High net worth individuals have a variety of objectives when it comes to planning their estates. To be sure, avoiding unnecessary
taxes tops the list. But also important are the goals of leaving a protected legacy and communicating key values to subsequent
Whenever we establish an estate plan for a high net worth client, we always start with one of our custom-built living trusts. Our
living trusts can save a married couple up to $1,575,000 in estate taxes (in 2009) and can even protect our clients’ heirs from
losing their inheritance due to lawsuits, divorce, and double estate taxes. (To find out more about this foundational planning,
But for many of our high net worth clients, a superior living trust is just the beginning. When we plan for individuals who expect
to die with more than $3,500,000 and couples who expect to die with more than $7,000,000 in assets, we employ a variety of advanced
techniques depending on the applicable facts and circumstances:
- Lifetime gifting to take advantage of the annual gift-tax exclusion ($13,000 per beneficiary in 2009)
- Family Limited Partnerships and Family Limited Liability Companies
- Irrevocable Life Insurance Trusts
- Charitable Remainder Trusts, Charitable Lead Trusts and Family Foundations
- Domestic Asset Protection Trusts
- Qualified Personal Residence Trusts
Our advanced planning process has three phases: design, implementation, and maintenance.
The Design Phase: We spend significant time getting to know you, your values, and your priorities during your
advanced plan’s design phase. Once we establish a preliminary outline, we give you time to review and tweak it – all with our
available guidance, of course. The design phase concludes once your advanced plan has been refined to your satisfaction.
The Implementation Phase: That’s when the implementation phase commences. Throughout the implementation process, we take
the time to educate you and your family about the operation of your plan -- so you maximize enjoyment of its benefits. When this phase
is complete, you will have executed the necessary legal documents to protect yourself and those you love.
The Maintenance Phase: When the implementation phase has concluded, we will customize a maintenance program for you. That enables
us to make sure your advanced plan works over time and sets expectations about any ongoing costs.
An advanced estate plan is how a high net worth client leaves a tax-advantaged, growing, and protected legacy over multiple
generations. The cost of an advanced plan is usually a very small fraction of the financial benefits to the family. To learn more,
please call us at 916.273.9040 or
click here to request a consultation.