William Blair-保护家庭财富：婚前、婚姻期间和婚后- Preserving Family Wealth Before,During,and After Marriage

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PreservingFamily

WealthBefore,During,andAfterMarriage

PrivateWealthManagement

Throughhardworkandcarefulplanning,

familiescanbuildwealththatcreatesan

enduringlegacyacrossmultiplegenerations.Preservingthatwealth,however,becomes

morecomplexwitheachbranchthatisaddedtothefamilytree.

Whileaffluentfamiliestypicallyfocusonmitigatingrisksrelatedtotaxesandmarketvolatility,someofthe

biggestchallengestoafamily’swealthcancomefrommarriage,divorce,remarriage,blendedfamilies,andotherfamilydynamics.WithapproximatelyhalfofmarriagesintheUnitedStatesendingindivorce,itisimportant

forfamiliestotakeaproactiveapproachtoplanningforchangestotheirfamilydynamics.Thisplanningisparticularlyimportantwhenownershipofafamilybusinessisinvolved.

2|PRESERVINGFAMILYWEALTHBEFORE,DURING,ANDAFTERMARRIAGE

HowDivorceAffectsFamilyWealth

Itisimportanttolookattherolethatmaritalpropertyandseparateproperty(or“non-maritalproperty”asitiscalledinIllinoisandsomeotherstates)playindetermininghowassetsaredistributedinadivorce.

Adivorcedcouple’sassetsaregenerallyidentifiedaseitherseparateproperty(i.e.,propertythatbelongstojustoneofthespouses)ormaritalproperty(i.e.,propertythatissharedbythespousesandsubjecttodivisioninadivorce).

Themostcommonformsofseparatepropertyinclude:

•Propertyownedbyoneofthespousesbeforethemarriage

•Aninheritancereceivedbyoneofthespouseseitherbeforeorduringthemarriage

•Giftsreceivedbyoneofthespousesduringthemarriage

41%

Morethan40%offirst

marriagesintheUnitedStatesendindivorce*,anddivorce

ratesaresignificantlyhigher

forremarriages.WhiletheU.S.divorceratehasbeengraduallydecreasingoverthepastseveraldecades,itisexpectedthat

U.S.MarriageandDivorceRates

Whiledivorcerateshavegraduallydeclinedoverthepast15years,approximatelyhalfofallmarriagesin

theUnitedStatesendindivorce.Thisunderscorestheimportanceofthinkingproactivelyaboutstrategiesforminimizingtheimpactofdivorceonthefamily’swealth.

manypeoplewillexperiencedivorceintheirimmediateorextendedfamilies.

*

/articles/

PMC7170305/

Per1,000TotalPopulation

10

9

8

7

6

5

4

3

2

1

0

200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023

MarriageDivorce

Source:CDC/NCHSNationalVitalStatisticsSystem

PRIVATEWEALTHMANAGEMENT|3

HowDivorceAffectsFamilyWealth(continued)

Generallyspeaking,propertyacquiredduringthe

marriageisconsideredtobemaritalpropertyandthussubjecttodivisioninadivorce.

Whilegiftsandinheritancesgenerallyareconsideredtobeseparateproperty,therearesituationsthatcancausethesegiftstobecomemaritalproperty.

Again,itisimportanttonotethatthestatelaws

varyregardinghowseparateandmaritalpropertyaredetermined.

Separatevs.MaritalProperty

Dividingacouple’sassetsinadivorcecanbeacomplicated,

time-consuming,andexpensiveprocess.Whilelawscanvary

significantlyfromstatetostate,itishelpfultounderstandwhichtypesofassetsaregenerallytreatedasmaritalproperty(i.e.,

propertythatissharedbythespousesandsubjecttodivisioninadivorce)vs.separate(ornon-marital)property(i.e.,propertythatbelongstojustoneofthespouses).

Trusts,pre-andpost-nuptialagreements,avoidingcomminglingassets,andpropertitlingofassetsarealltechniquesthatfamiliescanusetohelpprotectgifts,inheritances,andotherformsof

separatepropertyfrombecomingmaritalproperty.

