Estate Planning
Estate Planning is Crucial for High-net-worth Individuals and Families
We Can Be Your Guide
Whether you’re considering creating a comprehensive estate plan for the first time or conducting a review of an existing plan, our team has extensive expertise in evaluating estate planning and wealth transfer strategies and reviewing existing trust and entity documents.
With Effective Estate Planning, You Can Achieve Your Long-term Goals for Transferring Wealth
Whether you have charitable interests or a variety of beneficiaries, minimizing tax liability on the transfer of assets is an important consideration in a well-designed estate plan. We will work closely with you and other professionals — including attorneys, charities and other advisors — to ensure that your estate plan accomplishes your goals.
Transferring Your Wealth
You’ve worked hard to accumulate wealth, but what is your long-term plan for your assets? Will they help fund your retirement or do you want to leave a legacy for your heirs or favorite charity?
Your team will help you refine your estate planning goals by considering:
- How to minimize federal and state estate taxes
- Strategies for providing financial support for a surviving spouse
- Determining whether assets go through probate and projecting potential estate expenses
- Discussing your family situation to determine whether the use of a corporate trustee might be advantageous
- Planning financially for heirs with special needs
- Creating wealth equality between heirs when a business or large asset is involved
Client Success Story
Step one
Setting Goals for Wealth Transition
John and Tami own a successful business and have amassed a large nest egg for retirement. Through discussions surrounding their wealth transition goals, we realized they are passionate about supporting people in need.
Step two
Planning for Charitable Giving
We discussed several charitable giving strategies and ultimately determined a private foundation would best achieve their goals. Working with the family, we helped them form the foundation, managed the foundation’s investments and provided guidance on the charity selection process.
Step three
Making a Difference
The family has enjoyed dedicating time to discussing charities and supporting causes they are passionate about.
Charitable Planning
Giving to your favorite charity can be very rewarding. If you have charitable aspirations, we can help you determine the best strategy for fulfilling those goals.
Your estate plan will address:
- Evaluating the use of charitable trusts
- Determining whether gifts should be made with cash or other assets
- Analyzing the tax impact of various charitable giving strategies to maximize tax-efficiency in gifting
- Evaluating donor-advised funds or a private foundation as tools for providing a charitable legacy for future generations
Donor-advised Funds
There are many options for effective charitable giving, and every individual must select the path that best fits his or her particular needs. One simple option to help support causes and charities is a donor-advised fund. It is the most popular charitable vehicle for donors at any stage of wealth and can be an effective tool during life and in perpetuity.
A donor-advised fund is a family foundation alternative that provides a simple, flexible and efficient way to manage your charitable giving. You and your family can enjoy immediate and maximum tax advantages, make grants on a flexible timetable, build your charitable legacy and increase your philanthropic funds for future grant-making.
Similar to a private foundation, an account in a donor-advised fund is created for you within a charitable organization. The organization is a separate legal entity, but your account is not. Therefore, it is much easier and less expensive to establish than a private foundation.
Once you transfer assets into your account, the fund becomes the legal owner of those assets. As the donor, you can only advise, not direct, the organization as to how you would like the funds to be distributed to other public charities. Most donor-advised funds grant the donor’s requests, but the organization does have complete control over the investment and distribution of the assets.
A wide variety of assets can be contributed to a donor-advised fund. Once contributed, the investments grow taxfree until granted to charities. A gift into a donor-advised fund qualifies for immediate and maximum tax benefits. A donor-advised fund also allows you to donate anonymously.
A donor advised fund may be a solution if you:
- Experience a high-income year and would like to set aside assets now to fund future giving.
- Are approaching retirement, or want to establish a fund while in your peak earning years.
- Want to minimize taxes, especially when selling highly appreciated asset(s).
- Prefer the flexibility to change your charitable beneficiaries over time.
- Want to involve family members in charitable giving as a way to pass on family values.
- Want to be able to give anonymously to certain charities.
- Plan to sell a business or other significant assets or anticipate an inheritance.
- Have fluctuating income that makes a steady level of giving a challenge.
Meet Our Professionals
Senior Manager, Private Wealth Tax
Sezon Whitmire, CPA, CFP®
Aldrich CPAs + Advisors LLP
Sezon Whitmire joined Aldrich in 2016 and specializes in private clients, individuals, and trusts and estates. Sezon makes her clients’ lives easier by assisting with tax returns, lifetime planning, ongoing personal tax planning, and estate and trust compliance. She is passionate about listening closely to help her clients achieve their goals. Sezon received her Bachelor… Read more Sezon Whitmire, CPA, CFP®
Sezon's Specialization
- Trusts and estates
- Private client services
- Strategic tax planning and compliance
Meet Our Professionals
Partner, Private Wealth Tax
Marcy Lantz, CPA, CSEP®
Aldrich CPAs + Advisors LLP
Marcy joined Aldrich CPAs + Advisors in 1995 and has worked with a wide range of clients, including closely-held businesses, private equity, and high-net-worth individuals. Marcy has a special interest and expertise in wealth transfer planning and strives to deepen the relationship with her clients to help them achieve their complex estate and wealth management… Read more Marcy Lantz, CPA, CSEP®
Marcy's Specialization
- Hight-net-worth individuals
- Closely-held businesses
- Certified Public Accountant
- Strategic tax planning and compliance
- Certified Specialist in Estate Planning (CSEP)
- Private-equity and financial lenders
