Tuesday, February 11, 2014

Estates Plans Are Not Just For The Old

In his article in the most February 2014 issue of Estate Planning, Attorney Sean R. Weissbart talks about an often overlooked estate planning client population--the young and wealthy. The article, "Estate Planning Strategies for the Young and Wealthy," discusses estate-planning strategies attorney's should consider for their young and wealthy clients. From the article:

Young and wealthy individuals do not fit the mold of the traditional estate-planning client, and advice for them should be tailored accordingly. To prepare for possible changes in life circumstances and unpredictable future tax laws over the course of these individuals' life spans, practitioners should use flexible strategies when advising the young and wealthy. This article addresses several of the most effective estate-planning strategies for clients in this enviable segment of the population. The strategies discussed in this article address how to provide the young and wealthy with the benefits that matter most to them: minimizing estate and gift tax, maintaining use and control over their wealth, and asset protection.

The strategies Weissbart explains include making completed gifts to trusts, with forced estate tax inclusion; transferring assets to self-settled domestic asset protection trusts; creating life insurance trusts; and maximizing exclusion gifting.

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