Everyone’s estate planning process looks different. A young couple just starting out and a senior with significant assets will need to approach their estate decisions much differently. While there is no one-size-fits-all approach, this article suggests a few top strategies for those making estate plans.
- Revocable trusts – a revocable trust bypasses probate, allowing your property to transfer immediately. This saves your loved ones and beneficiaries much time and stress. It also keeps your estate and your wishes confidential, as opposed to going through probate and having everything made public.
- Family limited partnerships – When you set up a partnership that allocates assets among the partners, you can provide a benefit right then which reduces estate taxes by lowering the book value.
- Gifting trusts – by utilizing an irrevocable generation-skipping trust, you are able to make non-taxable gifts during your lifetime up to $16,000 per person per year. By doing this, it is removed from your estate and allows you to retain control over your assets.
All in all, it’s important to consider these options now. Trusts, estate taxes and the GST are constantly shifting and changing under federal and state laws. It’s crucial to work with qualified legal professionals to create and implement your estate plan. Our attorneys at Rhodes Law Firm are eager to help you create the best plan for your needs. Contact us today!