Legacy Law Group: The Trust Attorney Denver Families Count On
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Get Legal Help in Estate Planning Strategies for High Net Worth In Fort Collins & Denver
If you have a high net worth, you need the specialized services of high-net-worth estate planning attorneys from Legacy Law Group.
Estate Planning Lawyers Serving High Net Worth Families In The Fort Collins & Denver Area
If you’re unsure what the people you love would be faced with if something happened to you, you need an estate plan with minimal estate taxes, especially if you have a high net worth. It’s important to have a clear picture of your legal and financial situation, including income taxes and estate tax liability, so that you can determine if your current arrangements will suffice. An estate planning attorney from Legacy Law Group who specializes in creating strategic estate plans for high-net-worth individuals can help with all of your estate planning needs and tax laws.
When you consult Legacy Law Group, we’ll ask you to complete a wealth inventory and assessment questionnaire before we sit down with you in a Family Wealth Planning Session to discuss your options. This will help to identify the assets you own and plan for the well-being of your family. If you need to make changes to an existing estate plan, we will work with you to create a solution to suit your unique circumstances.
Our team is also experienced in dealing with Family Limited Partnership or Family Limited Liability Company, Spousal Lifetime Access Trust, and Irrevocable Life Insurance Trust. We also help our clients with issues related to gift and estate taxes and cases of transfer tax exemption. A great place to begin this process starts with getting the estate planning basics for high-net-worth families right.
What Is Considered High Net Worth?
The term ‘high net worth’ is relatively subjective, but the standard notion is that a high net worth constitutes around $1 million in liquid financial assets, and an ultra-high net worth includes anything at or above $30 million. Regardless of the exact amount, if you think you have a high net worth, you probably do, and Legacy Law Group would love the opportunity to assist you.
Our team can help you create tax planning strategies for Irrevocable Life Insurance Trusts, Capital Gains Tax, whether it is for business or real estate, as well as lifetime gift tax exemption. Moreover, if you are seeking advice from a financial advisor regarding a life insurance policy or income tax purposes, feel free to reach out to us.
Estate Planning For High Net Worth Individuals Is Complex
This label is useful in estate planning because it tells us that there are additional problems and factors that need to be taken into account beyond the scope of the typical estate planning situation. Additionally, those areas that all individuals must address, such as incapacity planning, Charitable Lead Annuity Trust, family limited partnerships asset protection, and life insurance, may be more complex for a high net worth individual, which may require the services of a lawyer specializing in estate planning for high net worth families.
Our Estate Planning Strategies For High Net Worth Families
Our estate planning services are aimed at making things easier for your heirs, beneficiaries, and/or surviving spouse and children both throughout your lifetime and after you have passed. A revocable living trust can help your family avoid a long, costly probate process in the event of your death. It can also help to limit your taxable estate and keep your estate tax to a minimum.
Our basic services include:
If you have minor children, you need to ensure they will be taken care of in case of your untimely passing.
Our attorneys will ensure the wishes and directives set in your will are carried out.
Our legal professionals specialize in drafting trusts that keep your family out of court and preserve your assets for generations.
Wills & Codicils
With a will or codicil, you can plan or modify how you want your property distributed after your death with one of our lawyers.
Powers of Attorney
If you become incapacitated, this legal document authorizes loved ones to make legal, financial, and healthcare decisions on your behalf.
Advanced Life Directives
Living wills and health care powers of attorney fall into this category.
Other Estate Planning Strategies
Legacy Law Group’s estate planning strategies don’t stop there. For high-net-worth families with a lot of assets, we also offer advanced estate planning services and business planning solutions. Common strategies include:
Gift and Estate Tax Planning
Our estate planning lawyers and financial advisors will help you understand each estate tax exemption, including estate and gift tax exemptions you may qualify for as well as the potential exemption amount.
Grantor Retained Annuity Trusts
Beyond the basics of trusts, a grantor retained annuity trust offers an efficient way for high net worth individuals to transfer their wealth with little or no liability for gift tax.
