Additionally, we advise clients on the unique wealth transition issues that affect high net worth families such as dynastic planning, legacy planning, management and control of assets, ensuring liquidity and socially responsible wealth transfer.
While we can and do act as a trustee for some of our client’s trusts, we do not have an investment practice. Accordingly, we do not have a conflict of interest unlike many estate planners. In addition to the traditional estate planning options we provide, The Pollock Firm LLC also offers services for high net worth families and individuals that include:
- Establishing a Family Limited Liability Company (FLLC) or a Family Limited Partnership (FLP) – For families that have significant wealth or complex dynamics, it is often advantageous to set up an FLLC or an FLP in order to better manage the assets while you are alive and after you pass away. Additionally, there are frequently incidental tax advantages in setting up these types of structures.
- Creating private charitable foundations.
- Creating public charitable foundations.
- Drafting Grantor Retained Annuity Trusts (GRATs) and Grantor Retained UniTrusts (GRUTs) – When structured properly, a GRAT is an excellent way to make a low cost hedged bet. If the assets in the trust go up higher than expected, the wealth passes down to your heirs free of estate tax. If the assets underperform, they come back to you.
- Drafting Charitable Trusts – Charitable Remainder Trusts and Charitable Lead Trusts can be wonderful tools for passing wealth down in a tax efficient manner while benefiting the charities that you care most about.
- Other Trust Planning – including Special Needs Trusts, Education Trusts, Animal Trusts, Irrevocable Life Insurance Trusts (ILITs), IRA Stretch Trusts, Qualified Personal Residence Trusts (QPRTs), Dynasty Trusts, Intentionally Defective Grantor Trusts, Offshore Trusts and Asset Protection Trusts.
- Self-Canceling Installment Notes (SCINs).
- Business Succession Planning – including corporate reorganizations to effectuate transfers of business interests into trusts for children.
For more information on Estate Planning for Ultra High Net Worth Families, please visit my blog: Kevin A. Pollock BLAWG