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The Keys to Estate Planning

An Estate is Not an Estate Until You Plan It!

The key to estate planning is maximum wealth with maximum security.  It sounds like a simple philosphy, but it is a complicated legal world.  Laws, legislation and IRS Code dictate both wealth and security.  Here are some general tips to consider when analyzing your estate plan or Asset Protection Plan.

1. Use experts, who are well known, have good credentials and certifications.
2. Never feel guilty about a second opinion or using a team of opinions.
3. Start with an analysis in the comprehensive formality.
4. Maintain your plan frequently and review the analysis.
5. Use up to date information.  IRS changes the Tax Code every year, Congress changes laws every year the markets swing from violitile to profitable every year.
6. Never sacrifice security for money.
7. Protect your home.
8. Avoid Probate.
9. Don't be afraid to listen to alternatives to conventional practice, wbich may actually be a "non-solution" to a problem.
10. Explore options in taxation.
11. Explore options for using deductions.
12. Have an authority scrutinize your current taxation.
13. Never feel bad about performing due diligence.
14. Don't wait!
15. Protect against accidents.
16. Have adequate insurance.

On Trusts - Only a Properly Constructed Trust Will Work

There are creative ways to reduce taxation with the pasing of an estate. The bottom line, the spendthrift clause (which prevents creditors of the beneficiary from getting the inherited money) is invalid in self-settled trusts in the USA (except in a few domestic Asset Protection Plans is ineffective and unreliable).  The spendthrift clause is normally great protection in a non-self settled trust.  How can you make this a key concept in Estate Planning?  Structure your estate plan so that when you die the beneficiary receiving the assets becomes the trustee of your estate planning trust,which has all the Asset Protection bells and whistles.  If, instead of making an outright gift to the beneficiary, you simply make the beneficiary the trustee of the trust upon your death, he or she is the trustee of a non-self-settled Asset Protection Trust. 

Recommended Products

Generation Skipping Dynasty Trust $900
This is an add on provision for a revocable living trust. This provision provides for tax recution by transfers to "skip" persons (usually grandchildren) can be subjected to both an estate tax and a generation skipping tax.

Medicaid Qualifying Trust $750
This is an add on provision. The Medicaid Qualifying Trust is an income-only, non-discretionary "subtrust" of a Revocable Living Trust. It must be funded on a timely basis during the trust grantor's lifetime to be effective.

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