SeparateProperty

Generallylimitedto:

•Propertyownedbeforethemarriage

•Giftsreceivedbyonespousebeforeorduringthemarriage

•lnheritancesreceivedbeforeorduringthemarriage

MaritalProperty

Mostothertypesofpropertyacquiredbythecoupleduringtheirmarriage,including:

•lncomeearnedbyeitherspouseorpropertyacquiredwiththeincomeearnedbyeitherspouseduringthemarriage

•Checking,savings,andinvestmentaccountsthathavejointtitlesorcommingledassets,etc.

•Realestate,automobiles,andotherpropertyacquiredduringthemarriageusingcommingledassetsand/orplacedinjointtitle

4|PRESERVINGFAMILYWEALTHBEFORE,DURING,ANDAFTERMARRIAGE

StrategiesforProtectingFamilyGiftsandInheritance

Supportingyoungergenerationsthroughaninheritanceorlifetimegiftsofcash,real

estate,stock,sharesofthefamilybusiness,investmentportfolios,art,orotherassetscanbetremendouslyrewardingforparentsandgrandparents.Itisimportanttorealizethatwithoutcarefulplanning,aportionofthesegiftsmayleavethefamilyintheeventofa

divorceoradeath.

Fortunately,thereareseveralstrategiesthatcanbeusedtohelpmitigatetheriskofgiftsorinheritancesbeingsubjecttodivisioninadivorcesettlementorleavingthefamilyuponthedeathofyourchildorgrandchild.

KeepingSeparateAccountsandTitlingAssetsSeparately

Whilegiftsandinheritancesgenerallyareconsideredtobeseparateproperty,therearemanysituationsthatcancausegiftsandinheritancestobecomemaritalproperty.Twoofthemostcommoncausesofthisarecouplescomminglingassetsupongettingmarriedortransferringthetitleof

assetstheybroughttothemarriageintojointownership.

Whengiftedorinheritedassetsarecommingledwiththespouse’sassets,thoseassetscanbecomemaritalproperty.Forexample,ifparentsgivetheiradult,marriedsonagiftof$25,000,thatgiftwillbeconsideredmaritalproperty

ifthesonputsthecashinacheckingaccountthatis

heldjointlywithhiswife.Itisalsoimportanttokeep

documentationthatclarifiesthatthefundswereintendedtobeagifttojustoneofthespouses.

Howassetsaretitledcanplayalargeroleindetermining

howthoseassetsaredistributedupondivorce.Forexample,assumethatacouplegivestheiradult,marrieddaughter

$1millionsothatthedaughterandtheirson-in-lawcan

purchaseahome.Ifthenewhomeistitledjointlybetweenthedaughterandtheson-in-law,thenthegiftwouldbe

consideredajointgifttobothspouses.

MemorializingIntent

Documentingtheintentofagift,inheritance,orloantoaloved

onecanhelpminimizetheriskofthepropertyleavingthefamily

intheeventofdivorceordeath.Forexample,ifparentsloantheirdaughterandson-in-law$50,000,keepingdocumentationclarifyingthatthefundswerealoancanhelpensurethatifthecoupleweretogetdivorced,the$50,000wouldbetreatedasaliabilitytoberepaidratherthanagift.

PRIVATEWEALTHMANAGEMENT|5

StrategiesforProtectingFamilyGiftsandInheritance(continued)

6|PRESERVINGFAMILYWEALTHBEFORE,DURING,ANDAFTERMARRIAGE

UsingTrustsEffectively

Whenusedandexecutedproperly,spendthrifttrusts,

domesticassetprotectiontrusts,andothertypesoftrustscanpreventgiftstoyoungergenerationsorinheritances

frombecomingmaritalpropertyinadivorceorleavingthefamilyuponthedeathofanoffspring.Caremustbetaken,however,toensurethattheincomegeneratedinthetrustisnotcommingledwiththespouse’sassets.Forsituationswherechildrenfromapreviousmarriageareinvolved,

qualifiedterminableinterestpropertytrusts,creditsheltertrusts(orbypasstrusts),andirrevocablelifeinsurance

trustscanbeusedtoprotectthechildren’sinheritancewhileprovidingsupportforthenewspouse.

PayingforEducationExpenses

Oftengiftscanhaveunintendedconsequencesfroma

wealthmanagementperspective.Itisimportantfor

donorstounderstandhowthegiftwillbetreatedin

theeventofdivorceordeathinthefamily.Acommon

scenariowhereunintendedconsequencesariseinvolvesgrandparentsfundingagrandchild’scollegeexpenses.

