Revocable Living Trust Formation

We understand that probate can be an expensive, time consuming, and invasive process. A revocable living trust is a will substitute that can help you accomplish your testamentary goals, while largely avoiding probate and its associated burdens. A revocable living trust can also address grantor incapacity, sometimes referred to as lifetime probate, to ensure that your assets are competently and continuously managed in the event you are unable to do so. At The Grupp Law Firm LLC, we add to your peace of mind by drafting a revocable living trust specifically tailored to the unique dangers, opportunities, and strengths associated with your family and assets. 

 

In conjunction with a revocable living trust, we prepare several ancillary documents: such as a pour-over will, durable powers of attorney for financial and health care matters, and, when requested, a living will. Through these documents you can name personal representatives to transfer probate assets to your trust (as a backstop to unfunded or underfunded living trusts), appoint financial and health care agents, and nominate temporary and permanent guardians for your minor children.

 

Asset Protection

Many affluent individuals are worried about being sued, which is not surprising, given how litigious our culture has become.  Asset protection planning is proactive legal action designed to safeguard your assets from unjust takings due to catastrophic loss, potential creditors, litigants, children's spouses and potential ex-spouses. As part of our deep discovery process we analyze your unique dangers, opportunities, and strengths to determine and implement appropriate asset protections strategies for you. Many of these risks can be managed through business processes, employment agreements and buy-sell agreements, as well as restructuring ownership of various assets through asset protection trusts and limited liability entities. Specifically, these techniques are used to deter lawsuits, provide settlement negotiation power, and help prevent attachment from various types of creditors. The availability of these techniques requires careful evaluation of your specific situation and the Uniform Fraudulent Conveyance Act. Please be advised, our opportunity to engage in Asset Protection planning is seriously curtailed if you wait for litigation to arise - it is best performed well in advance of litigation risk.

 

Advanced Estate and Gift Tax Planning

When working with ultra-affluent families, we build upon the foundational planning that frequently involves a Revocable Living Trust and Asset Protection described above.  In planning for complicated, high value estates, we employ sophisticated best practices to minimize your tax burden, protect your assets, and plan for your family and wealth. Such Family Wealth Plans typically include:  

  • Wealth Enhancement strategies aimed at tax mitigation, thereby minimizing the impact of taxes on your investment returns while ensuring the cash flow your family needs;  

  • Wealth Transfer strategies that are designed to take care of heirs by finding and facilitating the most tax-efficient way to pass assets to love ones in ways that meet your wishes with minimal difficulty and cost;

  • Wealth Protection strategies that are designed to protect your wealth against catastrophic loss, potential creditors, litigants, children's spouses (and potential ex-spouses) and identity thieves; and  

  • Charitable Giving strategies that are deigned to assist you when looking outward beyond your own family to the world at large by making meaningful gifts to the causes you care about in the most impactful way possible (e.g., through direct gifts, charitable trusts, donor-advised funds, or private family foundations) so that you can make a positive difference in the world.

When working with enterprising families, we are also prepared to assist in establishing a Family Trust Company and designing a governance model for your Family Office.  Bringing these items together with a Family Wealth Plan can move a family forward from simply having an "Estate Plan" or even a "Family Office" to managing risk and opportunities as a Family Enterprise.  The result is a comprehensive Family Wealth Plan designed to protect your family and wealth, foster the preservation and growth of your assets, give you the peace of mind that your estate is taken care of, and positively impact the world around you. 

 

 

To learn more about our Estate Planning techniques, contact The Grupp Law Firm LLC today.

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    Estate & Asset Protection Planning
  •  
    Estate & Asset Protection Planning