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ADVANCED Estate Planning for High Net Worth Families: Tax Tips

Advanced Tax Planning for High-Net-Worth Families

High-Net-Worth” families often get creamed by the IRS and state governments without ever realizing it, simply because they don’t perceive the need to look ahead and protect themselves. This is especially true this year because of the tax increases proposed by Biden—huge tax increases are coming, probably as soon as January 1, 2022.

Do you need to think about a very specific approach to your relationship with tax authorities? If you control over $5 million in assets, you probably do! These days controlling $5 million might just mean you own a house and have built up a nicely appreciated IRA. You might be a high-net-worth family without realizing it—or realizing how your status requires Advanced Tax Planning.

A lot of tax planning needs to be done ahead of time—or it will be too late! That means 2021 is a critical year for tax planning—probably the most critical tax-planning year of your lifetime.

As a high-net-worth family, you need to avoid paying hundreds of thousands or even millions in taxes! Minimize taxes using sophisticated tax planning with experts and lawyers. CunninghamLegal has an “A-Team” to help you take advantage of fully legal tax strategies that will help you hold on to more of your money.

Among the many topics we’ll cover in this legal webinar are:

  • The Biden Tax Plan – We’ll discuss Biden’s plan to lower the death tax, the gift tax, and his plans to hike federal income taxes, capital gains taxes, corporate taxes, self-employment taxes, and payroll taxes.
  • What constitutes a High-Net-Worth family?
  • Prop 19 and what is means to you
  • Top 5 Strategies for 2021, for example:
    • Outright gifts
    • Gifts in Trust
    • Gifts in Entity “Wrappers”
    • Charitable Gifts
    • ROTH IRA Conversions

We’ll also discuss the types of gifting trusts like:

  • Intentionally Defective Irrevocable Grantor Trust (IDIGT or IDGT) to Reduce Gift & Estate Taxes
  • Dynasty Trust
  • Spousal Lifetime Access Trust (SLAT)
  • Irrevocable Gifting Trusts ($15K/year)
  • Qualified Personal Residence Trust (QPRT) for Homes & Vacation Homes
  • Irrevocable Life Insurance Trust (ILIT)
  • GRATs, GRITs, and Private Annuities
  • Gifts Using Entities Including FLPs and LLCs

If you have a high net worth, you and your family MUST consider these advanced Estate Planning strategies to lower your taxes!

A must-see webinar for families with $5 million or more in assets. Note: some kinds of gifting should be completed soon, as there is an important deadline for death tax planning on 12/31/22.

For details about Advanced Tax Planning for high-net-worth families, click the button below. Book a no-obligation consultation today to speak with a specialized tax attorney before massive changes to tax laws hit.

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