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Estate planning need not to be complicated and stressful. I can help you devise an estate plan that works for you and your family.
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“How does recent tax legislation affect my family and my assets? Do I need tax planning if my estate is small?”
Thousands of American families have been unknowingly affected by the sweeping changes from the recent tax legislation. Clients often substantially overestimate – or underestimate - the value of their estate. Proactive engagement with a qualified tax and estate planning attorney is the first step in protecting and preserving your legacy.
The estate tax rate of 40% is a severe tax that can threaten your family’s legacy. As recent tax reform has shown, these laws can change any time. If you are fortunate enough to be able to build the financial legacy you wish to pass on to your loved ones, it is imperative that you take advantage of the many income, estate and gift tax planning tools available if your estate is even approaching the exempted amount.
“Does tax planning fit with my goals and assets?”
There are a wealth of tax planning techniques that can be catered to your particular situation and values. If your goal is asset protection, Credit Shelter Trusts can be used. If you have prudently saved for retirement, you should engage in IRA distribution planning. If you are altruistic, Charitable Trusts (CLTs and CRTs) can provide many philanthropic benefits while reducing your tax liability. If you have life insurance policies or simply wish to keep your wealth within the family, Irrevocable Life Insurance Trusts (ILITs) or Family Limited Partnerships/LLC’s are useful tools. Whatever your situation is,
Richard can help you minimize or even eliminate your income and estate tax liability.
“Aren’t my taxes taken care of by my CPA?”
Your estate planning attorney and your CPA should work collaboratively with each other to minimize any wasted, duplicate efforts. Unfortunately, they often work in parallel and only to exchange documents, resulting in a disjointed wealth plan that fails to account for differences in the laws of accounting, tax and probate as well as unnecessary fees to fix this problem down the line.
Contact Richard, an estate planning attorney with a unique blend of tax law experience, to proactively develop a sophisticated yet practical estate and tax plan that offers you and your loved ones the best of all possible outcomes.