Estate planning is an important concern for anyone who desires their affairs be handled according to their wishes after their death. Planning for high-net worth individuals and families is complex and dependent upon the particular desires of the family.
High-net worth estate planning should be handled carefully, so that your estate, which you’ve worked hard to build, is properly handled and the future of your legacy is secure.
From Irrevocable Life Insurance Trusts to Family Limited Partnerships, the experienced attorneys at Fields and Dennis know the ins and outs of complex estate planning, using advanced estate planning techniques to limit Federal and State estate taxes, gift taxes and generation skipping taxes. This a accomplished through trusts, charitable gifting and other estate planning mechanisms.
To get started, here are a few considerations high-net worth individuals may want to think about when estate planning:
- A Family Limited Partnership is exactly what its name suggests, a type of limited partnership among family members. For high-net worth families, an FLP offers the opportunity to save on estate and gift tax while simultaneously providing asset protection.
- An Irrevocable Life Insurance Trust provides a way to hold your life insurance policy(ies) outside of your estate so the proceeds are not counted as part of your taxable estate. While life insurance is not taxable to the beneficiary, it is part of your taxable estate and its value will be diminished by estate taxes, resulting in significantly less for your loved ones. An Irrevocable Life Insurance Trust is an alternative that all individuals should consider.
- A Qualified Personal Residence Trust (QPRT) is another way high-net worth individuals protect their assets. Since a home is often one of the largest portions of a taxable estate, a Qualified Personal Residence Trust provides a beneficial estate planning opportunity for high-net worth individuals and families.
Fields and Dennis has a wealth of estate planning experience and can help you make the best decisions regarding your assets for the longevity of your legacy and future well-being of your loved ones.
You have worked hard for your wealth and you deserve to know that it will be just as thoughtfully handled after you are gone. For HNW individuals and families this means special care to financial and tax concerns given an individual estate’s assets and liabilities.
If you are just beginning to think about estate planning, or are revaluating a current estate plan, you will surely have questions. Fields and Dennis can provide the answers you need and the peace of mind you require.