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Estate Planning - Advanced

Some estate require additional planning due to the types of assets involved or the value of the estate. If the value of your estate exceeds the estate tax exemption amount (currently $2 million per person), you should examine whether one of the advanced estate planning techniques can help minimize taxes within the framework of your overall estate planning goals and objectives. If you are a small business owner who would like to minimize your tax exposure when transferring your business to the next generation, some of the advanced estate planning techniques could benefit you. These advanced estate planning techniques include the following:

  • Family Limited Partnership (FLP) / Family Limited Liability Company (FLLC)
  • Irrevocable Life Insurance Trust (ILIT)
  • Qualified Personal Residence Trust (QPRT)
  • Private Annuity
  • Private Foundation
  • Charitable Remainder Trust (CRT);
  • Charitable Lead Trust (CLT)
  • Grantor Retained Annuity Trust (GRAT)
  • Grantor Retained Unitrust (GRUT)
  • Grantor Retained Interest Trust (GRIT)
  • Legacy Trust
  • Dynasty Trust

Contact Omni Law Group to find out more about any of these techniques.