Creating Your Ideal Future
Advanced Estate Planning Practices
Prepare For Taxes
Part Of Estate Planning Is Understanding Taxes
Estate Planning
Building The Fundamentals Of Estate Planning
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Createing The Ideal Future Of Your Estate

Wills, trusts, and other estate plans are important aspects that are generally considered the fundamentals of estate planning. More advanced estate planning can help to ensure the ideal plan for the future of your estate. It is important to consult with a professional when you undergo advanced estate planning practices, because they can be incredibly complex and it is easy to make mistakes.

Estate Tax Planning

When it comes to taxes, there are three things your estate plan needs to contemplate and be prepared for – gift taxes, generation-skipping transfer tax, and estate taxes.  If your estate has significant assets, the property may be taxed before it will be passed on to your beneficiaries. This estate tax is generally a rather large percentage (currently 40%), which can result in significantly fewer benefits for your loved ones. However, estate taxes can be avoided or significantly reduced when you plan effectively for the future of your estate. Likewise, with the use of proper estate planning techniques, gift taxation and generation-skipping transfer taxes can be reduced.

The Importance Of Thorough Planning

Estate planning is not a process that should be procrastinated. You never know what will happen in life, and it is vital that you don’t put these processes off until it is too late. Planning far in advance will ensure the best possible process for the future of your estate. Though trusts, wills, and other aspects are incredibly important, there is no “one-size-fits-all” when it comes to estate planning. Thus, advanced estate planning is necessary to ensure that you can provide the best strategy for the future of your property and your family.

Some common advanced estate planning techniques include the use of:

  • Asset Protection Trusts
  • Life Insurance Trusts
  • Stand-Alone Retirement Trusts
  • Dynasty Trusts
  • Qualified Personal Residence Trusts (QPRT)
  • Grantor Retained Annuity Trusts (GRATS)

Implement Your Estate Plan

There are many advantages to advanced estate planning. Rather than simply ensuring that your wishes for the distribution of your property are clearly defined, advanced estate planning can help to minimize expenses and provide the best situation for your family. These are complex processes, so it is important to consult with us regarding the best plan for your estate. To learn more about advanced estate planning, contact us at JDB Law today!

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