Practical Estate Planning Tips That Are Often Overlooked

  So you have gone through all of the work to get your estate planning documents finalized, you have had your signing meeting with your attorney, and now it is time to celebrate that you are done, right? In most cases, the answer is not quite yet. There are few items that are often overlooked that are essential to truly finishing your estate plan. I have listed two of the most important items below: Check Your Beneficiary Designations – Immediately … Continued

Asset Selling to Reduce Estate Tax Exposure

  If you have an estate that may be subject to estate tax next year, particularly if the November election results in a greatly reduced federal estate tax exemption in 2021, now is the time to remove assets from your taxable estate if you can comfortably afford to do so. One of the most effective ways to do this is to sell assets in exchange for a very low interest promissory note.  We are currently experiencing historically low interest rates … Continued

Now’s The Time To Take Advantage Of Transferring Or Selling Assets

  The clock’s ticking for wealthy clients looking to find tax advantages when transferring assets to the next generation or selling their business—especially considering the looming, potentially watershed election. “With a possible administration change and proposed changes to the capital gains rate, it might be wise to complete the transfer prior to year’s end,” said Julia Carlson, CEO and founder of Oregon-based Financial Freedom Wealth Management Group. Democratic candidate Joe Biden’s tax plans include bumps in the top tax rate … Continued

Making Better Use of Transfer Tax Exemptions

Estate planning entails such rudimentary concepts as having documents in place, having family discussions about testamentary dispositions and bringing in the skill sets of advisors. There are still clients who may well have issues of actually incurring gift or estate tax. Transfers to grandchildren may also be an issue, but generation-skipping, the GST tax, is not our focus here. If transfer taxes are an issue, there is also the annual gifting concept – taking advantage of the $15,000 annual gift … Continued

6 advanced estate planning strategies

With a new decade upon us and some significant changes to our tax code, there are a number of advanced estate planning strategies that can minimize income and estate taxes and provide asset protection. Leaving a legacy A family Limited Liability Company (or LLC) is often overlooked as an estate planning tool used to steward wealth transfers to multiple generations while minimizing estate taxes. An LLC is a business entity that provides asset protection and a more flexible tax and … Continued