Estate Gift and Tax Planning

Many families have created their wealth through generations of hard work and perseverance.  Through this hard work they have accumulated business and personal wealth that exceeds the limits of what one may pass down to the next generation tax free.   It is vital that these families take into consideration the federal estate and gift tax as well as Kentucky’s inheritance tax in order to ensure that the family legacy will pass on to the next generation.  The increase in the federal exemption amount and portability offer many planning opportunities.  It is essential that families and individuals facing an estate or inheritance tax issue work with attorneys who are educated and experienced with federal estate and gift tax as well as generation skipping tax and Kentucky inheritance tax.  EMSW has the knowledge and experience to assist clients in multifaceted estate and gift tax planning.  Strategies we use include, but are not limited to Generation-Skipping Trusts (GST), Qualified Personal Residence Trusts (QPRT), Dynasty Trusts, Intentionally Defective Grantor Trusts (IDGT), Grantor Retained Annuity Trusts (GRAT), Grantor Retainer Unitrusts (GRUT), IRA Trusts, Beneficiary Defective Inheritor’s Trust (BDIT), Qualifying Domestic Trust (QDOT), Family Limited Liability Companies (FLLC), Family Limited Partnerships (FLP), Qualified Terminal Interest Trusts (QTIP), Irrevocable Life Insurance Trusts (ILIT).