We tell our clients that we do not need to teach them how to make a living or build their wealth. What we can do is educate them on the best way to ensure that the wealth they create today is preserved, grown and ultimately for the maximum benefit to the specific people they choose.
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Family Trusts – The creation of a legal entity for the purpose of holding assets for the benefit of specific people. Trusts are especially important for those with minor children and/or grandchildren that you want to ensure are provided for. Trust will allow you to safeguard your assets and should be considered for a number of reasons; here are a few:
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Guaranteeing that assets are available to your child(ren) when needed
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Protecting your child(ren)’s inheritance from waste or lack of growth, costly expenses of probate and protection from third parties until your beneficiaries are of an appropriate age.
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Eliminate animosity or confusion amongst family members especially within blended families.
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Business Succession Planning – A critical tool to ensure that your entity and/or ownership interest(s) are left for the benefit of the specific people you choose. Parents who have created a business with an intent that it continues to be a source of income for their children for years to come will have peace of mind by creating a plan for the successful continuation of their business and/or investment goals. Other parents may use business succession planning to liquidate their business and ensure that funds are utilized for the benefit of the beneficiaries.
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Special Needs Trust – Established for parents that want to provide for the care of their special needs children without the risk of losing necessary critical government benefits. A special needs trust supplements, but does not replace, these benefits by paying for non-covered services or equipment for your loved one.
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529 plan, Uniform Gifts to Minors Act (UGMA), or Uniform Transfers to Minors Act (UTMA) accounts – Contributing to accounts as such during your lifetime may be a strategic way to reduce the value of your taxable estate while working toward education savings goals and planning for the future of your children and grandchildren. Federal gift tax exemption currently allows the transfer of $15,000 per year per recipient.
With a passion for educating families on planning for the future we would love to help each of you plan for the future.
TriAmicus Law, PLLC
(865) 217-1154
TriAmicusLaw.com