GEMs Podcast

Paving the Way to Discussing Wealth and Legacy Plans with Family

Discussing wealth and legacy plans with family can be challenging and somewhat uncomfortable, especially when family members disagree about the goals. However, having open communication about the family’s heartfelt values and aspirations can help sustain a desired legacy through future generations. In this podcast, Julie Weiss, national director of Family Office Experience for Wilmington Trust Emerald Family Office & Advisory®, discusses a few ways to establish an ongoing dialogue that can be critical to maintaining family harmony and—hopefully—a lasting legacy.

What is the Corporate Transparency Act?

Business owners, tax planners, and anyone who works with business entities should understand the new obligations they will face next year under the Corporate Transparency Act—the most significant anti-money-laundering legislation since the Patriot Act in 2001. In this podcast, Kerry Reeves, director of Wealth Strategies for Wilmington Trust Emerald Family Office & Advisory®, offers a brief overview of the new filing requirements that millions of entities will need to adopt as of January 1, 2024, and the potential financial and criminal penalties associated with non-compliance.

Naming a Trust as Beneficiary of a Retirement Plan

When retirees pass away before using all the assets in their retirement plans, the remaining funds in those accounts typically pass to a named beneficiary. In certain instances, naming a trust as beneficiary of the plan may be the most prudent course of action, particularly if the retiree wants oversight of the funds for the benefit of a minor child or disabled beneficiary. In this podcast, Wealth Planning Team Leader Matthew Mancini of Wilmington Trust Emerald Family Office & Advisory® discusses why retirement plan owners may choose to name a trust as the beneficiary of their retirement plans and the regulatory considerations of making that decision.

Should parents consider differentiated inheritances for children? A podcast discussion of fair versus equal.

Parents with multiple children often grapple with issues around fairness and equality when structuring their estate plans. With intentional thought and communication, and sometimes a third-party facilitator, parents can strive to achieve their wishes where intentions are understood and negative impacts for a family are reduced as inheritances are discussed and executed. In this podcast, Family Legacy Advisor Jerry Inglet of Wilmington Trust Emerald Family Office & Advisory® discusses what considerations can be used by parents to contemplate these inheritance choices.

Choosing the Right Vehicle for your Charitable Giving

There are many different vehicles for charitable giving that can help support your objectives and create a philanthropic legacy. Charitable giving is an important discussion to have with your advisors to determine whether your charitable giving is best done individually or through a trust, a private foundation, donor advised fund, or another entity. In this podcast, Director of Wealth Strategies Kerry Reeves discusses the differences between a donor advised fund and a private foundation and how to determine if either strategy would be optimal for your charitable giving.

SECURE Act 2.0: What the New Law May Mean For You

The new SECURE Act 2.0, which passed into law last month, may have far reaching implications on retirement planning in the U.S. This “sequel” legislation builds upon many of the themes found in the prior Act, such as expanding access to retirement accounts in cases of hardship and moving the age when required minimum distributions begin. In this podcast, learn some of the more notable changes from SECURE Act 2.0 and their implications for high-net-worth individuals.

Changing a Trust's Location (Situs)

The location, or situs, of someone’s personal trust may have a significant impact on how the trust is taxed and the flexible laws available to facilitate ongoing administration. Changing a trust’s situs can be as easy as changing the trustees to a more favorable location. Listen as Jeffrey Wolken, national director of Delaware Trust Planning Strategies for Wilmington Trust’s Emerald Family Office & Advisory®, discusses why the location of a trust, or its situs, is important, and how you can change a trust’s situs to possibly receive additional benefits.

Irrevocable Life Insurance Trusts

For many individuals, the purchase of life insurance is designed to mitigate risks including replacing income in the event of a premature death, leaving a legacy for heirs, and providing a source of liquidity for the payment of estate taxes. For those focused on the last of those risks – providing a source of liquidity for estate taxes – it can be particularly beneficial to consider using an irrevocable life insurance trust to own their life insurance policies. Listen as Dolly Donnelly, director of Wealth Strategies for Wilmington Trust’s Emerald Family Office & Advisory®, discusses what an irrevocable life insurance trust is and when you might consider using one.