Passing Generational Wealth

Full quote provided:

“The estate and gift tax exemption of nearly $13 million is set to be cut in half by the end of 2025. Wealthy families are scrambling to establish tax-free transfers. If the children are minors or not trusted to be fiscally responsible, an irrevocable trust may be the answer. However, there are some very important mistakes to avoid when establishing a trust. It's imperative that the trust's grantor select a very responsible trustee. Trustees can have a lot of discretion with how the trust is managed, and mismanagement can squander hard-earned generational wealth. Likewise, it's critical that the trustee selects a competent investment manager with a reasonable fee."