Estate & Wealth Planning
Comprehensive estate planning for your life and legacy
Comprehensive estate planning for your life and legacy
We start by reviewing and understanding your current structure to ensure it aligns with your goals and identify any gaps or elements that are outdated. We then educate you on the available and appropriate options, as well as, the pros and cons of each. We then assist you in making sure that it is executed and in place.
We execute in partnership with you. As a fiduciary, our goal is to collaborate for your best outcome. Gain confidence. Let's start today.
If assets are transferred to heirs, the government may receive a significant portion of the assets in excess of the exemption amount in the form of an estate tax.
The government may receive a significant portion of assets transferred to heirs in excess of the exemption amount in the form of an estate tax.
If assets are transferred to charity, those charitable assets are not subject to estate or gift tax and the amount received by heirs and the government are reduced accordingly.
Imposed on property transferred at death. Paid by the estate before distribution of assets to beneficiaries.
Imposed on property transferred during life. Paid by the giving individual.
An additional system of taxation imposed on transfers made to individuals more than one generation removed from the transferor, as well as some trusts. Paid by the transferor, the estate, or the trust property, depending on the circumstance.
You can transfer a significant amount of assets to individuals (during life or at death) without incurring gift tax. Our team will help you understand the current exemption limits and how to maximize them.
Each year, you may gift a certain amount per recipient without using your lifetime exemption or incurring gift tax liability. Married couples can gift double this amount per recipient.
There is an unlimited gift tax exclusion for qualifying payments of tuition paid directly to an educational institution and for medical expenses paid directly to providers.
All clients, regardless of age or wealth, should implement a basic estate plan. If you don't make the choice regarding who receives assets at death, the government has made that decision for you. Your plan should be revisited with each major life event—marriage, divorce, birth of children, or the death of a spouse.
A document taking effect at death governing property in your name. Must be approved by the court through probate. Simple to establish and may be necessary even if a revocable trust is created.
Takes effect when executed, controlling the disposition of property held within it during life and at death. Avoids delay and expense of probate, remains private, protects beneficiaries who need fast access to assets and can protect trust creators from disability or incompetence.
Appoints an agent to manage assets for you in the event you are unable to do so and assets are not owned in the name of the revocable trust. Can be effective immediately at signing or at the time of incompetence.
Appoints an agent to make health care decisions for you in the event you are unable to do so for yourself. Also conveys wishes for end of life care.
If you have a substantial estate, advanced planning can help manage the transfer of your assets efficiently and minimize estate taxes.
Blended families, stepchildren, or dependents with special needs require planning that addresses family dynamics and ensures everyone is provided for.
Business succession planning ensures smooth transition of ownership and preserves the business's value for the next generation.
If you have philanthropic goals, advanced planning can help implement tax-efficient strategies for significant charitable contributions.
Protect your assets from potential creditors, lawsuits, or other financial risks through trusts and protective structures.
Implement strategies to minimize estate taxes, gift taxes and income taxes on asset transfers.
Irrevocable trusts, specifically grantor trusts, are excellent tools for using the exemption and moving money out of estates. Here are some common strategies we help clients implement:
Grantor Retained Annuity Trust
Transfers appreciation over a "hurdle rate" to beneficiaries after a set term, potentially without using lifetime exemption.
Spousal Lifetime Access Trust
Utilizes lifetime gift tax exemption while retaining indirect access to trust assets through your spouse's rights as a beneficiary.
Intentionally Defective Grantor Trust
After an initial gift, a sale transaction transfers additional assets, seeking to transfer appreciation without using exemption.
Irrevocable Life Insurance Trust
Owns life insurance allowing the death benefit to escape estate tax and provide liquidity for loved ones.
Qualified Personal Residence Trust
Transfers a personal residence to beneficiaries after a term of years in a tax-efficient manner.
Charitable Remainder / Lead Trusts
Transfer income streams to individuals or charity with remainder interests going to the other party, with tax benefits.
Estate tax laws and exemption amounts are subject to change based on legislation and economic conditions. Proactive planning ensures you have the time to implement the right strategy for your situation—one that aligns with your current circumstances and long-term goals. Our Planning Team monitors regulatory changes and can help you take advantage of favorable opportunities before they expire.
Our Planning Team can help explain complex estate planning strategies and their limitations to ensure your wealth is preserved for the intended beneficiaries.
Schedule a ConsultationDisclaimer: The information provided is for educational purposes only and should not be construed as legal advice. Estate planning involves complex legal and tax considerations that require consultation with qualified attorneys and tax professionals. Parallel Advisors coordinates with your legal advisors but does not provide legal advice.