Ever-changing state and federal taxes, lawsuits by ambulance-chasing attorneys, threats from disgruntled employees or estranged family members, and a million other threats exist to your family’s wealth. When your concerns go beyond avoiding probate and you want to protect your assets to make sure your wealth is used to make a difference in this world, you are ready for a family advisor. Each client who has done advanced estate planning with us has worried about these same things.
But, in talking with us about how they want to use their wealth to make a difference (in the lives of their family, their community, or their church), the plan they create gives them confidence that they’ve done all they can to leave lasting, positive memories of their legacy.
There Are Too Many Strategies To List, But Some That Are Used Are:
Generation Skipping Trusts
We often use this type of trust for estates over $5 million. Assets put into the trust are only taxed once. So, assets that are passed from generation to generation may be protected from additional taxes.
Qualified Personal Residence Trusts
This irrevocable living trust allows a homeowner to transfer a personal residence to the trust. The homeowner saves on taxes and enjoys other benefits.
Family Limited Partnerships
A family limited partnership offers benefits including asset protection, the ability to maintain control of assets, and the ability to enjoy income tax advantages.
Charitable Remainder Trusts
This trust allows the trust maker (the donor) to continue to receive benefits from the trust during their life. The beneficiary after death is a charitable organization.
These are just a few of the tools available to those who are concerned about using their wealth to make a difference in this world.