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Home >> Basic Questions About Estate Planning – What is Family Wealth Planning?

Basic Questions About Estate Planning – What is Family Wealth Planning?

March 23, 2015 by Robert Kulas. Leave a Comment

Basic Questions About Estate Planning – What is Family Wealth Planning?When people create an estate plan, they often have questions about strategies meant to keep as much of their wealth as possible in the family. When it comes to family wealth planning, there are a variety of strategies available that most people can use to ensure that their money and property stay with their closest loved ones. Even people who do not consider themselves wealthy can use these tactics as a way to exert better control over their estates and to ensure that their closest loved ones benefit from their money.

While many of the ideas surrounding family wealth planning can become complicated, especially when you deal with issues such as taxation, business law, and other similar topics, we are going to take a look at some basic family wealth planning questions that a lot of people can use.

What can I do if I want to give gifts to family members?

Developing a lifetime gift-giving strategy is one of the simplest, and potentially most effective, ways to ensure that you keep as much of your wealth as possible in the family. While there are specific tax rules and limitations that come with lifetime gifts, you can develop a simple gift-giving plan that will allow you to give as much as possible to individual family members every year without incurring tax penalties. This essentially means that you can give yearly gifts to whatever family member you wish without worrying about having to pay taxes on the gifts, up to a specific limit.

Can I use a family business to transfer wealth?

Absolutely. If you run a small business, or family business, there are many ways you can more effectively transfer wealth to family members through the business operation. For example, if you employ a family member as a company employee, you may pay that person’s salary, provide that person retirement or medical benefits,  and compensate that person for any business-related expenses. Again, while running a family business does involve significant tax and legal limitations, it nevertheless provides you with much greater flexibility when it comes to being able to transfer wealth to family members employed by the business.

Should I make family loans?

It might be beneficial to make loans to family members as a way to transfer wealth, but only in limited circumstances. As with other gifts or wealth transfers, there are rules and limitations associated with making loans to family members. However, loans, unlike outright gifts, can be effective tools because they carry with them the added element of financial responsibility. Of course, using loans as a way to transfer wealth to family should only be done once you have decided on the comprehensive family wealth strategy.

Filed Under: Financial Planning

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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