Advanced Estate Planning & Succession Planning

All adults, regardless of the amount of assets they own, need to have an estate plan consisting of a Last Will and Testament, financial and medical Powers of Attorney, and perhaps a living revocable trust. Some situations and needs, however, call for more advanced estate planning tools and techniques.

There are a number of reasons you might need advanced estate planning, including:

  • Estate assets in excess of the federal lifetime gift, estate, and generation-skipping tax exemption amount. The current exemption amount is $12.06 million for an individual taxpayer and $24.12 million dollars for a married couple; however, these amounts are scheduled to be reduced to their previous level of $5 million and $10 million, adjusted for inflation, after 2025. That means many more estates could be subject to federal estate tax.
  • Concerns about your intended beneficiaries’ ability to manage the assets you plan to leave them.
  • The need to safeguard assets in your estate from prospective creditors, either yours or those of your beneficiaries.
  • Your estate contains complex assets, such as a closely-held business.
  • The desire to support favored charities while still providing financially for loved ones.
  • The need to minimize the risk of disputes or litigation among heirs or beneficiaries.

Depending on your particular circumstances, a variety of advanced estate planning tools might be called for, including domestic asset protection trusts; irrevocable life insurance trusts; grantor retained annuity trusts; charitable lead trusts and charitable remainder trusts; limited liability companies or limited partnerships for closely-held businesses, and more. Attorney Nicole K. Shafran will sit down with you, listen to your concerns, and help you identify the best options to meet your estate planning needs.

People with complex planning needs deserve an estate plan customized for their unique goals. It is essential to work with an attorney who is experienced in estate planning for individuals with significant or unusual assets. An effective estate plan has many moving parts, and an action intended to achieve a particular goal could have unintended consequences if the attorney is not experienced in these matters.

Florida Business Succession Planning

Only about 40% of family-owned businesses in the United States survive to a second generation; fewer still, about 13%, survive to a third. If you have spent much of your life building a business for the benefit of your loved ones, strategic planning is required to ensure its continued survival and success.

In addition to promoting the continuation of the business, succession planning can minimize exposure to estate tax, provide liquidity to fund buyouts or pay taxes, and help prevent conflicts among new or continuing owners. The Law Office of Nicole K. Shafran, PLLC can help you choose the best business entity to manage and transfer your business, devise a plan for transferring equity while minimizing transfer taxes, and protect business assets from creditors.

Succession planning is a critical part of estate planning for owners of small businesses, but succession planning is not only for transfers of a business upon an owner’s death. Succession planning can allow a business owner to transition into retirement with an income stream and the security of knowing that the company is well-positioned for future success.

Boca Raton Attorney for Advanced Estate Planning Needs

With a Master of Laws (LLM) in Taxation, attorney Nicole K. Shafran is uniquely equipped to assist high net worth individuals and their businesses for the future. In addition to her advanced education in tax law, Nicole has years of experience working with wealthy individuals in the estate planning departments of respected law firms. In addition, she was recruited by a multinational professional services corporation and worked in their private wealth department, focusing on gift and estate tax issues.

Beyond having the knowledge necessary to develop and implement customized estate plans, Nicole understands the importance of a comprehensive plan. Planning is about so much more than money; it is about the legacy you have built, and the security of those you leave behind.

The future is uncertain, and much of what happens is out of your control. The decisions you make to prepare for that future, however, are entirely in your hands. Work with an attorney who has the experience to preserve your legacy and protect what matters to you. Contact the Law Office of Nicole K. Shafran to begin preparing for the future today.