Estate Planning

Without proper planning, many affluent families see more than half of their assets lost to inheritance taxes. We advise our clients on the best ways to reduce their tax liabilities while financing the liabilities that still remain. This can be done through various methods, including:

  • Irrevocable Life Insurance Trusts: With a Trust as the owner of a life insurance policy, the proceeds of the life insurance are out of your taxable estate. The trust can also help pay the taxes on your estate.
  • Family Partnership Funding: Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs) are types of limited partnerships funded with family assets and serve as a lawsuit deterrent due to their complex nature, while minimizing gift and estate tax consequences.

Many times, planning is done - insurance policies are purchased or wills are drafted, and then aren’t examined until it is too late. To prevent this situation, Byron Financial can conduct a document review, gathering your estate planning information from multiple sources, and then examining it so we can explain to you what you have.

If your estate planning needs have not been met yet, we can assist with formulating simple wills, gifting strategies, estate tax minimization plans, and more. Or, if your estate plans need to be updated, we can work hand-in-hand with your current attorney, or recommend one, to ensure your estate plan fits into your larger wealth management portfolio.