What Is Advanced Estate Planning?
Once the foundation of basic estate planning is set, it may be worthwhile to consider more complex, advanced estate planning techniques. These are designed to have a two-fold purpose: to help transfer wealth to future generations while also minimizing exposure to estate and income taxation.
Depending on the size and scope of your estate, your family risks losing important assets without a strategic plan in place. Failure to plan could mean the forced sale of a family farm, business or any other important piece of property. At Temple & Frayer, we help clients leverage the full power of the law to maximize the preservation of family resources across generations. Attorney Dale P. Frayer has practiced estate planning law since 1975. He and attorney Meagan F. Temple have 65 combined years of experience. Advanced estate planning is a major focus of our law firm.
Different Techniques for Advanced Estate Planning
Examples of effective advanced estate planning strategies include the following:
- A qualified personal residence trust (QPRT) that converts one’s home into a trust for beneficiaries. The person making the trust can live there for as long as necessary. Ask our attorneys to explain how this type of arrangement can minimize gift taxes while allowing a family to keep control of the valuable asset of the trust maker’s home.
- A grantor retained annuity trust (GRAT) that pertains to cash and investments rather than the grantor’s home. The donor receives regular payments from the trust for a set period of time while providing a future transfer of wealth with minimal estate taxes.
- A charitable remainder trust (CRT) that generates income for the grantor and possibly their close family members, with a future transfer of the remainder going to a chosen charity or nonprofit organization without estate tax liability.
- An irrevocable life insurance trust (ILIT) that establishes a beneficiary as a trustee while removing life insurance proceeds from the estate. After the grantor’s death, life insurance proceeds can go directly to chosen family members without estate tax liability.
The above are only four of the different types of strategies that can be utilized for advanced estate planning. You could also use strategies such as a family limited partnership (FLP), dynasty trust, generation-skipping transfer tax (GST) trust, defective grantor trust (DGT) or even a self-canceling installment note (SCIN).
Are You Looking For A Highly Experienced Estate Planning Lawyer In Pittsburgh?
Due to the complexity of advanced estate planning, it is highly encouraged that you involve a qualified Pittsburgh estate planning attorney from Temple & Frayer. At our firm, we have vast experience in the most cutting-edge advanced estate planning strategies; we know the best steps to take and can help our clients who wish to provide security and longevity for their heirs and loved ones.
If you have questions about advanced estate planning, or if you would like to discuss your case with a legal professional, do not hesitate to reach out to us by email or call 412-998-1197