Wealth Transfer Planning
Kotz Sangster Wysocki P.C.’s estate planning lawyers assist our clients in creating trust arrangements to shelter as many assets as possible from federal and state estate and gift taxes. These arrangements often allow our clients to protect assets for family members while leveraging tax exemptions to transfer assets at the lowest overall tax cost. Identifying a client's long term goals is paramount to wealth transfer planning. It can be planning for the education of their grandchildren, long term ownership of the family cottage or estate and tax planning by using various sophisticated planning techniques currently available to transfer wealth to the next generation or beyond. The ability to leverage the tax exemptions must take into account numerous aspects of tax, business and estate planning. This planning often requires an analysis of the wealth transfer objectives and goals of multiple generations and typically include:
- Dynasty or Generation-skipping trusts;
- Education trusts for children or grandchildren;
- Life insurance trusts;
- Qualified Personal Residence Trusts (QPRTs);
- Grantor Retained Annuity Trusts (GRATs);
- Family Limited Partnerships or Limited Liability Companies;
- Self Cancelling Installment Notes (SCINs);
- Specialized beneficiary designations for your IRA accounts;
- Sales to Grantor Trusts
- Private Annuities
Whether the owner of a closely held business or a successful investor, there are no standard answers to every situation. Each unique situation requires a thoughtful analysis to help achieve a client's objectives and Kotz Sangster attorneys are skilled in creating planning opportunities and options to achieve such goals.
