Asset Protection and Estate Tax Strategy
Understanding estate taxes is crucial.
If your assets are below the tax-free amount when you pass away, they won't be taxed. But if you have more than this amount, and it's not left to your spouse or a charity, 40% of it could be taxed.
Nickerson Law Group is here to build and apply trust plans during your lifetime, aiming to keep more of your wealth within your family, now and for future generations.
Beneficiary Defective Irrevocable Trusts (BDITs)
The BDIT stands as a cornerstone in advanced estate planning. Offering unmatched versatility, it provides substantial protection from creditors and tax liabilities. Ideal for clients initiating new ventures or those with swiftly appreciating businesses, a BDIT allows for business ownership without estate tax implications, ensuring continued control and beneficial interest for the client.
Spousal Lifetime Access Trusts (SLATs)
A SLAT is an advanced tool for asset protection and wealth transfer, designed to shield assets and their future appreciation from estate taxes. For those in enduring marriages with considerable business or real estate assets, the early adoption of a SLAT can significantly protect your financial legacy.
QSBS Stacking Non-Grantor Trusts (SLANTs)
Leveraging the QSBS exclusion under Internal Revenue Section 1202, we develop strategies that amplify capital gains tax savings. This involves the creation of trusts as separate taxpayers for QSBS, preserving the original holding period and potentially pairing with dynasty trust provisions for compounded estate tax benefits.
Grantor Retained Annuity Trusts (GRATs)
A GRAT is an instrument for transferring appreciating assets beyond the IRS' prescribed rates to beneficiaries without incurring estate or gift taxes. While not commonly requested, our expertise in GRATs allows us to guide clients through this sophisticated strategy, culminating in substantial tax-free benefits for their heirs.
Charitable Lead Annuity Trusts (CLATs)
Through a CLAT, clients can contribute to charities while transferring appreciated assets to non-charitable beneficiaries after a fixed term, often coupled with substantial income tax deductions. This is particularly advantageous in years marked by significant taxable events.
Asset Protection through Business Entities
We advise on structuring business entities, such as LLCs and LPs, under favorable Texas laws for asset protection. Proper structuring can shield personal assets from liabilities associated with business operations, providing an additional layer of security.
Asset Protection Trusts
For Texas residents, the Asset Protection Trust offers a robust defense against potential legal judgments. While Texas law may have limitations, we collaborate with leading attorneys and trustees nationwide to establish trusts that safeguard our clients' assets effectively.
Gift Tax Returns
Implementing sophisticated estate strategies often necessitates filing IRS Form 709. While we don't process income tax returns, our expertise extends to preparing gift tax returns, ensuring precision and compliance in collaboration with our clients' CPAs.
Get Started
At Nickerson Law Group, our pursuit of excellence is unwavering. We provide professional, direct counsel, ensuring your assets are protected, and your legacy preserved. Contact Nickerson Law Group today and meet with one of our asset protection attorneys.
