When you have been successful throughout your life you may recognize the fact that you have the ability to do some amazing things for your family when the time is right. This is where intelligent estate planning comes into play.
On the surface it can seem as though the matter is not that complicated. You decide who will be receiving inheritances and how much you want to give each individual and the matter is closed.
One of the problems with the above is that the federal estate tax looms large. If your resources exceed the estate tax exclusion amount your heirs would be presented with a tax bill. Depending on your exact net worth this bill could be enormous.
Because of the above you must be proactive about inventorying your assets on an ongoing basis so you are aware of your net worth. This is something that your estate planning attorney will need to know when he or she is helping you plan ahead for the future.
There are things that can be done to preserve your wealth in a legal manner. Tax efficiency strategies can be implemented so that your resources are positioned optimally.
You can create a net worth statement to assist you as you endeavor to calculate the total value of your assets.
People who have worked hard to accumulate a significant store of wealth must do what it takes to keep it intact for the benefit of succeeding generations. Sit down and discuss your situation with a good inheritance planning lawyer sooner rather than later if you are serious about wealth preservation.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
- What Happens to Assets When Creating a Trust? - February 27, 2017
- Are Living Wills Different from Regular Wills? - February 28, 2017
- Why Wills are Such a Common Estate Planning Tool? - March 1, 2017
