Sophisticated Estate Planning

At its most basic, estate planning is simply protecting your family and your assets during your life and after your death. During your life, it is important to protect yourself and your family from liability that may be created from your profession or your assets. Upon disability, it is important to insure that you have agents in place who are legally authorized to speak for you when you cannot speak for yourself. At death, it is important to pass assets in such a way that estate taxes are minimized or eliminated. Additionally, it is rarely a good idea to pass assets to young beneficiaries without restricting their receipt in a way that protects the beneficiaries from their financial inexperience and from their creditors.

Once the basic aspects of estate planning are addressed, the more sophisticated tax planning opportunities need to be addressed. Tax planning is typically coordinated with a family's asset profile and personal goals. For instance, in almost every case, the use of a life insurance trust is appropriate for individuals who have life insurance. Additionally, for individuals or families who make regular charitable gifts, tax planning can be designed to leverage the benefit of these gifts.

Individual circumstances call for individualized tactics. Gifts for beneficiaries with special needs, for instance, should be made in ways that will not disqualify the beneficiaries from public benefits. Pet owners can provide for the continued care of their animals in thier will, if they choose to do so.

Many options exist. Ask us what strategies may apply to your circumstances.