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Advanced Planning

California Advanced Estate Planning Lawyer

We're big believers in advanced estate planning at the law offices of Gerald L. Kane & Associates. Advanced estate planning focuses primarily on reducing transfer taxes and income taxes, specifically the three taxes most commonly imposed on the transfer of assets: the gift tax, the estate tax, and the generation-skipping transfer tax. In addition to the transfer taxes that may apply, income tax can also reduce transfers.

The gift tax applies to transfers made during life. The estate tax applies to transfers at death. The generation-skipping transfer tax applies to transfers during life or at death which passes over the children's generation and goes directly to grandchildren and generations that follow.

More information on these helpful ideas will be available when you contact us to set up your free initial consultation.

Advanced Estate Planning Strategies

Primary methods of transfer tax and income tax reduction through advanced estate planning, as suggested by our experienced attorneys, would include:

  • Private charitable foundation
  • Life insurance trusts
  • Qualified personal residence trust
  • Grantor retained annuity trust
  • Retained unitrust
  • Asset protection trusts
  • Land trusts
  • Dynasty Trust (Protection against the generation-skipping transfer tax)
  • Family limited partnerships
  • Asset gifting
  • Reduction of estate taxes

Rather than being taxed heavily after you die, you can set up your own charitable foundation, donate your assets to it, and maintain a measure of control over how the money is spent, though the Internal Revenue Service will enforce some restrictions on how the money is used.

A qualified personal residence trust lets you continue to live in your home, but the title is transferred to your children immediately so you will save estate taxes when you die.

A grantor retained annuity trust permits you to transfer any asset, not just your home, out of your taxable estate. You can also receive an income, instead of continuing to live in your home, for a predetermined number of years.

With malpractice and liability insurance costs so high and lawsuits so common, some people have resorted to the offshore asset protection trust as a way to protect assets and still keep some control.

A land trust or title holding trust is often set up to maintain privacy over the ownership of real estate.

If some or all of your estate bypasses your children and goes directly to a grandchild, there could be another tax called the generation-skipping transfer tax. This can happen intentionally if you "skip" the living parent and leave an inheritance directly to your grandchildren.

Contact our law offices to set your free initial consultation. We also offer a series of estate planning seminars throughout the year. We look forward to meeting you and working with you.

Upcoming Schedule of Free Workshops: