Estate planners and wealth managers believe that some clients may want to pay capital gains in a way that doesn’t trigger the higher rate proposed by the U.S. president.
“We should challenge our perspectives on wealth planning away from maximizing unrealized capital gains and deferring taxable income to better co-exist with these tax reforms,” says StrongBox Wealth managing partner Chuck Cooper III.
“We have clients who are wanting to sell their business within the next three to four years, and they’re considering — hopefully not in haste — really accelerating their plans,” one advisor says.
The wirehouse’s lawyers claim the plaintiff is bound to arbitrate because of cash management account and client relationship agreements previously signed by the client.
High-income investors are just as likely as their less-wealthy peers to have neither a will nor estate plan, according to a recent survey conducted by Wells Fargo and Gallup.
The lawsuit claims the advisor, who has retired from the wirehouse, gave “wrong and negligent” advice when asked by a client about a transfer of death form.
The domestic partner and mother of a former complex manager for the wirehouse both say they are entitled to proceeds from his account, prompting UBS to ask the court to protect the firm from their claims.