On August 30, 2010, the Wall Street Journal published Doing Nothing Not An Option For Estates*, by Mark Klimek, in Practice Management (“a column that looks at ways financial advisers can build and improve their business”).
Klimek interviewed Justin Stets, a principal at Carlson Capital Management in Northfield, Minn. Klimek writes, “Sometimes, when the picture is cloudy, the smartest investment move is to do nothing. But that's not the case with estate planning, says wealth manager Justin Stets.” The article then discusses the planning Stets did last year for a retired couple.
Read Klimek’s article to find out how Stets
- reduced the couple’s potential estate tax by about $2.5 million,
- generated cash flow out of “highly illiquid assets, including real estate and family-owned businesses,”
- transferred life insurance out of an estate, and
- increased the amount of wealth that the couple can transfer to their children by $6.5 million -- from $15.5 million to $22 million.
Klimek concludes by writing, “In this case, taking action paid off.”
(* Note: If you click on the hyperlink and the article requests a subscription, try Googling the title of the article.)