Estate planning can also incorporate advanced techniques to minimize estate taxes, protect assets for future generations, and protect assets from potential creditors. These techniques frequently include implementing one or more of the following strategies:
• Business Entities (Corporations or LLCs),
• Structured Gifting,
• Irrevocable Life Insurance Trusts (ILITs),
• Intentionally Defective Grantor Trusts (IDGTs),
• Qualified Personal Residence Trusts (QPRTs),
• Charitable Remainder Trusts (CRTs),
• Self Cancelling Installment Notes (SCINs),
• Self-Settled Spendthrift Trusts,
• Dynasty Trusts, and
• Family Foundations.
Based on today’s tax laws and because of the expense involved in implementing and maintaining the foregoing strategies, these techniques are typically reserved for individuals with estates in excess of $5 million.
Click on this link for further useful information about estate planning: CNN Money, Money 101 Lesson 21: Estate Planning
• Revocable Living Trust
• Certification of Trust
• Trust Summary
• Trust Funding Instructions
• Pour-Over Will
• Durable Power of Attorney
• Assignment of Personal Property
Estate Planning is the process of arranging your affairs and finances to ensure that they pass smoothly to your beneficiaries with little to no court involvement and minimal tax consequences.
People typically people think of Wills and Trusts in conjunction with estate planning. However, these are merely two components of a complete and cohesive estate plan. A properly prepared estate plan should include at least the following documents: