Estate Planning

Case Studies

Case #1

Problem: Client had all assets in joint tenancy that could have serious tax implications upon death.

Solution: We reviewed their current assets and all documentation. While most people consider joint tenancy a safe way to ensure proper transference of wealth, there are often serious tax implications. This is especially true when the estate is over the legally tax-free amount. In this case, we re-titled assets and established a trust. Consequently, upon death of one of the individuals, the survivor would pay minimal, if any inheritance tax.

Case #2

Problem: Client needed a life insurance review.

Solution: When individuals get life insurance, they often think they have everything covered. However, in many states, life insurance is considered an asset upon death and is added into the overall estate value. In this case we set up an irrevocable insurance trust to extricate insurance out of the estate tax.

Case #3

Problem: No succession plan for the family-owned business.

Solution: We reviewed the business and developed a succession plan that would be most tax-efficient for the owner and the business.