset Protection Planning
Family Office Structuring and Administration
Virtual Family Office Structuring and Administration
Post-Mortem Planning and Estate Administration
Gift and Estate Tax Compliance and Preparation
International Planning

Estate & Wealth Planning News

SIGNIFICANT ESTATE, GIFT, AND INCOME TAX CHANGES PROPOSED UNDER THE “BUILD BACK BETTER ACT”

On September 13, 2021, the House Ways and Means Committee released a proposed tax bill (House proposal) as part of the Biden administration’s “Build Back Better Act.” The segments of the proposed bill discussed below highlight important changes to the way trusts, estates, and individuals could be taxed. However, it is important to note that this proposed legislation is likely to change (perhaps substantively) before it is finally passed into law.

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“For the 99.5% Act”

In late March, the “For the 99.5% Act” (the “Act”) was introduced to Congress. The Act contains several additions, removals, and amendments to the Internal Revenue Code that would significantly alter estate and business planning practices. The changes, if enacted, that would be most relevant to comprehensive planning for the private client are summarized in this article.

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Once in a Decade Estate Planning Opportunity

With the economic destruction of COVID-19 virus comes opportunity, a rare opportunity to very easily turn the negative into a positive from an estate planning and business succession perspective.

Today, valuations of marketable securities have taken a massive hit (20% - 30% lower). Valuations of the vast majority of closely-held family businesses would certainly follow suit by any appraiser. Additionally, interest rates are now at historic lows in today’s environment. Specifically, the IRS-mandated interest rate used for estate planning purposes is between 0.25% and 1.15%, as of May. Click Here To Continue Reading...

DB Alert: CARES Act Tax Relief

As we’ve outlined in our previous Newsletters, President Trump signed into law on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act or the Act). In addition to the Paycheck Protection Program offered to businesses to further support employee retention and maintenance of the business (See March 30th, CARES Act and Paycheck Protection Program (PPP) Client Alert), as well as other appropriations for health care and education needs, the Act provides various forms of temporary and permanent tax relief in an effort to supply additional liquidity to such businesses. A list of those relevant tax relief provisions is outlined Click Here To Continue Reading...

DB Alert: “CARES ACT” and PAYCHECK PROTECTION PROGRAM

Last Friday Congress approved and President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). CARES represents the third round of legislation responding to the ongoing Coronavirus virus, and is the largest economic and relief package in the Nation’s history. It provides over $2.2 trillion of funding geared toward providing cash flow and tax relief for small businesses and individuals impacted by the pandemic, and it will have a particularly significant impact on the closely-held private client. Read More....

DB Alert – ILLINOIS TEMPORARILY ALLOWS FOR REMOTE NOTARIZATION AND WITNESSING DUE TO COVID-19

The Order (as supplemented by guidance issued by the Illinois Secretary of State) generally provides that:

Illinois notaries may perform remote notarization by two-way, real time audio-video communication technology, provided that both the signatory and the notary are each physically within the State, and that the audio-video communication can be retained; Continue Reading...