Estate planning should begin as early as possible since it can minimize or eliminate estate taxes and save on court costs and legal fees associated with guardianships and probate. Issues to look at in estate planning include assisting you with a comprehensive will, setting up revocable or living trusts, advising you on charitable contributions, life insurance holdings, business entities, and other asset protection strategies.
To this end, the legal practice at Sim Legal, P.C. includes asset protection strategies; probate, as well as effective strategies to avoid probates, such as revocable living trusts; techniques to reduce estate and transfer taxes, such as gifting and discounting programs and irrevocable trusts, such as GRIT’s, GRAT’s, QPRT’s, and ILIT’s; and the formation and administration of tax-favored or tax-exempt organizations, such as charitable remainder trusts.
Asset Protection
Asset protection is a crucial part of estate planning and financial planning as a whole. In today’s current financial environment, it is important to protect the properties and assets you own. Although, previously, estate planning was a tool of the rich, today, anyone with assets should take the necessary steps to ensure that their belongings are protected. The last thing you want to happen is to lose everything you have worked so hard for or to have it go in directions that you do not want it to go. Having a sound financial plan that will provide you with tax advantages and direction for the distribution of your estate should something happen to you is important to the future well-being of your loved ones.
Advanced Estate Planning
For higher net-worth individuals and families and for those with more complex financial situations, Sim Legal, P.C. offers a full range of advanced estate planning services that allow clients to more effectively manage such situations while minimizing or eliminating exposure to capital gains taxes, estate taxes, gift taxes, property taxes and more. Our practice includes wealth planning using advanced estate planning techniques, including family-limited liability companies, grantor retained annuity trusts, gifting plans and sales to grantor trusts, charitable remainder trusts, charitable lead trusts, and family foundations.
