Taxes may not be your clients’ top priority when you are helping them through their divorce, but many decisions made during this time can affect their situation. Sometimes these decisions can be costly. Listen as Rachael Leberstien, senior wealth relationship manager, discusses the 10 Tax Considerations in Divorce with Sharon Klein, president, Family Wealth, Eastern U.S. Region and head of the National Divorce/Matrimonial Advisory Practice.
June 15, 2021—One common mistake people make when creating their estate plans is not spelling out the fate of their personal property—things such as jewelry, cars, collectibles, and artwork. Without a clear plan, family controversy may arise over items that have great sentimental or monetary value.
Sharon Klein shares her insights in this article originally published on June 8, 2021, in Divorce Law magazine.When billionaires Bill and Melinda Gates announced their divorce after 27 years of marriage, a media frenzy ensued over news, including how their stunning level of wealth would be divided.Although the complications of divorce are magnified with the breakup of this power couple, their divorce underscores many important lessons that couples generally are well-advised to heed.