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Advanced Estate Planning |
For most Americans, estate planning focuses on their wills and related documents, i.e. health care documents and
powers of attorney. That is, planning for who will manage their assets and healthcare when they are no longer able to do so
and where their assets will go when they are gone. For Aware clients, in addition to these important
elements, there are usually significant opportunities for tax planning. Our planning tends to focus on taxes,
both income and estate taxes, because most of our clients will be subject to
estate taxes. This takes a great deal of
creativity and can literally save millions of dollars over multiple generations. The plan will be developed
in coordination with your existing attorneys and accountants. Then, we help you communicate the intricacies
of the plan to them for implementation.
The Process:
1. We spend as much time as we need to understand your family and your intentions with respect to the transfer
of your estate. We explore your current financial situation including any closely held businesses and plans you may
have for your business(es). This includes reviewing your current planning documents.
2. We model your current scenario to determine the extent of your tax exposure and other cash needs your estate
will have.
3. We suggest strategies to eliminate, or reduce and pay, taxes and other expenses. These
strategies include business continuation plans where appropriate. Consideration of the various strategies usually
involves a joint meeting with your attorneys, accountants, bankers, and/or other financial advisors culminating in the
development of an implementation plan.
4. The implementation begins with the most urgent steps and is usually an ongoing process.
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“Problems are only opportunities in work clothes.“ -- Henry Kaiser, Industrialist
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