EXPERIENCED ESTATE PROFESSIONALS
TRUST PLANNING
Trusts are another planning vehicle for estate planning. There can be several different reasons for utilizing a trust over a Will. Different types of Trusts accomplish varying objectives. Generally, a trust is established to financially support people that the individual cares about, usually children, or to give to chartable organizations that the person wishes to support. Trusts are often a great vehicle for children or adults with special needs to protect their financial interests from government intervention.
WE CAN HELP PREPARE SOME TYPICAL TRUSTS SUCH AS:
· Revocable living Trusts
· Irrevocable living Trusts
· Special Needs Trusts
· Family Trusts
· Life insurance Trusts
· Credit Shelter Trusts
· Spendthrift Trusts
GIFTING. Sometimes a Grantor may wish to gift out assets during their lifetime by using:
· Irrevocable Insurance Trusts
· "Crummy" Power Trusts
· "Section 529" Qualified state tuition programs
· Grantor Retained Annuity Trusts ["GRATs"]
· Qualified Personal Residence Trusts ["QPRTs"]
· Intentionally Defective Grantor Income Tax Trusts ["IDGITs"]
· Lifetime Qualified Terminable Interest Property Trusts ["QTIPs"]
Devices that will reduce asset value for estate purposes, including:
· Split Dollar Life Insurance
· Development of LLC's, limited partnerships and closely-held corporations, which will achieve maximum valuation discounts
· Revising interests in real property to fractional tenancy-in-common interests reducing the value to the interest holder
Our firm has experience in preparing estate and gift tax returns to correctly report transactions involving any of the above devices.
Charitable Giving
· For clients who have charitable aims, we offer a variety of vehicles to take maximum advantage of the tax deductibility of those gifts. We will work to achieve goals from setting up scholarship designations to a clients alma matter to Charitable foundations. Some of the following trusts help achieve these goals:
· Charitable Remainder Trusts [CRT]
· Charitable Lead Trusts [CLT]
· Private Foundations
Business Succession Planning
· If you own a business, succession planning may be an option that you want to look into. By planning for the transfer of your closely-held business to family members you will have the opportunity to plan for the following generations with respect areas such as management and tax implications. Some important options to consider are:
· Equalization of ownership for family members that choose not to work in the business
· Mechanisms to initiate the reduction of imminent estate taxes with respect to the business