Lifetime wealth transfer may be important for you to consider if you have a taxable estate (more than $5.12M in total assets for 2012 and in 2013 that amount reverts to $1M). Your estate also includes life insurance. Lifetime wealth transfer tools generally provide for leveraged gifting while making use of your lifetime gift tax exemption which is $5.12M for 2012 only. Here are some examples:
- GST Exempt Gift Trusts
- Qualified Personal Residence Trusts
- Grantor Retained Annuity Trusts
- Grantor Retained Income Trusts
- Intentionally Defective Grantor Trusts
- Irrevocable Life Insurance Trusts
- Family Limited Partnerships
- Family Limited Liability Companies
These tools can be used in combination to minimize or eliminate taxes while also helping you realize your ultimate goals. As always, we will work closely with your other advisors to coordinate your overall wealth transfer plan.
See also:
Charitable Giving Planning
LGBT Planning
Living Trust Planning
Planning for Non-Citizen Spouses
