What is Legacy Planning or Asset Protection? Advanced Estate Planning includes wealth management solutions for asset protection in higher-range income households. The majority of clients need a revocable living trust with a pour-over will and powers of attorney. People with higher end wealth need the foundational estate planning and may benefit from different kinds of trusts to help reduce their financial footprint for tax purposes.
Legacy Planning includes wealth management solutions for asset protection in higher-range income households. Advanced estate planing options include different types of irrevocable grantor trusts, such as an Irrevocable Life Insurance Trusts (ILITS), SLAT, GRAT, GRIT, or a Grantor Personal Residence Trust (GPRT). Sometimes people may want to leave an estate or specific gifts to charity in a CharitableTrust. You can use a range of estate planning solutions for wealth management and asset protection to accommodate your family’s specific needs, provide for future generations, and protect assets from seizure by creditors.
Estate Tax Planning
Estate taxes can consume a substantial amount of your hard-earned assets. Shawn is not your CPA but with his LLM in Taxation, he counsels you on best options and works with your financial advisor/CPA. The firm coordinates with your team members to structure an estate that limits family tax obligations, protects assets and structures your legacy plan.
Asset Protection – Elder Law
Asset Protection is also a part of Elder Law, however it seems a different purpose than working with individuals to reduce their financial footprint. This particular type of advance estate planning focuses on asset protection for those who need to qualify for government benefits. For more information go to the practice area for Elder Law.