Estate Planning

Basic Estate Plan Structure

  • Execute standard estate planning documents which include Wills, Power of Attorney, Health Care Proxy and possibly Trust.

    • Determine appropriate executor/trustees/fiduciaries.

    • Ensure utilization of estate tax exemptions such as creating Credit/Marital Trusts.

    • Determine dispositive provisions for heirs.

  • Consider Irrevocable Life Insurance Trusts (ILITs) to own insurance outside of your estate and include dynasty trust provisions to create wealth you can pass down to your children and future generations. 

Establish Vehicles For New Asset Acquisition

Consider the use of Beneficiary Controlled Trusts (BCTs) and Family Limited Partnerships (FLPs) to remove new ventures from your taxable estate while maintaining control of the asset. 

Remove Highly Appreciable Assets From Your Estate

  • Leverage your lifetime exemptions to get assets out of your estate.

    • In certain circumstances, appropriate discounts may be applied on transferred assets. Please consult with your tax and legal advisor for further information.

  • Explore the use of various estate freeze techniques including:

    • Defective Grantor Trusts

    • Rolling Grantor Retained Annuity Trusts (GRATs) 

    • Qualified Personal Residence Trusts (QPRTs)

  • Consider annual gifting to shift assets and use the available discounts to shift those assets in lieu of direct cash gifts. 

Establish Vehicles For Philanthropic Objectives

  • Consider your charitable intentions and how you intend to fulfill these intentions. Three vehicles that are often used to accomplish philanthropic objectives are:

    • Family Foundation

    • Charitable Remainder Trust

    • Charitable Lead Trust 

Monitor Plan

Tax laws change year after year providing advantages or disadvantages to your current estate plan. Consult with your advisors on a regular basis to ensure your estate plan remains effective and tax efficient and is still in line with your legacy goals. 

© 2015 by Tritium Private Wealth Strategies, LLC

 

IRS CIRCULAR 230 DISCLOSURE

To ensure compliance with requirements imposed by the United States Treasury Department, you are hereby informed that any advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.   This advice may not be forwarded without our express written consent. 

This prominent disclaimer will not appear, however, if the written tax advice is in the form of, and meets the requirements of, a "covered opinion" (a term defined in the Circular 230 regulations).  Generally, a "covered opinion" issued by us will include written opinions we provide to clients who have retained Tritium Private Wealth Strategies, LLC to advise them on federal tax consequences of specific transactions, which is a practice which we do not undertake.

EndFragment

 

Please be advised that any legal opinions or discussions contained herein should not be construed as or relied upon as legal advice to the client or to his advisor. The client should work with his/her own legal counsel to determine the course of action appropriate for the client's particular situation.

 

Tritium is not engaged in the practice of law, and will provide no legal services to you.  You are further advised that no legal privilege of confidentiality exists for any information transmitted or shared with Tritium and its personnel.

FOLLOW US:

  • LinkedIn Clean Grey