Minimize Threats to Wealth
Estate Planning is not just or primarily about Taxes. It is about family security and minimizing or eliminating Threats-to-Wealth.
Estate planning is a very important process in efficiently transferring the wealth you've created throughout your lifetime. A large part of that process involves finding ways to transfer assets to the next generation in the most tax-efficient manner possible. With some preparation, you can save your heirs from paying hefty estate taxes that approach 50% of your estate.
While the federal estate tax was originally repealed in 2010, it came back retroactively with a $5,000,000 exemption in effect in 2011. In 2018, the exemption has increased to $10,200,000 per individual. Repeal of Estate Taxes has been discussed in Congress since 1997. If Estate Taxes are repealed in one Congress it could be re-instituted in a new administration.
The need for planning is ever more needed than now! Why? We have the vehicles and strategies (and favorable state laws) to provide:
Many states also assess estate taxes, and a few states assess inheritance taxes. For people whose estates will be taxable at the state and/or federal level, they have several options to reduce their estate tax bill.
Several tax saving strategies include:
LC Advisor will coordinate with other tax and legal advisors to review the best options to reduce your estate taxes based on your goals.
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