Gunster attorney Seth Kaplan writes about what financial advisers to Generation Xers can help their clients do now to maximize their wealth and ensure future prosperity. His article was published in WealthManagement.com, which features news, trends, topics and research important to financial advisers.
Among the items he discusses:
- LLCs and self-settled trusts can allow access to assets while providing varied levels of protection from creditors.
- Charitable giving trusts can help reduce tax burden, especially in order to offset expected income fluctuations such as when selling a business or receiving a large bonus from an employer. In addition, how the trust is structured may help lower a taxpayer’s adjusted gross income.
- Tax liability can depend on many variables when selling a closely held business.
- Visiting a tax and estate planning attorney long before you’re expecting any capital gains can help maximize holdings and minimize the appropriate tax burden.
Read the article: Counseling Gen X clients (WealthManagement.com, 6/19/17)