Advanced Planning is the term Cornerstone uses to describe planning that builds on your Foundational Plan and deals with a specific planning issue. For example, if you wanted to avoid paying estate tax on your life insurance it is possible to use an Irrevocable Life Insurance Trust (“ILIT”). The ILIT is a document used to deal with a specific issue and works in addition to, but does not replace your Foundational Plan.
Many times we use Advanced Planning techniques during the life of the client. Often businesses or property is transferred in a tax-efficient manner to children or grandchildren while the client is alive. This can provide the client with income and reduce future estate taxes while letting them manage the transfer.
Advanced Planning techniques are always tailored to a client’s specific situation and goals. They generally impact the client’s tax situation, cash flow, and lifestyle. Often they deal with the client’s continuing control or use of the assets.
At Cornerstone Law Center we take the time to understand your desires and give you those options to accomplish your goals.