Wilmington Trust Wealth Strategist Bruce Hoffmeister shares his insights on this podcast with wealthmanagement.com about the issues within the estate of Liberace, Mr. Showmanship himself. In this discussion, he uses the infamous Liberace palimony case on behalf of the performer’s former chauffeur and live-in lover to highlight how far the LGBTQ community still has to go, legally speaking.
That question is really just another way of asking “Have I saved enough to provide for myself for the rest of my life?” You must weigh whether a lifetime gift jeopardizes your retirement needs— including long-term care costs—against the enjoyment of seeing loved ones or charities benefit from your gifts. Generally, people wealthy enough to plan to avoid federal estate taxes can afford to give some gifts during their lifetimes.
Transferring your values, not just your valuables.Transferring more than material wealth has become increasingly important.An ethical will enables you to transmit your values to the next generation.It may include your personal beliefs and philosophy, and even important family history.