Estate Planning

When you consider divorce rates, the estate tax, investment risks from a very volatile stock market, and the millions of lawsuits filed annually, it is amazing that any family can pass wealth onto the next generation. One of the most commonly overlooked element of planning is family and estate planning.

Have you considered and addressed these issues facing your family:

• Without a properly structured and implemented living trust, each generation may lose $500,000 unnecessarily to estate taxes
• Are you utilizing the maximum gift tax exemptions allowable since 2002?
• Half of your life insurance may go to taxes at death
• You can lose half of your inheritance in the event of a divorce
• IRAs and retirement plans can be taxed at 70% at death
• Some states won't pay for long term care until the individual's net worth is below $2,500. Do you or your parents have enough saved to cover LTC costs that can be over $300 per day?
• Is there too big an inheritance for your children?
• Some charitable planning options can increase your income during your life and leave more to your heirs
• Do you know the benefits a family foundation can offer?
• Do you know why a charitable lead trust is so beneficial when interest rates are so low?
• You can create trusts that do not pass wealth to the children unless they meet your guidelines - like going to college or graduate school, getting married, staying married, having children, contributing to the family foundation, or many others.
• Some legal structures allow you to "share" income with family members in lower income tax brackets, pass wealth without giving up control, and protect your assets from lawsuits.

I suggest you consider estate planning as a way to help protect your family wealth from the risks facing you in today's economy.

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