McGuireWoods is thrilled to announce the launch of a new podcast hosted by Steve Murphy, chair of the firm’s private wealth services practice group. “Once Removed” explores estate planning and provides steps for the management of wealth throughout life and upon death. Steve showcases meaningful ways to pass wealth on to others and accomplish donors’ financial short- and long-term goals.
Over the next 25 years, baby boomers will pass an unprecedented $68 trillion to beneficiaries and charities. The key challenge of legacy planning lies in how to use wealth to help the next generation be productive and independent.
Podcast topics focus on beneficiary designations and property ownership, estate and gift tax, and best practices for productive investment, wealth management and transfer of wealth.
Episode 1 - Once Removed: A Thoughtful Estate Plan
Episode 2 - Property Ownership, Beneficiary Designations, and Avoiding Probate
Episode 3 - Estate and Gift Tax
Episode 4 - Generation-Skipping Transfer Tax
Episode 6 - In re Harrison and “Holdback” Trusts
Episode 8 - Trusts and Trustee Discretion
Episode 9 - Selecting the Right Trustee
Once you are removed from the equation, what kind of structure can you leave behind to increase your chances that your wishes will be carried out? Steve Murphy, chair of the private wealth services group, introduces his new podcast series in this first episode. He explains the thought behind the “once removed” concept and how our actions affect our wealth in life and upon death.
How do you ensure that your assets are passed as simply and efficiently as possible?
Steve Murphy, chair of the private wealth services group at McGuireWoods, will walk you through the classes of property involved before probate, the process of probate, and the importance of keeping a well-maintained list of your assets and checking it twice. Steve shares that avoiding probate is just a factor in your estate planning, not a means to an end.
What is the goal for transferring wealth during life and upon death? Whatever your plan may be, taxes will be a part of it. However, they don’t need to be the sole factor.
Steve Murphy, chair of the private wealth services practice group at McGuireWoods, explains why taxes should not be the most important factors in the transfer of your wealth this episode of the Once Removed series. Steve provides substantive information on the importance of ultimately knowing where you fall on the estate tax spectrum and explains the exceptions that exist to assist you with management of your wealth.
There is a limit on how much you can benefit future generations without incurring additional transfer tax. Tune in to this episode to learn about the Generation-Skipping Transfer Tax (GST). This is a complex tax that applies to transfers of wealth between multiple generations. Steve Murphy, chair of the private wealth services practice group at McGuireWoods, shares the history of the GST tax and how it could affect different generations.
Steve Murphy, chair of the private wealth services group, discusses four potential benefits of a trust structure and ways to balance potential concerns for your estate plan through simplicity and flexibility, on the one hand, or structure and certainty, on the other. He addresses the question of when you should have a gift or bequest held in a long-term, irrevocable trust for a beneficiary.
Steve Murphy, chair of the private wealth services practice group, presents the case of In re Harrison. In this case, the settlors of a trust tried to go the simple route – they had the assets pass outright to their grandson for the most part. The assets would be held in trust for his benefit for a period of time. But when the time came for those distributions, the trustee wasn’t so sure the grandson was ready for those funds. As Steve walks you through this pivotal case, he’ll underscore the important principles of making the right decisions when planning that will benefit your beneficiaries and yourself.
Steve has covered the transfer tax system of estate tax and gift tax, and generation-skipping transfer (GST) tax thus far in the Once Removed series. But there’s a separate tax regime everyone should be mindful of in estate planning: the income tax. Steve details the income tax and the particular rules of how it applies to trusts. He will explain how you can build in flexibility to make sure your intent is carried out in the future, and is carried out in a tax-efficient manner.
In this episode, Steve discusses the terms of a trust, how to ensure that the best trust structure is in place, and how to establish the right directions for a trustee to follow. He unpacks the differences between a rules-based approach with automatic steps for distribution of the trust versus a standards-based approach, where you give your discretion to your trustee, but the decision making is really vested to them with your guidance.
In this episode, Steve provides insights on selecting a trustee of an ongoing trust, who may be the beneficiary or a third-party trustee. Steve will explain the advantages and disadvantages of each option, in addition to the three categories of functions your chosen trustee will manage.