Todoso,grandparentsmightputassetsinanUTMAor

UGMAcustodialaccount,agifttrust,ora529college

savingsplanforthebenefitofthegrandchild.Whilean

UTMA/UGMAorgifttrustcanprovidevaluableflexibilityrelativetoa529plan,whichcanbeusedonlytopayfor

privateelementary,highschoolandcollegetuition,usinganUTMA/UGMAorgifttrustmayhaveadverseconsequencesifthegrandchild’sparentsweretogetdivorced.

Duetoadversesideeffects,itisusuallymorebeneficial

forgrandparentstopayeducationexpensesdirectlyto

theinstitutionversusgiftingdirectlytothegrandchild.

Directpaymentstoaneducationalormedicalinstitution

foralovedone’seducationalandmedicalexpensesdonotcountagainstone’sannualgifttaxexclusionorlifetimegiftexemption.Thiscanbeagreatwaytotransferwealthto

youngergenerationswithoutincurringgiftorestatetaxes.Itisimportanttoworkwithyouradvisorstounderstand

thepotentialprosandconsofthevariousgiftingstrategies.

AvoidingUnintendedConsequences

Whengivingagifttoalovedone,itisimportanttoworkwithyouradvisorstounderstandhowthoseassetsmaybetreatedinthe

eventofdeathordivorce.Forexample,puttingassetsinatrusttopayforagrandchild’scollegeexpenses—asopposedtoopeninga529savingsplanorpayingdirectlyforthegrandchild’seducationexpenses—couldenduphavingnegativeconsequencesonthe

family’swealthifthegrandchild’sparentsweretogetdivorced.

StrategiesforProtectingFamilyGiftsandInheritance(continued)

EstablishingPre-NuptialandPost-NuptialAgreements

Inadditiontostipulatingwhichassetswillbeconsideredseparatepropertyvs.maritalproperty,apre-nuptial

agreementcanalsoestablishtheamountofalimony

payments,inheritances,andotherimportantissuesthatmightotherwisebeleftuptothecourtsupondivorce

ordeath.

Whilepre-nuptialagreementscertainlyarenotnecessaryinallsituations,theycanprovideanimportantlevelof

protectionandclaritywhenthecouplehasacomplicatedfinancialsituation.Pre-nuptialagreementscanbe

particularlyhelpfulwhenoneorbothofthespouses:

•Haschildrenfromapreviousmarriage

•Bringsconsiderableassetsordebttothemarriage

•Planstogiveupajobormakeotherfinancialsacrificesorcontributionsforthefamily

•Ownsoranticipatesinheritingsharesofafamilybusiness

Apre-nuptialagreementdoesnotneedtobeastatic

documentforthedurationofthemarriage.Some

couplesbuilda“sunsetclause”intotheirpre-nuptial

agreementstatingthattheagreementterminatesafterapredeterminednumberofyears.Othertimes,coupleswillamendthepre-nuptialagreementtoreflectchangesin

thecouple’sfinancialsituation.If,forexample,acompanythatthehusbandfoundedgrowsbeyondwhatthecoupleenvisionedpriortothemarriage,bothsidescanagreetoamendthedocumenttoaccountforthenewreality.

Likepre-nuptialagreements,post-nuptialagreements

arebecomingmorecommon.Theseagreementsareoftenusedtoprotectalargeassetgiventothecoupleafter

themarriage.Forinstance,parentsmayprovidefundsfortheirsonanddaughter-in-lawtobuyanewhomeon

theconditionthatapost-nuptialagreementissignedrequiringthatthehomeistitledintheson’snameonly.

Itisimportanttonote,however,thatcourtsoftenapply

morescrutinytopost-nuptialagreementsthantopre-

PRIVATEWEALTHMANAGEMENT|7

nuptialagreements.Courtsmaynotenforceapost-nuptialagreementifthejudgebelievesthatoneofthepartieswascoercedorotherwisepressuredintosigningtheagreement.Thus,morecareandforethoughtneedstobeappliedtothedraftingofapost-nuptialagreement.

ConsiderationsforFamilyBusiness

Planningarounddivorceisparticularlyimportantwhenfamilybusinessesareinvolved.

