When It Comes To Estate Planning, Not Having A Plan Is A Plan. But Not A Good One.

When it comes to estate planning, not having a plan is a plan. But not a good one.

There are many individuals who have yet to create an estate plan, many of whom are high-net-worth and ultra-high-net-worth individuals. Your hard-earned money will go to one of four places: family, friends, charity, or the government. You can choose where it goes, and we can help hedge against risk and create the opportunity for your legacy to shift beyond wealth preservation and into growth and transformation.

The IRS has set the 2020 estate and gift tax limits for $11.58 million per individual (up from $11.4 million per individual in 2019), and $23.16 million per married couple. This means that an individual can leave $11.58 million to their heirs and pay no federal estate or gift tax, while a married couple will be able to shield $23.16 million.

These numbers present a window of opportunity for the high-net-worth and ultra- high-net-worth individuals. With the 2020 Presidential election looming, gifting decisions are once again “on the front burner”. While Republicans hope to make a doubled exemption permanent, Democratic Presidential hopefuls say they’ll bring it back to the 2009 level of $3.5 million, with a graduated tax rate up to 77% compared to today’s flat 40%.

It is vital to create an estate plan that fits the needs of you and your family to ensure that your assets are being allocated as you wish. While it may not be pleasant to think about what would happen if you are not around, forecasting into the future can and will give you peace of mind in the present. Not planning now can also create problems down the line for your heirs. Being proactive now, will ensure proper planning is in place. 

We work exclusively with high-net-worth individuals and use all of our expertise in setting up an estate plan that works best for the individual and their family. A plan that minimizes tax exposure and maximizes your legacy to ensure that you receive everything that you have worked so hard for. We manage your plan in coordination with your CPAs, bankers and attorneys. Providing maximum control with tax efficiency provides a smooth conveyance of assets and guarantees the lifestyle and standard of living for you, your children, and your grandchildren.