After working a lifetime to accumulate savings, current estate tax laws would have wealthy families leave about half of their wealth to the government in the form of estate taxes.
Golden Trail Advisers helps its clients navigate these complex waters effectively. The estate tax laws underwent major changes with the amendment in 2001. Then, in 2010, further changes were implemented. We encourage clients to make plans for their estate. The alternative is to let your state of domicile apply its own "logic" to your estate upon your death.
The key to effective estate planning is to build a framework that addresses the issues which are important to the family, while leaving flexibility to accommodate changing needs and changes to the laws. For example, you want to make sure you or your beneficiaries have the flexibility to replace a corporate trustee if the firm was not doing a good job for the beneficiaries.
The tools that can be used to offset or eliminate estate taxes can be difficult to understand and even harder to implement – without proper guidance. Mike Sedlak, Managing Member of Golden Trail Advisers, has been an instructor for the module on Advanced Estate Planning Concepts for the Exit Planning Institute. In addition, we have been through the estate planning process with many different families, all with different goals and circumstances.
Some of the more common techniques that can be used:
Using these tools, alone or in combination, can mean the difference between leaving your hard-earned money to your family and favorite charities or the government. Helping clients get their arms around their estate plans is just one more way Golden Trail helps you on "your path to financial well-being."
One specialty area of estate planning is protecting your life savings from the costs of long term care. Issues range from whether to purchase long term care insurance, to how to best structure your assets for self insurance. Assistance with these delicate issues and access to expert attorneys is another way we help with your financial well-being.
A provision in the tax code called for the repeal of estate taxes in the year 2010. Since George died in 2010, he does not have to pay estate tax on $1.5 billion estate. People have called 2010 "a good year to die."