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Estate Planning
 
A Proper estate plan is perhaps the most important legal tool the average person or family will ever setup and use.

Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner.  The various goals of estate planning include making sure the greatest amount of the estate passes to the estate owner's intended beneficiaries, often including paying the least amount of taxes and avoiding or minimizing probate court involvement.  Additional goals typically include providing for and designating guardians for minor children, planning for incapacity and asset protection.

 
What Is The Difference Between Estate Planning and Asset Protection?

The two go hand in hand and compliment each other.  A properly designed and implemented estate plan will, at the time of your death, facilitate the transfer of your wealth to your loved ones and minimize, or eliminate, estate death taxes.  As indicated above, in addition to protecting your assets and providing for your beneficiaries after your death, an asset protection plan will also offer you protection of your assets while you are alive.

A solid estate plan is specifically tailored to individual and unique needs and may include one or more of the following tools:
 
  • Living Trust and Wills
  • Family Limited Partnerships
  • Ancillary Documents (pourover wills, powers of attorney, property agreements)
  • Irrevocable Life Insurance Trusts
  • Intentionally Defective Grantor Trusts
  • Gifting Trusts
  • Ancillary Documents (client portfolios, Crummey notifications, letters of
        instruction)
  • Charitable Remainder Trusts
  • Charitable Lead Trusts
  • Private Foundations
  • Testamentary Charitable Distributions
  • Ancillary Documents (client portfolios, letters of instruction)
  • Qualified Personal Residence Trusts
  • Grantor Retained Annuity Trusts and Unitrusts
  • Grantor Retained Income Trusts
  • Wills with and without tax planning
  • Ancillary documents
  • Conduit Trusts
  • Individual Special Needs Trust
  • Joint Special Needs Trust
  • Memo of Intent Guidelines
  • Retirement Trust
  • IRA Master Beneficiary Designation
  • Qualified Plan Master Beneficiary Designation
  • Beneficiary Designation Inserts
  • FLLC formation documents
  • Funding and Transfer Documents
  • Correspondence and Other Forms
  • Full funding and asset transfer associated with the above tools.

Benefits of an Estate Plan (when used properly with Business Planning and Asset Protection Concepts)

 

  • Avoid Probate-  Proper estate planning will help you avoid costly probate. All of your hard-earned assets go to your beneficiaries (family) instead of being depleted by mandatory probate legal fees and court costs. Your family can avoid frustrating and prolonged court proceedings.
  • Wills DO NOT Avoid Probate-  In fact, all Wills must go through probate so if you have a Will, you are guaranteed to incur expensive probate fees and costs.
  • Revocable and Irrevocable Trust-  A properly established and funded trust will completely avoid probate thereby avoiding all probate fees and costs.
  • Time-  A proper estate plan using a Trust can help distribute an estate to your beneficiaries within hours or days as opposed to months and even years through probate.
  • Minors, Incapacity and Special Needs-  The person(s) you select in your Trust can immediately step in to help. Minors and grandchildren are instantly provided for. There are no court delays or interference. No attorney fees or court costs.
  • Taxes and Probate Fees-  A Trust can help you minimize or completely avoid estate death taxes and probate fees.
  • Privacy-  A Trust gives you maximum privacy and is not part of the public record. Wills and probate are a matter of public record for the entire world to see. The probate process invites disgruntled heirs and opportunity seekers to make a claim against your estate.
  • No Asset Protection-  Wills and Living Trust will not and do not protect your assets. They can and should be used to distribute your estate to beneficiaries as part of an complimentary asset protection plan.
  • Change- Revocable Trust can be changed or modified at any time.
  • Protect Assets- Additional value can be added to your estate plan by utilizing proven asset protection tools and approaches.

 

Interested in learning more about Asset Protection?  Click here... 


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