Wealth Transfer Planning Attorney in Phoenix, Arizona
We understand that wealth transfer is more than passing your assets down to the next generation—it’s about mapping the course for continued success after you’re gone.
If you’re like most successful people, it took a lifetime of prudence, discipline and determination for you to achieve financial security. Now with retirement on the horizon, you’re ready to enjoy the hard-earned fruits of your labor.
Despite your financial success, there’s still one question gnawing at you: Will your loved ones and family members continue to benefit from your wealth after you pass away?
We field this question a lot from wealthy clients, and the answer isn’t straightforward. The truth is that it depends on how you structure your estate. Just because you amassed significant wealth in your lifetime doesn’t necessarily mean your heirs will continue to benefit from it. Ensuring their financial security will take a lot of thoughtful planning on your part.
Luckily, you don’t have to do it alone. At Copper State Planning, we specialize in helping high-net-worth individuals find strategic ways to retain more wealth for future generations. Keep reading to learn more about wealth transfer planning, the tools involved and how our law firm can help secure your legacy.
Do you have a comprehensive estate plan in place? If not, it’s time to act—your family’s financial future may depend on it. Get in touch with us at (480) 442-6413 to schedule a case evaluation today with a wealth transfer planning attorney today.
What Is Wealth Transfer Planning?
As a concept, wealth transfer is simple. It refers to moving wealth from one person to another, typically through the use of wills, trusts and other estate planning tools. However, depending on the complexity of assets, finding ways to protect your wealth from unnecessary taxes and the threat of creditor claims can be daunting.
Some of the most important considerations when beginning this process are the size of your estate, who your beneficiaries are and strategies for minimizing risk, as well as finding the best approaches to achieve low tax rates and high interest rates. It’s a lot to consider, especially if you’re unfamiliar with tax planning, but it’s what we do everyday.
Shielding Your Estate from Transfer Taxes
When it comes to wealth transfer, most people want to leave their estate to family members and friends, while others want to leave their estate to the community through charities. No one wants to leave their estate to the government through transfer taxes.
A transfer tax is a charge imposed by the state or local government on the transfer of property, the amount of which depends on the value of the property. Inheritance tax (sometimes called a death tax) and estate tax can be considered types of transfer taxes. Even if you skip a generation when transferring a title, you’ll still run into the generation-skipping transfer tax.
Avoiding excess taxation is possible, but you need to work with someone who understands tax laws and which tools to use. As top wealth transfer attorneys, we know that establishing the right type of trust can help shield your estate from probate and certain tax consequences. Here are some of the trusts we might suggest, depending on your situation:
- Generation-skipping trusts
- Grantor trusts
- Irrevocable life insurance trusts
- Special needs trusts
- Charitable trusts
- Qualified personal residence trusts
By offering expert advice on trusts, our wealth transfer lawyers may be able to help you reduce your tax liability or even avoid transfer tax altogether. That means greater asset protection and more financial security for future generations.
Planning Your Legacy
For many people, wealth transfer planning isn’t just about leaving as much money as possible; it’s also about making sure their money is used according to their wishes. You didn’t accrue a lifetime’s worth of wealth to have it mishandled or spent in a way that tarnishes your name. We can help you structure your estate in a way that preserves your legacy.
Before we can do that, we need to understand your specific needs and desires as they pertain to your estate.
For example, is it important to you that your family business stays running? If so, we may need to explore a business succession plan. Are you concerned about what might happen if your minor children receive a large inheritance? We can help you establish a trust that has distribution limits and is managed by a responsible trustee.
Another way to ensure your wealth is used according to your wishes is by appointing the right people to fiduciary positions, such as to powers of attorney and guardianships. We can help you identify the best individuals to assume these roles and help you write explicit directives in regards to not only asset distribution, but also your health care and well being.
Protecting Your Assets with Customized Wealth Transfer Solutions
No two estates are exactly the same, just like no two clients share all of the same goals, wishes and concerns. When it comes to estate planning, especially wealth transfer planning, everyone deserves a customized solution that meets their unique needs, which is exactly what we provide to our clients.
At Copper State Planning, we’re not satisfied with creating a plan that meets most of your needs—we want to design the perfect fit. We’ve helped countless individuals find the ideal set of strategies to grow, retain and transfer their wealth, and we want to help you, too.
You deserve to work with a wealth transfer planning attorney who takes the time to understand the complexities of your financial situation and the breadth of your goals. When you’re ready to partner with a wealth transfer expert to ensure your legacy, we’re here for you. Contact us online or give us a call at (480) 442-6413.