An experienced financial advisor, Marc Broidy served in the past as the vice president of Merill Lynch and trustee of Pitzer College. Marc David Broidy also specializes in theatre management, which encompasses production writing and lighting design. While working as a financial advisor for Smith Barney, Marc Broidy provided estate planning for high-net-worth individuals.
Estate planning is a process that helps individuals preserve their assets and capital and transfer them to beneficiaries when they die or become incapacitated. Qualified personal residence trusts are a new trend in 2022 in terms of estate planning that enable individuals to transfer their house of residence outside of their estate. Qualified personal residence trusts are irrevocable trust in which the grantor receives capital for a set period, which enables them to continue to live on the property.
After the specified period ends, the grantor can pay rent to the beneficiary they transferred the property to and continue to live there. One benefit that the trust offers is that it hedges against appreciation and an individual does not have to pay gift taxes if the home is very valuable.
Another estate planning trend in 2022 is the generation-skipping trust. In a generation-skipping trust, individuals transfer their assets and capital to their grandchildren, skipping their children’s generation. However, the individual’s children can benefit from the assets until the grandchildren come of age without being liable for taxes. One of the trust’s main benefits is that if the assets do not exceed the $11.7 million value, it is not liable for taxes.
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