Private Family CounselSM Trust Planning Level
Clients engaging in this level of planning have an estate that is likely to be taxable, meaning that the size of their total estate is likely to exceed the estate tax exemption amount for either an individual or a married couple, depending on the client. As many people are aware, the estate tax exemption amount is a moving target that is frequently changing, often as a result of political changes. Currently, there is a $5 million estate tax exemption amount per individual. Here we are creating a revocable living trust that has many of the same benefits as the Comprehensive Revocable Trust Planning, but also will provide for affirmative tax planning and the creation of multiple trust shares upon the passing of the first spouse (for married couples), in order to ensure we can take advantage of both spouses’ exemption amounts. In addition to the documents created at previous levels, clients may also be looking at more advanced trust planning options for asset protection reasons, as well such as legacy and heritage building reasons through multi-generational gifting, Dynasty Trusts, Family Foundation, Family LLC, Family Cabin Planning, Charitable Trusts, Irrevocable Life Insurance Trust (ILIT), Grantor Retained Annuity Trust (GRAT), Standalone IRA Trust, Intentionally Defective Grantor Trust (IDGT), and more.