With respect to estate planning, there are only three possible beneficiaries - family/friends, charity, and the US treasury. A well-designed estate plan maximizes what you transfer to family and charities, and minimizes unnecessary taxes.

Regarding estate taxes, every dollar of your estate above the statutory exemption amount is taxed at a rate of 40%. The estate tax is due 9 months following date of death. While virtually all of our clients are patriotic, as well as family-focused and charitably inclined, most would prefer to determine for themselves how their tax dollars are spent. Our approach empowers you to direct your tax dollars, reflecting your priorities rather than relying solely on government discretion.

A well-designed estate plan should accomplish three things. The first is to eliminate estate taxes, minimize/discount taxes, and pay taxes in the most economic way. For clients with taxable estates, estate taxes most often constitute the single largest liability, and one that must be paid in cash within 9 months of death. Designing and implementing a comprehensive estate plan now that takes advantage of specialized business entities, valuation discounts, and creative trust designs can substantially reduce the amount of state tax due. Additionally, an insurance-funded irrevocable trust may be the single best way to keep taxes to a minimum and avoid the need to liquidate assets in a forced sale to pay taxes due.

In addition, given that no estate planner can predict the impact of legislation Congress may pass in the future on the viability of current tax planning strategies, a well-funded insurance trust provides a hedge to offset any additional taxes that may be due.