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.