Estate Planning Strategies

The accumulation of wealth has become a prime target for Congress as evidenced by the unified estate and gift tax, the generation skipping transfer tax and other legislation. Our objective is to help our clients understand and utilize the various concepts available to conserve assets and meet their objectives. We work with your professional advisors in analyzing your estate requirements and provide the insurance products to meet your needs. We are experienced in working with high net worth individuals and closely held family businesses to conserve their assets for future generations.

Listed below are some of the planning issues which should be examined in conjunction with your professional advisors:

  • Consideration of the transfer of existing life insurance coverage to Irrevocable Trusts to remove them from being ultimately included in your estate.
  • Discussion of the establishment of a Generation Skipping Trust to help perpetuate your wealth to future family generations.
  • Discussion of charitable planning techniques appropriate to help reduce potential estate taxes.
  • Establishment of a ’Family Bank’ typically referred to as a "Dynasty Trust’ to provide funds to future generations for the continuation of your present business or the establishment of new enterprises.
  • Discussions of the advisability of a systematic gifting plan to take advantage of the $14,000 annual exclusion available per person per year or what the current limit is in Section 2503(c).
  • When appropriate, discussions with your children to help coordinate their estate planning with their parent’s and also to act as an appropriate liaison when needed across the family generations.
  • Establishment of a Family Limited Partnership (FLP) by your advisors to own assets that can then be gifted to family members. A FLP can often provide significant discounts for gift tax purposes due to lack of marketability and minority interest.