High Net Worth Estate Planning
Protecting Your Assets
As an individual of high net worth, you face a unique set of estate planning circumstances which require an intelligent address to protect your hard-earned assets into the future. Without such consideration, a significant portion of your estate can be disintegrated by the IRS and state taxing authorities. An experienced Long Island estate planning attorney can take a strategic approach to your estate planning matters in order to achieve protection for your assets and your loved ones. There are numerous ways in which this can be effected, such as:
- Having an updated will which takes current tax implications into account
- Ensuring assets are properly titled in order to take advantage of the federal estate tax exclusion
- Designating beneficiaries for assets such as qualified plans, IRAs and life insurance policies in order to avoid probate
- Taking advantage of annual gift tax strategies
- Ensuring sufficient liquidity to satisfy estate taxes in the required time period
- Protecting your life insurance from estate taxes with an Irrevocable Life Insurance Trust
- Establishing a Family Limited Partnerships (FLP) to protect against estate and gift taxes
- Using a Qualified Personal Residence Trusts (QPRT) to protect your home from undue taxes
Estate Planning Lawyer in Long Island
Beyond protection from taxes, insightful estate planning can also provide creditor protection. There are a great many specific options available to achieve your specific objectives. The team at Blutter & Blutter is dedicated to helping you make informed decisions to best meet your family's particular circumstances. They provide sophisticated planning strategies developed to result in the maximum transfer of assets to your loved ones. Free consultations are available.
For assistance with high net worth estate planning designed to protect your assets, contact a Long Island estate planning attorney.