2011: San Diego High Asset Estate Planning
You have dedicated your life to obtaining and establishing your wealth to provide security for your family. Without the benefit of a 2011 San Diego High Asset Estate Planning attorney, much of your assets may fall into the hands of the IRS and state taxes. A 2011 San Diego High Asset Estate Planning attorney will help you develop a plan to protect your assets with a number of strategies as Personal Residence Trusts, Family Limited Partnerships or Irrevocable Life Insurance Trusts.Personal Residence Trusts
A Personal Residence Trust will allow you to transfer the title of your home to the trust for the benefit of your family. A 2011 San Diego High Asset Planning attorney will help you utilize this strategy to reduce estate taxes. In addition, your beneficiaries will be free of additional estate and gift taxes once the home is passed to them.Family Limited Partnerships
This is a limited partnership you establish with members of your family. This strategy can save money on estate and gift taxes. It provides asset protection and allows you to maintain control over assets you have transferred to the Family Limited Partnership.Irrevocable Life Insurance Trusts
Your loved ones will not have to pay income tax on the proceeds of your life insurance policy; however, the proceeds are considered a part of your estate. Therefore, estate taxes will greatly reduce the amount your loved ones will receive. An Irrevocable Life Insurance Trust can keep your insurance policy out of your estate and prevent the proceeds from being subjected to estate taxes.
A 2011 San Diego High Asset Estate Planning attorney will help you develop a strategy to protect your assets and provide your family with security in the event of your death. Your attorney will develop a plan that may include several methods to protect your estate from the burden of estate taxes.