When practitioners and clients think of estate planning, several goals typically come to mind: (1) identifying family members and charitable organizations to whom or for whose benefit assets are to be given; (2) ensuring that assets intended for family members are preserved and protected from creditors, the government, bad influences, or even themselves; and (3) minimizing taxes while transferring wealth to lower generation family members. With regard to transferring wealth and minimizing taxes, “transfer taxes”—i.e., estate, gift, and generation-skipping transfer (GST) taxes—are often thought of first. Income taxes, however, can often be minimized as well through careful planning, particularly with regard to structuring charitable gifts.
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Republished with permission. "Low Interest Rate Is High Time for Some Estate Planning Ideas," Bradley W. Lard, Estate Planning (the "Journal), Vol 42 / No 7 Copyright© 2015.