Will you pay unnecessary estate taxes?
Tim and Kelly needed help preparing a will for Tim’s mother who had become ill. Tim’s father had died 11 years earlier and his mother inherited 26,000 shares of a major US corporation worth $2.7 million. While reviewing the estate, it became apparent that no estate planning had been done and that there would be a sizable tax bill for the children when Tim’s mother died. Charles helped get her affairs in order by having a local attorney prepare a will and other estate planning documents. They also established an Irrevocable Life Insurance Trust (ILIT), made arrangements to take advantage of Tim’s mother’s annual exclusions and used some of Tim and Kelly’s own unified credit.
As a result of the recommendations, the mother gifted out $11,000 to each of the 21 beneficiaries over a two year period (for a total of $462,000) and Tim and Kelly used the Unified Gift Credit to establish an insurance trust for their own three children. They purchased a $1 million insurance policy inside the trust, which ultimately will establish a tax free legacy for their children and preserve the estate that they will inherit from Tim’s mother upon her death.
What makes Charles different is that he combines extensive experience with a thorough review of your estate (including tax returns, investments, will and insurance coverage). He can help you implement unique, conservative and proven estate planning strategies, which will reduce, and when possible, eliminate unnecessary taxes.