Lifetime Gift Strategies You Can Use In The Estate Planning Process

Significant amounts of wealth will be passed on in the coming decades as baby boomers get older. When thinking about your own transfer of wealth, it’s easy to become overwhelmed with all of the options for lifetime gifting.

There are many different strategies that can help you approach your unique concerns while also easing your tax burden, facilitating wealth transfer, and preserving your assets. Different lifetime gifting strategies can be discussed directly with your Pasadena estate planning lawyer.

A Pasadena estate planning attorney can guide you through the entirety of the process and make sure that you can avoid several of the most common mistakes and areas of misunderstanding when crafting your individual estate plan. Some of the most popular strategies include:

  • A grantor retained annuity trust.
  • Family limited liability entities.
  • Installment sales made to defective grantor trusts.
  • Lifetime credit shelter trust.
  • Intra-family loans.

Many families have reviewed their existing estate plans in light of the Tax Cuts and Jobs Act of 2017.

The strategies listed in this blog post can be a great starting point for a conversation with your estate planning lawyer about what is most effective for you and your loved ones when it comes to the transfer of significant wealth. Sitting down with an estate planning lawyer gives you the chance to ask questions about how this can impact your asset protection planning and business succession planning concerns as well

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