wealth preservation

A Wealth Preservation Success Story: High-Net-Worth Families

In this success story, we have a married couple in their late 60s with a total combined net worth of $5 million. Their significant assets encompass a family business, real estate properties, investment portfolios, and retirement accounts.

The challenges faced by this couple revolve around concerns regarding the impact of estate taxes on their wealth when passing assets to their children and future generations. They also desire a seamless transfer of their real estate and family business to the next generation without encountering burdensome tax implications.

To address these challenges, Wealth Preservation Planning (WPP) provided valuable assistance. We began by conducting a thorough analysis of the couple's assets and financial situation, identifying potential estate tax liabilities. Subsequently, a comprehensive estate plan was put into action, which involved the creation of a Family Trust and Credit Shelter Trust. This strategic move aimed to maximize their estate tax exemptions under the law, ultimately resulting in savings of over $140,000 in estate taxes.

Furthermore, WPP was used to structure a business succession plan utilizing a Stand-alone Retirement Trust. This approach was designed to ensure a smooth transition of the family business to the next generation without triggering unnecessary tax liabilities. Additionally, WPP facilitated the removal of the value of the couple's home from their taxable estate, further optimizing their estate planning strategy.

If you find yourself facing similar concerns about estate taxes, wealth transfer, or business succession, don't hesitate to reach out to us at 978-494-5036. Our team of experienced attorneys are ready to tailor a comprehensive plan that suits your unique financial situation and goals. Let us help you secure your family's legacy and protect your hard-earned assets for generations to come.