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Advanced Estate Tax Planning

High Net Worth Estates

Planning for high net worth estates. Mature man and woman on a beach smiling with blue sky and green waters behind themPlanning for estate and gift taxes can be a challenge, especially when the tax exemptions between the federal government and Massachusetts differ and the laws keep changing. At Baker Law Group P.C., we have the experience in helping high net worth individuals develop complete estate plans which consider the ever-changing climate for estate taxes and gift taxes, through advanced estate planning techniques.

Estate with $1 Million and Greater in Assets

For people with estates that are above the federal and state estate tax exemption amounts, effective tax and asset protection strategies for the entire estate need to be developed.

In determining the value of your estate, consider the following.

  • the total value of real estate holdings
  • 401(k) and retirement accounts
  • investments
  • life insurance

We will assist you to create an estate plan to minimize your future estate liability so you leave more of your life savings to heirs or charities, and not the government.

FEDERAL AND STATE ESTATE TAX EXEMPTION AMOUNTS

Massachusetts
Federal
Highest Rate
Exclusion
2018
$1,000,000
$11,200,000
40%
$14,000
2019
$1,000,000
$11,400,000
40%
$15,000
2020
$1,000,000
$11,580,000
40%
$15,000

Capital Gains, Inheritance Taxes and Lifetime Gifting Strategies

Even for moderate estates, a gift of $500,000 (a residence for example) during your lifetime could subject a beneficiary or beneficiaries to $100,000 in capital gains taxes, assuming a 20 percent combined federal and state tax rate. Depending on the value of the total estate, this same property left to someone at death may not be subject to any estate or capital gain taxes.

Other Tax Planning & Asset Protection Opportunities: FLPs, LLCs & Charities

Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs)can be useful for estate tax planning purposes, as well as asset protection purposes, particularly for clients with real property, business holdings and a high net worth. These entities can also be effective in providing a mechanism to gradually transfer not only property or business interests, but also the management and related responsibilities of such wealth. By establishing a FLP or LLC, clients can benefit from certain estate tax discounts, which are available through a properly established and maintained FLP or LLC. Like other entities, the effectiveness of an FLP and LLC is related to its intent and purpose, as well as, to its proper maintenance.

Read more:

Selecting a Business Structure

Asset Protection for Businesses

Limited Liability Corporation (LLC)

Charitable Trusts for Reducing Capital Gains, Gift, Estate Taxes

With charitable planning, substantial tax benefits can be obtained by properly planning with charitable entities including Donor Advised Funds, Charitable Remainder Trusts, Charitable Lead Trusts, and Foundations. If you are charitably inclined and you own assets which have highly appreciated or have a large net worth, you may benefit by creating a charitable trust. These techniques can assist in reducing capital gains, gift inheritance and/or estate taxes.

Next Steps

close up shot of the hands of two businessmen reviewing a printed document with a laptop nearbyIf you do not have an estate plan or the estate plan you have is out of date, or would like to make your existing estate plan more secure, contact Baker Law Group. Our attorneys will quickly and accurately evaluate your estate to create an estate plan tailored to your needs. Through years of practice in the Boston, South Shore, and Metro-west areas, we have developed an extensive knowledge of advanced estate planning in Massachusetts. Call us today at 781-996-5656 or toll free at 800-701-0352, or send us an e-mail to schedule a complimentary case review to discuss the appropriate estate plan for you.

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Hingham, Massachusetts 02043
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DISCLAIMER: Material presented on the this website is intended for information purposes only. It is not intended as professional advice and should not be construed as such. The services of a competent professional should be sought if legal or other specific assistance is required. Some links within this website may lead to other sites and Baker Law Group, P.C. does not necessarily sponsor, endorse or otherwise approve of the materials appearing in such sites.

  • Home
  • Practice Areas
    • Estate Planning
      • Overview
      • Estate Planning Attorneys
      • High Net Worth Estates
      • Asset Protection
      • Durable Powers of Attorney
      • Homestead Declaration
      • Trust Types Explained
      • Retirement Accounts
      • Healthcare Proxy / Medical Directive
      • Living Wills
    • Elder Law
      • Overview
      • Asset Protection and Elder Law
      • Life Estate Deed
      • Masshealth / Medicaid
      • Long-Term Care / Nursing Home
      • VA Benefits
      • FAQS for Elder Law (MA)
      • Elder Law Attorneys
    • Trust, Will & Estate Administration
      • Overview
      • Estate Administration Wrongful Death
      • Federal Estate Tax
      • Probate Attorneys FAQ
    • Guardianship and Conservator
      • Guardianship Attorney
    • Premarital Agreements
    • Business Planning
      • Selecting a Business Structure
      • Business Asset Protection
      • Limited Liability Company (LLC)
    • Massachusetts Lottery Trusts
  • Baker Law Group
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  • Home
  • Practice Areas
    • Estate Planning
      • Overview
      • Estate Planning Attorneys
      • High Net Worth Estates
      • Asset Protection
      • Durable Powers of Attorney
      • Homestead Declaration
      • Trust Types Explained
      • Retirement Accounts
      • Healthcare Proxy / Medical Directive
      • Living Wills
    • Elder Law
      • Overview
      • Asset Protection and Elder Law
      • Life Estate Deed
      • Masshealth / Medicaid
      • Long-Term Care / Nursing Home
      • VA Benefits
      • FAQS for Elder Law (MA)
      • Elder Law Attorneys
    • Trust, Will & Estate Administration
      • Overview
      • Estate Administration Wrongful Death
      • Federal Estate Tax
      • Probate Attorneys FAQ
    • Guardianship and Conservator
      • Guardianship Attorney
    • Premarital Agreements
    • Business Planning
      • Selecting a Business Structure
      • Business Asset Protection
      • Limited Liability Company (LLC)
    • Massachusetts Lottery Trusts
  • Baker Law Group
    • About Us
    • Attorney Profiles
  • Client Reviews
  • Blog
  • Media
  • Contact Us
  • 781-996-5656
Baker Law Group P.C. – Estate Planning