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When planning your estate or legacy strategy, it is essential to consider a number how putting some or all of your assets in a trust will affect both you and your beneficiaries. Trusts can be helpful in charitable giving, mitigating estate taxes, and protecting your estate from creditors, probate, and a multitude of other adverse situations.
A gift is a gratuitous transfer of property during a donor's lifetime and may be appropriate for transferring assets that may appreciate. A donor can gift up to a value of the annual gift tax exclusion to each donee free of gift tax. The annual gift exclusion may help reduce the size of a taxable estate. Below are a few strategies you might consider in helping your clients through the estate planning process.
People with special needs have life care planning needs that require a financial professional who understands the intricate tax law, trust law, and government programs that impact a person’s care with special needs.
Offers a way for parents and/or grandparents using a portion of their annual gift exclusions, to help secure a promising financial future for their children and/or grandchildren.
Trusts are an impactful tool that allows you to make your wealth work harder for you and generations to come.
NOTE: Cornerstone Financial Coach does not offer legal advice. Please contact an attorney.