The Successful Business Owners Onward Webflow HTML Website Template

The Problem

George and Grace did well for themselves running a family business worth about $8 million. Due to their success, they had an additional $10 million outside of the business. While they were not ready to give up control of their business just yet, they wanted to make sure their estate was tax efficient and find away around having to pay estate taxes after death. They also wanted to start helping their grandchildren out by setting some money aside for their education.

Key Objectives

Estate Tax Mitigation: By making long-term projections, George and Grace's GoGo Estate® attorney realized that they could have an estate tax issue by the time they pass. Through strategic planning, their GoGo Estate® attorney hoped to help reduce their tax burden.
Gifting: George and Grace were generous with their money. They wanted to start gifting money to their children and grandchildren, but wanted to attach some strings to those funds.
Legacy Planning: The clients wanted to protect their legacies appropriately by placing funds in trust for their kids and grandkids.

The Solution

Working with their GoGo Estate® attorney, George and Grace created a few different types of trusts with our Specialized Plans. The first was a Tax Efficiency Plan. The Tax Planning RevocableTrust included in that plan allows spouse's to double their estate tax exclusion amount and ensure tax efficiency after their deaths. George and Grace then set up a Legacy Plan so that they could gift money to their grandchildren. The Legacy Trusts included in that plan placed restrictions on how the money could be used and when the grandchildren would be able to receive distributions. And because George and Grace began a gifting program to those trusts of $38,000 per year, they were able to simultaneously reduce the size of their personal estates for estate tax purposes.

Conclusion

Although GoGo Estate® is an online estate planning law firm, that does not mean that we can't help clients with estates of all sizes. Through our integrated and comprehensive approach, our attorneys helped George and Grace effectively plan their estates and meet their current objectives.