Estate planning involves making critical decisions about how you would like your assets to be distributed upon your death, and who should carry out your wishes. Estate plans can range from fairly simple to hundreds of pages, depending on assets and the complexity of client intentions. At their most basic, estate plans will direct who will inherit property; more sophisticated plans will protect an estate from probate, protect assets from various threats (from taxes to government benefits, creditors, and divorce), and can include directives such as whom to appoint as guardian of your minor children should something happen to you.
Typically, a Living Trust is the cornerstone of a modern estate plan, alongside a Pour-over Will (Last Will & Testament), and Powers of Attorney for Financial Affairs and for Healthcare decisions. These core documents, often in concert with other related documents (e.g., title documents, spousal property agreements, partnership and other entity documents) will direct how everything that's yours is managed and distributed if you are unable, and upon your death.
Advanced Estate Planning
Successful family enterprises require proper estate planning to direct family wealth and business interests successfully to the next generation. Your estate plan, at these higher levels of wealth and sophistication, should address:
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optimizing asset transfers for tax efficiency
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protecting against threats like lawsuits and divorce
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designing one’s legacy through charitable giving
We can implement a variety of legal tools for your taxable estate:
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Advanced Living Trusts, Dynasty Trusts, Irrevocable Trusts, Life Insurance Trusts, Qualified Personal Residence Trusts, Children's Trusts, Defective Grantor Trusts; Grantor Retained Annuity Trusts (GRATs); Asset Protection Trusts; Life Insurance Trusts, and others.
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Charitable Gifts
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Charitable Trusts, such as Charitable Lead Trusts (CLATs); Charitable Remainder Trusts (CRUTs, CRAT’s, NIMCRUTs and Flip-CRUTs)
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Family Partnerships
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Family LLCs
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Closely Held Corporations
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Other
YRS LLP will not simply check the boxes, but we will ensure your peace of mind as we take the time to deeply understand, with technical expertise and thoughtful implementation, your specific situation.