One of the first consequences of the new estate tax law for 2011, the one raising the federal exemption amount to $5 million for an individual, was that financial advisors and planners were saying that "estate tax planning was OVER." There was going to be no need to think about estate taxes ever again[...]
When I talk to clients about the best way to leave assets for the next generation, I try to impress upon then the idea that inherited money feels different than money that is earned. It's like Monopoly money, which is to say that it seems that it exists for play. Perhaps that's the reason why[...]