During estate planning, one of the situations that you must plan for is the possible sale of real estate, artwork, and especially operating family businesses. What is sometimes overlooked in planning is what happens after there has been such a sale.
If you have lost your spouse during this time, there are so many issues you must address–funeral arrangements, meeting with lawyers and accountants and dealing with finances. All of this comes on top of dealing with the emotional loss.
Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.
Part of estate planning includes helping with the ever-escalating costs of education for children and grandchildren.
When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated for your heirs.
Having an estate plan can ensure that fiduciaries are identified to oversee and distribute your assets in the way you would have wanted. As a business owner, your ownership assets in your estate may require a more sophisticated level of planning.