Estate Settlement Services
Wittman Capital Management’s estate administration professionals work with you and your advisors to help you through the complex process of wealth transfer including:
- Asset identification, collection, valuation and management
- Probate estate and trust administration
- Tax and legal strategies development to minimize all types of taxes — estate, generation skipping and income
- Tax preparation or review
- Preparation of all required inventories and accountings
- Distribution of assets in accordance with the estate plan
Often established to avoid the probate process, and make sure that assets go to the trust grantor (creator) intended recipients without a lengthy court process after the grantor’s death.
To preserve assets from taxation, an individual can establish a trust as the beneficiary of an IRA account, which protects the beneficiaries, such as young children or adult children with special needs.
Enables the Settlor to create a trust and fund it with his or her own assets. The Settlor can also be a beneficiary of the trust. So long as the legal requirements are met, the assets inside of the trust are safe from confiscation when the Settlor when the judge slams down the mallet that results in a judgment filed against him.
A tax-planning vehicle with an unsightly name—a NING trust, short for Nevada Incomplete gift Non-Grantor trust—is more attractive now, thanks to a recent private letter ruling from the IRS. With a NING trust, you may lighten the heavy state income tax load that burdens investors in California, New York, and other high-tax states.
These trusts are contracts created to transfer or manage assets of an individual that the trust creator claims is not competent to manage property or other assets.
A Qualified Terminable Interest Property Trust provides for a surviving spouse, but this trust also allows the grantor to retain control of the distribution of the trust’s assets after the death of the surviving spouse.
A dynasty trust is a long-term trusts created to pass wealth from generation to generation without incurring transfer taxes such as estate and gift tax. The dynasty trust’s defining characteristic is its term.
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