If you do not already have an existing relationship with a Michigan asset protection or estate planning attorney, now is the perfect time to schedule a consultation to discuss potential tax saving strategies.
High net worth individuals have unique concerns related to their estate planning, and reducing their tax burden comes at the top of the priority list. Some of the recommended strategies involve being smart with your defined contribution in 401(k) plans, leveraging Roth IRA conversion opportunities when available, minimizing the use of taxable bonds, active management for brokerage accounts, and considering sending your RMDs to charity.
If you intend to pass on a lot of your assets to future generations, tools such as a Trust can help to empower you with some level of control over this process while also assisting you with removing many of these assets from your individual estate.
There are different types of Trusts that can be used to accomplish your individual goals. And while there are further strategies that may be specifically helpful for a high net worth family, everyone can benefit from basic estate planning conversations.
Most people don’t have an estate that will trigger the federal estate tax, however, it is still important to discuss Powers of Attorney, Wills, Trusts, and other tools that will benefit you or your loved ones. Discuss your individual needs by setting up a phone call with a Michigan estate planning law firm.