Estates in this catagory will exceed the estate tax exemption allowing the IRS to take from 37-60% of the estate in taxes. Here the key is to maximize the estate tax exemptions, then explore ways to reduce the tax liability on the remainder of the estate. In addition to those already mentioned for smaller estates, some other planning ideas for this level of estate include:

• Irrevocable Life Insurance Trusts - Allows life insurance proceeds to be available to heirs to cover their needs or estate expenses without inflating the value of the estate by the amount of the life benefit.
• Annual Gifting - allows transfer of estate assets to future heirs prior to your passing, thus reducing the size of the estate. This must be done carefully to avoid income tax issues.
• Gifting non-management interests in a business and/or real estate - allows transfer of estate assets to future heirs prior to your passing, thus reducing the size of the estate. You retain the management interests and control of the business or property during your lifetime.

Very large estates - those over $8 million have a number of very specialized needs. Typically managing these larger estates comes under the title Wealth Planning and a number of more complex and sophisticated financial; and ownership instruments are employed.

Please feel free to phone us at (888) 575-5445 or e-mail info@wwkinc.com. We would be happy to discuss your needs and how we may be able to assist you.