Use of estate planning and trusts are not only for the wealthy but can also be used by all levels of financial well being. The strategies used with proper estate and trust planning ensure that your assets are protected and properly managed during your lifetime as well as at death or incapacitation. The problem most of us have is waiting until it may be too late to do any planning. Few of us like to face our own mortality, and most of us put off those things we do not like to deal with. When it comes to saving taxes or protecting our assets, we must have the strategy in place before the event occurs. PSK will guide you through this journey.
For large estates, it is critical to plan so that any potential estate taxes can be minimized or avoided and assets that are transferred to beneficiaries are protected from outsiders. A competent executor or trustee must be selected so that the administration of the estate or trust will not be a burden on the family. Gifting may be an important part of large estates, as well as life insurance to cover potential estate taxes or liquidity issues. In short there are many, many facets to think about and put a plan in place.
Trusts or other business structures may be used to transfer ownership of closely held businesses while maintaining control over the operations so that family members that are not familiar with running a business will not be suddenly thrust into a role they cannot handle. Having a family member, close friend or loyal employee that has the motivation and business savvy to effectively manage the company in your absence will provide the best opportunity for the company to survive in your absence. These things need to be addressed before the unexpected occur. We can provide valuable insight to you.
PSK has many years experience helping our clients navigate not only the financial aspect of these issues but also the emotional aspect as well. We look forward to helping you ensure taxes are minimizes, assets are protected and business operations can continue if needed.