Reduce Ambiguity, Stress, and Tax Bills with Family Legacy Estate Planning Services Process

Business Tax Preparation Services

No one likes to think about their own mortality, but it’s important to have a solid estate plan in place in case something happens.


If you don’t have an estate plan, your family could be left dealing with a lot of red tape and legal issues during a difficult time.  And, as you may know, probate can be a lengthy and expensive process!


Family estate planning services can help take the burden off of your loved ones and make the process easier for everyone.

CONTACT US TODAY TO START BUILDING YOUR ESTATE PLAN!

FOR EXAMPLE, WE WILL HELP YOU
  • Care for your family
  • Set up trusts and other legal mechanisms to avoid a costly and stressful! probate process
  • Reduce the amounts of estate taxes
  • Ensure that your final wishes are carried out

Legacy Estate Planning Services Process

We will sit down with you and guide you through the process of deciding
  • Who will inherit your property, assets, and possessions
  • How you want other monies and assets distributed
  • Who will serve as a guardian for children
  • Which financial legal documents should be completed.

Once we have determined the financial implications of these decisions, you will be ready to consult an estate attorney to complete other legal documents.

Case Study

Martin, one of my divorced clients, had $16,000,000 of which $2,000,000 was in a “disregarded entity.” 
(The disregarded entity meant that his estate would have to pay taxes on the full amount of $2,000,000!)


We recommended that he take his disregarded entity and establish a Family Limited Partnership with his children which allows for a 30% valuation discount for the partnership interests transferred to his children. 


We gifted 99% of the partnership to the children as limited partners and he retained a 1% interest as general partner.  As a result, he lowered his percentage ownership, and thus his tax obligations, while retaining control over the Family Limited Partnership. 

The gifting was valued at 70% on the gift tax return. So the $1,980,000 in gifted valuation ($2,000,000 x 99%) was reported as $1,386,000 in gifted assets ($1,980,000 X 70%). 


Which means, he was able to leave 
$594,000 more to his children tax free!


So, many times, a simple restructuring of assets, or reclassifying them, can save thousands of dollars.  Rather than give it to the IRS, you can give it to your children!

To see how we can help you restructure estate accounts, set up trusts, and reduce the amount of estate taxes, give us a call or stop by our office in Fort Worth, TX today!