Estate and Gift Planning

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While  the federal estate tax was originally repealed in 2010, it came back  retroactively with a $5,000,000 exemption in effect in 2011.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 If Estate Taxes  are repealed in one Congress it could be re-instituted in a new  administration.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:

  • Client access to Trust Assets - retain control and planning flexibility - Trustees can be removed and replaced
  • Protection against dying too soon or living too long
  • Strong creditor/divorce protection
  • Protect beneficiaries from divorce/creditors and predators
  • Ability to change trust provisions
  • Control of tax outcomes.

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:  

  • Annual Gifting - $15,000 per donor in 2018
  • Assets protected from Gift, Estate and Generation Skipping Transfer Taxes
  • Valuation discounts for Business Owners
  • Charitable Transfers

LC  Advisor will coordinate with other tax and legal advisors to review the  best options to reduce your estate taxes based on your goals.