So, what is “advanced” estate planning? Advanced estate planning is generally something those with a very high net worth should consider. For example, if you are single and your net worth exceeds $1.5 million dollars, or if you are married and (as a couple) your net worth exceeds $3.5 million dollars, you should consider advanced estate planning. The main purpose of advanced estate planning is to reduce taxes. The use of unified credit, gifting strategies, trusts and more can help your heirs receive the highest benefits possible under federal and state laws.  Without advanced estate planning strategies, much of the significant assets you have accumulated may end up with the IRS and state taxing authorities. The following are some advanced estate planning techniques and tools:

• Irrevocable Life Insurance Trusts (ILIT)

• Grantor Retained Annuity Trusts (GRATs)

• Limited Partnerships (also known as Family Limited Partnerships or FLPs)

• Charitable Remainder Trusts

• Defective Grantor Trusts (DGTs)

• Qualified Personal Residence Trusts (QPRTs)

If you think you’re a candidate for advanced estate planning, please contact us and let us help you figure out the best plan for your situation to preserve your assets and minimize estate taxes.