A comprehensive, multi-generational strategy is extremely beneficial for families. In addition to substantial tax advantages, generational planning may determine the nature of a family's future dynamics. Acting as an unbiased third-party, a MacMillan planner provides guidance and objective advice to everyone involved in the estate planning process. By addressing any underlying issues before they become real hindrances, discord amongst loved ones can be easily prevented.
An estate freeze is a useful concept that we often utilize when conducting generational planning. Once an asset is put into an estate freeze, any future growth of all or part of the asset’s current total value is transferred automatically to the next generation. As a result, this defers taxes owed upon the asset that may hinder its smooth succession.
Client Challenge: A couple with a large family had a considerable collection of antiques. Recently, one parent had passed away. The remaining parent wanted to prevent any conflict that could potentially arise within her family over the antique collection when she passed.
Creative Solution: Under our client’s direction, we organized a family BBQ where a mock auction took place. Each family member was given an equal amount of monopoly money that they could use to bid on the items of their choosing. By the end of the auction, each family member had laid claim to certain designated pieces that they deemed were most sentimental to them. Subsequently, our client took solace in knowing that upon her passing, any potential discord arising from her collection had been negated.
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