Charitable Giving Estate Planning
Charitable giving can be of great benefit to your financial strategy if you have a high or ultra-high net worth.
Business Succession Estate Planning
If you own a business, having a detailed plan in place for who will take over when you pass away is crucial to the long-term success of your investment.
Generation-Skipping Transfer Tax Planning
This estate tax planning tool is often used by high net worth families to avoid having to pay estate tax for one or more future generations by making direct gifts to grandchildren or great-grandchildren.
These are just a few of the many strategies that our law firm may implement to protect the life you’ve worked so hard to build. To learn more about how we can assist you, please contact us to schedule a free consultation.
Personalized High & Ultra High Net Worth Guidance For Estate Planning
Not every estate planning lawyer offers personalized plans as we do. Some simply ask you a few questions, choose a plan, then put your family name and information into a template. Your personal lawyer at Legacy Law Group will take the time to get to know you and your family, as well as your concerns and goals. They will explain the process to you and patiently answer all your questions so they can create a comprehensive estate plan that is exactly right for you.
The first step our attorneys will take is to talk to you about estate planning basics. Estate planning refers to the process of preparing for your passing and deciding how your assets will be handled. Estate planning is not just for elderly people; anyone with a property to protect and a family to care for needs an estate plan, and this becomes increasingly pertinent as the amount of assets increases.
Our high and ultra-high net worth estate and family business planning attorneys will ensure the most important details of your planning are followed through on, and your plan continues to work throughout your lifetime. Our legal professionals ensure your assets are owned the right way for years to come and that none of your assets will end up going through a long, expensive court process or lost to the state department of unclaimed property because they were missed after your death.
We have created unique maintenance programs to keep your plan up-to-date year after year, as well as to give you access to our trusted team of legal experts for guidance on any legal or financial matter. We truly value the long-term success of our clients and their heirs and beneficiaries, so as a high-net-worth individual, you can trust us to continually act with your best interest in mind while you get back to living in the moment.
Ultra-High Net Worth Wealth Management & Transfers
Lastly, to ensure the continuation of your legacy, wealth management and transfers for high and ultra-high-net-worth families are included in your estate plan. While this is important for anyone during the estate planning process, it’s especially vital for individuals with substantial assets.
However, we know that your financial wealth is only a small part of your overall Family Wealth.
Your “Family Wealth” is made up of your assets that are far more valuable than money – and most often lost upon incapacity or death – your intellectual, spiritual, and human assets. These assets are what make you who you are and sum up what is most important to you.
A survey of inheritors has revealed that what they care about, even more than inheriting your money, is inheriting these intangible assets. Most estate plans focus only on the transfer of your financial wealth to the next generation. While this is essential, it’s not the only factor of value when preparing for the future of your wealth.
Most people have such great intentions of passing on the intangible, but very few ever get around to it. It’s just not a priority, and then it’s too late. How much do you know about your grandparent’s values? Their most prized personal possessions? How did they feel about you? What had they learned during their lifetime? If you are like most people, you know very little.
That is why we design personalized estate plans that capture and pass these most valuable assets to the people you love.
Not only will we assist you with passing on your money, but also your values, your insights, your stories, and your experiences — the truly valuable assets your loved ones care about the most.
P.S. If you think this all sounds expensive, well, you’re right, and you’re wrong. We can guarantee you that if you qualify to meet with us, this planning is substantially less costly than it would be for your family if you become incapacitated or die with a plan that doesn’t work or if you don’t have a plan in place at all. We’ve made this model available to our clients because we know that this planning is the foundation for a life of success. We look forward to seeing you and caring for your legacy soon!
Estate Planning Strategies FAQs
1- What is Advance Tax Planning?
Advance tax planning is the strategy to pay off all of your tax on specified dates in a year rather than paying a lump-sum at the end of the year. The due dates are decided by the income tax department.
2- Why Should You Consider Setting Up a Trust?
