Each year, changes to the tax code impact how assets can be reallocated or set aside through a trust, charitable remainder or complex will. At Blake & Associates, our attorneys consult with tax experts, CPAs and financial planners in developing complex estate plans in order to protect high net worth estates and closely held businesses from unwanted tax liability. Unfortunately, so-called "financial experts" who encourage people to open an offshore bank account or self insure as a way of reducing tax liability, don't always understand the tax code or the law. What sounds like a loophole or creative planning is often illegal or ill-advised for long-term financial reasons. Our attorneys explain how trusts, charitable remainders and annuities allow you to reallocate assets and exempt them from certain kinds of taxes.
There are legally sound, dependable estate planning options available for reducing the tax liability of high net worth estates. To schedule a consultation to learn how we can help you, contact Blake & Associates today.
Estate Planning Options for High Net Worth Estates
The law office of Blake & Associates advises and represents clients in regard to the following:
- Living trusts
- Special needs trusts
- Revocable / irrevocable trusts
- Testamentary trusts
- Charitable remainders
- Complex wills
- Charitable Foundations
Charitable Giving - Reducing the Tax Liability of High Net Worth Estates
Provisions within the federal tax code allow multi-million dollar estates to exempt through charitable gift giving. While there are various methods for establishing a gift, our attorneys can help clients in regard to the following:
- Creating a grant
- Creating a charitable foundation
- Establishing a trust for a cherished cause
- Making a one-time gift to a 501(c)3 nonprofit charitable organization
- Establishing a trust for a charitable cause
- Funding a university chair
- Creating an education or scholarship grant
- Deeding property to a charitable cause or university
- Donating funds for medical research
Protecting Your Business
Business continuity is important for financial and legal reasons: a dispute among family members and business owners can lead to economic loss and ultimately company failure. By establishing the manner in which certain kinds of assets and legal authority are transferred, a business continuity provides a stable, clearly articulated method for maintaining business ownership and operations within the family. Our attorneys can review your company's bylaws and articles of incorporation in order to determine how best to structure a business continuity plan for your business.
Contact Our Estate Planning Attorneys Today
An estate plan is about more than just leaving a financial legacy to your family - it's also about wealth management and wealth protection. Once we evaluate your financial situation and long-term goals, we can identify estate planning tools that allow you to set aside assets, protect a closely held business and fund cherished causes while reducing tax liability.
To learn more about how we can help you, contact the asset protection lawyers at Blake & Associates today.