Advanced Estate Planning
While a revocable living trust can avoid probate, other types of irrevocable trusts, legal entities and carefully coordinated gifting programs can provide additional protection and leverage to an estate, and can assist an individual or family in achieving their long-term planning objectives. In addition to the revocable living trust, an advanced estate plan often consists of different business entities, such as corporations or limited liability companies, (LLC's), irrevocable trusts such as Grantor Retained Annuity Trusts, (GRAT's), or irrevocable life insurance trusts, (ILIT's), or Charitable Remainder Trusts, (CRT's), or Qualified Personal Residence Trusts, (QPRT's), and Private Foundations.
An experienced estate planning attorney can be instrumental in determining which vehicle(s) will be most effective, and in designing the advanced estate plan in order to maximize the protection, tax benefits and advantages for each client. In order to avoid any unnecessary gift or transfer taxes when utilizing any advanced estate planning techniques, a careful gift tax analysis should be employed in order to calculate the value of the taxable gift when moving property or assets into any advanced planning entity. Ultimately, the aims and objectives of each advanced estate planning technique vary as widely as to do the objectives of the clients.
- Areas of Practice
- Revocable Living Trust
- Living Wills
- Durable Power of Attorney
- Irrevocable Life Insurance
- Charitable Remainder Trust
- Tax Planning
- Estate & Gift Tax
- Advanced Estate Planning
- Private Foundation
- Trust Administration
- Probate & Trust Litigation
- Business Succession Planning
- Asset Protection
- Corporation
- Limited Liability Company