For many successful families, there are two crucial, but often overlooked factors in deciding the best place to live: (1) taxes and (2) asset protection. Some states have much more favorable laws on these issues than others.
Our advice for the newly wealthy is similar to what we discuss with longstanding clients: Engage in comprehensive financial planning before jumping into the future.
For BB&T Wealth clients contemplating second marriages or for those already in blended family situations, there are various financial issues that may need to be addressed.
In 2004, Congress enacted strict rules regarding the funding and distribution of funds from deferred compensation plans.