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Transfer Wealth While Limiting Taxes And Fees

Basic estate planning uses a last will and testament as a foundation for protecting and passing on your assets. If you have accumulated a larger estate that may be subject to federal or Florida estates taxes, it is necessary to consider more sophisticated estate planning and wealth transfer tools, both because of the potential impact of estate taxes and the need to provide additional structure or control over the distribution of your estate’s assets.

You can turn to the experienced attorneys of The Coleman Law Firm, PLLC for sophisticated estate planning, tax planning, and asset protection services you need. We will take the time to get to know your situation and provide you with the information you need to make an informed decision about the best way to transfer your wealth to your heirs.

Trusts As Wealth Transfer Vehicles

Irrevocable trusts and irrevocable trusts can both be used to protect assets from excess taxation and fees. These trusts include:

  • Irrevocable life insurance trusts (ILITs)
  • Private annuity trusts
  • Qualified personal residence trusts (QPRTs)
  • Retirement plan trusts
  • Intentionally defective grantor trusts (IDGTs)
  • Grantor retained annuity trusts (GRATs)
  • Domestic asset protection trusts (DAPTs)
  • Charitable remainder trusts (CRTs)
  • Charitable lead trusts (CLTs)
  • Qualified domestic trusts (QDOTs)

We Keep The Focus On You

Other estate planning techniques can be used where there is a need that may be unrelated to federal estate taxes or pure estate planning objectives, such as wealth preservation and asset protection planning objectives. These techniques include family limited partnerships, limited liability companies, self-canceling installment notes, beneficiary controlled trusts, domestic asset protection trusts, premarital agreements, post-marital agreements, shareholder’s buy-sell agreements, long-term care contracts, personal care contracts and many others. Many of these estate planning techniques have benefits from an asset protection perspective as well as estate planning.

The important point to remember as you move through your estate planning process is that your estate plan should deal with your objectives, goals, desires, fears and concerns. It should be as individual as you and your family, so that your unique estate planning, wealth transfer and asset protection needs are appropriately addressed and dealt with effectively.

If you would like to consult with our Jacksonville estate planning attorneys to learn how the transfer of wealth can be accomplished efficiently and at the lowest possible costs for professional fees and taxes, please call our office to schedule an appointment at 904-448-1969 or toll-free at (866) 510-9099, or email us at [email protected].