Advanced Planning
Advanced planning can go a long way in ensuring that your family is cared for and your assets are protected well before it becomes an urgent issue. It also lets you take full control of the many tax advantages available for inheritance over generations. Anyone looking to preserve a family home, maintain wealth across multiple generations, or avoid undue tax burdens on their heirs can benefit from advanced planning.
Here are some of the tools we use to keep your assets protected:
Retirement Plan Trust/IRA Trusts
These types of trusts help protect any IRA assets you have and offer tax advantages to those who use them. They are excellent for those with large retirement savings that would be heavily taxed if they were included as part of a regular estate.
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Dynasty Trusts/Tax Planning
Secure your wealth for generations to come by using dynasty trusts and careful tax planning. Trusts can last up to 360 years in the state of Florida. This means you can plan to leave your wealth for your family during that entire time span. Trusts are also passed from generation to generation without the estate tax or income tax that usually diminishes the value of an estate. We help you utilize these tax advantages and ensure as much of your money as possible goes to your heirs.
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Spendthrift Trusts
It is not uncommon for families to have concerns over how a certain heir may spend any inheritance money they get. Large, lump sums of money can also be tricky for heirs to manage without experience. A spendthrift trust helps mitigate the risk that an heir will burn through their entire inheritance at once or can protect money for future generations when it may likely be otherwise spent.
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Life Insurance Trusts
Life insurance trusts are trusts that can use life insurance payouts to offset the burden estate taxes would otherwise cause. They are excellent in situations where an asset such as a house or boat would need to be sold to cover estate taxes otherwise.
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By combining these various types of trusts and tax planning schemes, we can ensure that your wishes for your assets are fulfilled as closely as possible. Even complex situations involving multiple heirs and drastically different life situations becomes manageable with advanced planning.
Contact Us for a Free Consultation
At Millman Law Group, we guide you through the process and ensure your family is cared for and your assets are protected in the most efficient and painless process as possible. Contact us to learn more.