Estate and Gift Planning

There are real advantages to careful estate and gift planning — for you, your heirs, and your favorite organizations. With an effective plan, you can make sure that the assets you have accumulated will benefit the people and causes that are most important to you. Without this type of plan, you could lose a significant portion of your estate through federal and state taxes, and the remainder could be distributed in ways that you might not prefer. At Seneca Financial Advisors, we recommend strategies for transferring more to your heirs and beneficiaries by utilizing appropriate tax-saving strategies. To help you develop an effective plan, we:

  • Identify your taxable estate by reviewing your assets, liabilities, life insurance policies, retirement plans, and any employer-provided benefits
  • Review your existing trust and will structure, or, if you have no will, discuss how you would like to distribute your estate
  • Analyze ownership of assets and beneficiary designations to develop or adjust your plan according to your individual objectives
  • Recommend vehicles for minimizing estate and gift taxes while protecting your assets, such as:
    • Disclaimers
    • Grantor-retained annuity or unitrusts
    • Charitable lead or remainder trusts
    • Credit shelter trusts
    • Family partnerships
    • Qualified personal residence trusts
    • Interfamily installment sales
    • Sales-to-grantor trusts
    • Revocable trusts
    • Rollover to Roth IRA Accounts
  • Develop a program for making lifetime gifts to children, grandchildren, and/or charities that will minimize the amount of your estate subject to tax — and at the same time, preserve enough resources so that you remain financially self-sufficient and in control
  • Review power of attorney and healthcare proxies in light of changing personal circumstances to make sure your plan stays in line with your objectives