Grantor retained annuity trusts (GRAT) funds the GRAT with assets that appreciate in exchange for a guaranteed annuity for a fixed time. If the time has expired, the remaining balance has no tax consequences to the beneficiary designated. i.e., Lifetime access trusts remove assets from people’s combined estates while helping them retain control over the asset.
An ALPT is extremely similar to a GRAT, but instead of receiving payment of annual pensions by the grantor, a special charity based on donor information or funds is used as a source. The rest assets in the CLAT are transferred tax-free to the grantor’s descendants.
3- What are advanced tax planning strategies?
Every family with a High Net Worth has a different situation. Some have businesses and invest in property, while others have families. Certain people are required to protect themselves from a lawsuit. The custom plan does not have shortcuts.
A qualified tax advisor should understand the client’s assets, families, goals, and challenges prior to looking at potential structures for protection. Here’s a quick list of possible strategies that might resolve some mysteries. All strategies will be under change when legislation transforms.
4- What is Irrevocable Life Insurance Trust (ILIT)
The irrevocable life insurance trust keeps the insurance death benefits from your estate. If they are a resident of the Us, your spouse does not have to have any tax if they receive this. If your children use it will come under Death Tax rules. A CITI will be able to avoid taxes and keep the insurance deaths out of an ILIT’s estate so they can avoid it. In an ilit scenario, such a mother is forming one of their own with her son, the trustee. No mama — mother donates a year or twice to the trust and keeps the insurance policy. With parents dying, their life insurance benefit is passed to their son 100% of the time without taxes.
5- Why Should You Establish a Family Limited Partnership?
A familial limited partnership is a strategy of reduction of estate value while avoiding losses. It is a way of managing your investments without risk of interference from entities such as a creditor or divorced spouse. At the time of your death, the responsibility of the estate and the gift to your limited partners will change from your to his/her L.P.’s. At this point, they become responsible for the management of the funds. The following strategies have been covered in more depth within these strategies in the rest of our guide for tax minimization and estate planning strategies.
6- What is Lifetime Gift Exemption?
Every US individual is currently receiving a lifetime gift tax exemption. This means a UHNW investor has no gift tax on those funds once it reaches this lifetime exemption. They can also give a maximum annual amount ($15k) per year without any impact on taxes. This potential impact of gift may be to reduce your lifetime estate size in order to maximize taxes.
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Our Client Success Stories
“Anastasia Fainberg is extremely good at the legal work she performs. Her complete attention to every detail make her a pleasure to work with. She is the most qualified attorney that I have ever seen. I recommend her highly as she earns your trust from start to finish.”
Glen And Gracie
“My wife and I are very grateful for the careful explanation of the value of having our estate plan in place. Matt Meuli patiently answered all of our questions and made sure we had all the information we needed. We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”
“Fantastic attorney has helped me on several matters and will continue to use her for our other legal matters. I would recommend Anastasia to anyone needing legal assistance.” We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”
Lee & Linda
“Matthew Meuli, Attorney/Counselor has been a friend of mine and Linda’s for the past four years. Matt and I met through Business Network International. At BNI Matt presented himself as a very qualified counselor for planning a trust. I had been a beneficiary of my mother’s trust and learned the value of a will versus a trust. We were able to set up the L&L Trust in an easy and understandable way with Matt’s professional help. As we have seen in the last two months life can change in a moment and having a trust in place gives us tremendous security.”
“If you are looking for a Law group that is professional, attentive and covers every single detail of your estate planning then give Anastasia a call!”
Sandie and ed
“When my father passed unexpectedly, it was surprising how much was involved. We had no idea what to do, where to go, how to find info that wasn’t written on his 1 page handwritten will. We will be forever grateful that we had Matt Meuli by our side showing us how to navigate through my father’s poorly prepared will. We have since set up a trust for our little ones and have no worries for those left behind. Matt thoroughly explained each part of the process in an easy to understand way. We now have peace of mind. Thank you Matt!”