Estate Planning

Many people know how they want their wealth and possessions distributed upon their death. The formalization of this distribution is referred to as estate planning. An estate plan can include a will, a trust, and a power of attorney. Attorneys interview a prospective client to assess personal and financial background, and then advise the client on an estate plan tailored to individual wishes, taking advantage of tax savings.

Limited Liability Companiesare a novel approach to estate planning and distribution of wealth where the majority of assets are real property. It is often problematic with IRS laws on gift taxes and capital gains taxes to pass wealth to other generations without liquidating the realty. There is growing popularity and acceptance of formation of limited liability companies wherein senior family members are made managers and child members are to be assigned valued shares of holdings. This technique requires careful coordination with professional accountants, but is a proven method of transfer.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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