Often,afamilybusinessrepresentsthelargestportionofafamily’swealth,andassharesofthebusinessarepassedtoyoungergenerations,thereareconcernsabouthowdivorcemaydilutethefamily’sownershipstake.

Adivorceinvolvingafamilybusinessownercanbe

extremelydisruptivetoboththefamilyandthebusiness.Whenthinkingabouthowtominimizepotential

disruptionsandprotectthevalueofthecompany,itisvitaltoconsiderthefollowingissues.

RetainedEarningsvs.W-2Income

Oneofthebiggestissuesthatcanjeopardizeafamily

member’sstakeinthebusinessintheeventofadivorce

istheallocationofthecompany’scashflowsamongW-2

compensation,dividends,andretainedearnings.Typically,thecompensationthatthefamilymemberreceivesas

W-2incomewillbetreatedasmaritalproperty;the

dividendsthatthefamilymemberreceiveswillbetreatedas1)maritalpropertyifthefundsarecommingledwith

thespouse’sfundsor2)separatepropertyifthefunds

arenotcommingled;andthefamilymember’sclaimonthecompany’sretainedearnings(i.e.,profitsthatarenotdistributedasdividends)istreatedasseparateproperty.

Thoseretainedearnings,however,whichoftenrepresentasubstantialportionofthebusiness’svalue,maybetreatedasmaritalpropertyinadivorce,iftheamountspaidout

asW-2incomearetoolow.Ifthecourtsdeemthatthe

companywaspayinginappropriatelylowW-2income

totheshareholdersasawaytoshieldthatwealthfromspouses,thecourtmayawardaportionofthecompany’sretainedearningstothespouseinadivorcesettlement.

Itisimportanttonotethatthiscanoccurevenifthe

familymemberdoesnotownacontrollingshareofthe

company’sstock.Eventhoughafamilymemberwitha

minorityownershipstakedoesnothavelegalcontroloverthecompensationdecisions,courtsinrecentyearshave

sometimesruledthatachildwith30%ownership,for

example,mayexert“familiarcontrol”becauseofthechild’srelationshipwiththeparentwhofoundedthecompany.

Thebestwaytoprotectagainstthisoutcomeistoa)have

anaccountantorotherobjectivethird-partyadvisor

determineacompetitivesalaryforfamilymembers’workinthebusinessandb)documenttherationalefordeterminingthosesalaries.Thecompanyshouldholdannualmeetings

wheretherationaleforthecompensationlevelsand

amountofretainedearningsarediscussedandformally

documented.Whilethesestepsmaynoteliminatetheriskofthefamiliarcontrolissue,properdocumentationcangoalongwayinprotectingtheretainedearnings.

Giftingvs.SellingSharestotheNextGeneration

Ifachildorgrandchildreceivesownershipsharesina

familybusinessviagiftorinheritancewhilemarried,thosesharesaregenerallytreatedasseparateproperty(aside

fromtheretainedearningsconcernsdescribedabove).

Often,however,theoldergenerationmaychoosetopass

thesharesdownthroughapurchaseagreementratherthananoutrightgift.

Whilesellingthesharescanprovidevaluableliquidityfortheoldergeneration,thisstrategycanputthesharesatriskintheeventofadivorce.Sharesacquiredviaapurchase

agreementwillbecomemaritalpropertyunlessthesharesarepurchasedentirelywithseparateassetsthathavenot

beencommingledwiththespouse’sassets.Structuringthetransferasagift—anddocumentingthatitisintendedtobeagifttothechildonlyandnottothecouple—canhelpkeepthesesharesinthefamily.

8|PRESERVINGFAMILYWEALTHBEFORE,DURING,ANDAFTERMARRIAGE

ConsiderationsforFamilyBusiness(continued)

Buy-SellAgreementsandShareholders’Agreements

Withprivatecompanieswherethereisnomarketforthecompany’sshares,majorproblemscanarisewhenone

oftheownersdies,getsdivorced,retires,orotherwise

wantstosellhisorhershares.Bycreatingrulesforwhomthesharescanbetransferredto,howtheshareswillbe

valued,andwhatmechanismswillbeusedtoexecutethetransfers,shareholders’agreementsandbuy-sell

agreementscanplayavitalroleinpreservingthevalueofthecompanyandminimizingdisruptionsduringaperiodoftransition.Whileabuy-sellagreementmaybehelpfulevidenceinestablishingthevalueofthecompanyina

divorceproceeding,thebuy-sellagreementlikelywillnotbedeterminativeofthecompany’svalue.

