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Can a Trust Protect Family Wealth?

June 1, 2015Estate Planning

Can a Trust Protect Family Wealth?Protecting your wealth for the benefit of your loved ones is an important part of the equation when you are planning your estate as a high net worth individual. The federal estate tax is a looming threat, and it can take a significant toll given its 40 percent maximum rate.

To determine your level of estate tax liability, you would first inventory your assets. Once you come up with a figure, you compare the value of your estate to the amount of the federal estate tax credit or exclusion. During the current calendar year, the amount of the federal estate tax exclusion is $5.43 million.

It is possible to use a trust to protect your family wealth. There are various different types of trusts that are used for wealth preservation purposes.

These would be irrevocable trusts. This type of trust cannot be revoked or rescinded. As a result, you are surrendering incidents of ownership in the eyes of the law, and the assets in the trust would not be part of your taxable estate.

A type of trust that can be used for tax efficiency purposes would be a generation-skipping trust. With this type of trust, you name your grandchildren as the beneficiaries instead of your children. Your children could use assets in the trust, but they would never directly own the resources.

As a result, you would be skipping a round of taxation.

This is one example, but there are other irrevocable trusts that can be used to preserve wealth. Grantor retained annuity trusts, charitable lead trusts, charitable remainder trusts, and qualified personal residence trusts would be among them.

Free Report on Federal Estate Tax

You should go forward with a thorough understanding of the federal estate tax when you are planning your estate as a person of means. If you would like to learn more about the death tax, we have a valuable resource that you can access right here on our website.

Our firm has prepared an in-depth report on the estate tax and the estate tax efficiency strategies that can be implemented as a response. To get your copy of the free report, click this link and follow the simple instructions: Estate Tax Report.

Our firm can help you preserve your financial legacy for the benefit of those that you will be leaving behind. The optimal tax efficiency strategy will vary depending on the circumstances, and we would be glad to evaluate your situation, become apprised of your objectives, and provide you with personalized recommendations. You can ultimately go forward with a solidly constructed wealth preservation plan in place.

To Schedule a Free Consultation

If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney:  www.collinslawgroup.com/seminars/

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Caprice Collins

Caprice Collins

Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins

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Testimonials

Ms. Collins and her team has earned my trusts and respect. They showed professionalism, attention to details and made me feel like I am family. It is truly reassuring to know that my family and I won’t he on our own after the documents are executed.

Saida H.–
My overall experience with Collins Law Firm has been great. The process of estate planning was thoroughly explained with personal care and concern. The entire staff is very personable and eliminate any intimidation. I feel very relieved to have completed this process and I am very comfortable in knowing that Collins Law Group is available to us for any needed help.

Mattie S.–
We received excellent and clearly explained directions with respect to the creation of our living trust and the required follow up actions. Caprice is easy to work with and she inspires full confidence in her abilities. We continue to work with her as we review changes in our lives and the adjustments required to insure that our trust does what we want it to do.

John C.–
Attorney Collins was referred to us by a friend who had a living trust prepared for his family. We attended one of her very informative seminars on living trusts. Shortly there after we had out trust done.  She is very thorough, precise and follows up to ensure we’re satisfied with our estate plan. The staff was wonderful as well.

Tony B.–
We’ve had Living Trusts done by two different attorneys over the last 12 years. After retaining the Collins Law Group, it became clear that the others weren’t up to the same standard. Attorney Collins and her staff have an eye for detail that was absent from the other firms we used. It was the difference between dining at a gourmet restaurant, and a fast food drive-thru. The Collins Law Group is terrific at putting you at ease, and makes the process relatable and easy-to-understand. After watching other family members go through the ugly, hot mess of Probate, we definitely feel safe and in control of our estate and the legacy we’ll leave behind for our children.

Mr. & Mrs. Owens–

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