Estate planning that provides for loved ones, protects assets, and keeps taxes down.
From many years in the practice, Jeffrey Cardon knows estate planning can be daunting and has led many busy entrepreneurs through the process.
Jeffrey knows how a timely, sophisticated, and well-executed plan can make your goals a reality. Solid planning makes transitions seamless, protects family resources and relationships, keeps taxes to a minimum, and leaves a legacy. Clients who step through estate planning with Jeffrey feel a profound sense of satisfaction.
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It begins by asking the right questions – and listening carefully – to ensure your needs are appropriately met. This may include gaining clarity on your legacy. And making deliberate moves to promote family harmony. For entrepreneurs with complex financial situations – including multi-general wealth – it may be necessary to take special steps to avoid loss, over-taxation, or theft.
Jeffrey ensures the most basic part of your estate plan – your will – fully considers potential contingencies and reflects your wishes. If a trust is appropriate, in plain English, he’ll walk you through your options, make it easier to arrive at the right decision, and put your trust in place. And if a business succession plan makes sense, this veteran entrepreneur will ensure your legacy isn’t put at risk down the road.
Income Tax Planning
With an ING trust, an individual can reduce state income taxes—without triggering federal gift tax—by transferring high-income producing assets to a trust. Common ING scenarios include the sale of a closely-held or family business, or the sale of an appreciated, concentrated stock position.
These trusts shift state income tax from the grantor’s domicile state to a trust located in a jurisdiction that does not tax trust income, accumulated income, and capital gains. An added benefit of ING trusts is asset protection for the grantor and family. Trust jurisdictions used include South Dakota, Nevada, and Alaska.
Estate Tax Planning
A Spousal Lifetime Access Trust (SLAT) takes advantage of the current ($11.7M) estate tax exemption by having one spouse make a gift into a trust that benefits the other spouse (and potentially other family members) while removing the assets from their combined estates. SLATs provide excellent asset protection and since assets are gifted during the grantor's lifetime, any post-transfer appreciation occurs inside the trust and is excluded from the estate of both spouses for federal estate tax purposes.
Whether you need a plan that is more advanced or more fundamental, Jeffrey can help you put together the right solution for your personal situation.