TheFourPhasesofWealthManagement

Creatingenduringwealththatspansmultiplegenerationsrequirescarefulplanningandstrategicthinkingatallstagesofyourfinanciallife.

4

TransferringWealth

LifeEvents:

Enteringretirement,grandchildren

beginningacareer

Focus:

Buildingasolidfoundation

andestablishingvaluable

financialhabits

LifeEvents:

Havingchildren,startinga

business,gettingpromoted,

getting(re)married

Focus:

Establishinglong-term

wealthmanagement

strategies

Focus:

Transferringwealth

toyoungergenerations

andseeingyourplanning

cometofruition

Focus:

Protectingwealth

asyouapproachyour

long-termgoals

LifeEvents:

Preparingforretirement,getting(re)married

1

BecomingEstablished

Finishingcollegeorgraduate

school,gettingmarried,

3

PreservingWealth

2

Building

Wealth

LifeEvents:

>

>

>

PRIVATEWEALTHMANAGEMENT|9

ConsiderationsforRemarriageandBlendedFamilies

Thinkingstrategicallyisparticularlyimportantforremarriagesandmarriagesinvolvingblendedfamilies.

Communicationisparamount

Themostvaluablestrategyforremarriagesandblended

familiesdoesnotrequireafinancialplanneroranattorneytoexecute.Communicationamongtheparent,children,

andnewspouseisextremelyimportant.Oftenwhena

parentwithsignificantwealthgetsremarried,thechildrenhaveconcernsaboutwhatthemarriagewillmeanfortheirinheritances.Likewise,thenewspousemayhaveconcernsabouthowheorshewillbesupportediftheotherspouse

weretodieorifthemarriageendsindivorce.Beingclear

aboutwhatthespousewillreceiveandwhatthechildren

willreceivecaneliminatemuchofthistensionandpromotefamilyharmony.

Considerapre-nuptialagreement

Whilepre-nuptialagreementsarenotnecessaryinmany

situations,theyoftenareadvisableforremarriages,

especiallywhentherearechildrenfrompreviousmarriages.Byclearlyarticulatinghowthecouple’sassetswillbe

dividedupondeathordivorce,apre-nuptialagreement

canbeusedtoprotectassetsthattheindividualintends

topassontohisorherchildrenfrombecomingmarital

property.Forexample,ifamotherwantstoensurethatherownershipsharesinthefamilybusinessgotoherchildrenfromapreviousmarriage,apre-nuptialagreementcan

beusedtostipulatethattheshareswillnotgotothenewspouseorchildrenfromthenewmarriage.

10|PRESERVINGFAMILYWEALTHBEFORE,DURING,ANDAFTERMARRIAGE

ConsiderationsforRemarriageandBlendedFamilies(continued)

Enhanceyourestateplan

Aqualifiedterminableinterestproperty(QTIP)trust,

whichusesthemaritaldeductionforestateandgifttaxes,canbeatax-efficientwayofsimultaneouslyprotectingtheinheritanceofthechildrenfromapreviousmarriagewhileprovidingsupportforthesurvivingspouse.WithaQTIP,

thesurvivingspousereceivesincomefromthetrustfor

theremainderofhisorherlifebutdoesnothaveaccess

toorcontrolovertheassetsinthetrust.Uponthedeath

ofthesurvivingspouse,theassetsinthetrustpassonto

thebeneficiaries(usuallythechildren).Otherexamples

oftruststhatcanbeusedtoprotecttheinheritancesof

childrenwhileprovidingsupportforthenewspouse

includeacreditshelter(orbypass)trustandanirrevocablelifeinsurancetrust.

Reviewbeneficiariesandestateplanningdocuments

Wheneverthereisadivorceandremarriage,itisimportanttoreviewyourwill,powersofattorney,trusts,lifeinsurancepolicies,retirementaccounts,andotheraccountstoensurethatthebeneficiaryandtrusteeinformationreflectsyour

intentions.Whilestatelawwillsupersedeanyoutdated

informa