While wills and trust agreements are basic staples of estate and personal tax planning, they only scratch the surface to achieve protection of accumulated assets from the IRS and creditors. To allow individuals to preserve the wealth they have accumulated you need more! The Firm and its principal have had extensive experience in developing creative solutions to difficult family estate and wealth protection issues.
In addition, to the basic tools above identified the following tools and how to utilize them are the added advantage of consulting the Firm to protect your assets:
- Durable powers of attorney
- Healthcare powers
- Living wills
- Tangible personal property distribution
- Irrevocable trusts for children and grandchildren benefits
- Irrevocable life insurance trusts (to remove life insurance proceeds from the taxable estate)
- Personal residence trusts
- Charitable trusts (charitable remainder, charitable lead)
Family limited liability companies and limited partnerships used to facilitate wealth transfer to younger family generations, while the parents retain:
- substantial control of the assets
- minimize income, estate and gift taxes
- limit access of the assets to creditors. As to even more estate and asset protecion tools contact the firm for an appointment.
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