Estate planning for high net worth individuals will involve the - TopicsExpress

Estate planning for high net worth individuals will involve the implementation of wealth preservation strategies, because the proverbial tax man is standing at the ready prepared to pounce as soon as you pass away. Some people are under the assumption that you are surrendering personal possession of assets once you place them into a trust of any kind. This would lead you to the belief that assets that you have conveyed into a trust would not be counted by the IRS when your estate tax exposure is being determined. This is not entirely true. There are different types of trusts. Some are revocable, and some are irrevocable, and this is the key. Revocable Living Trusts Revocable living trusts are very popular among a wide range of people because they facilitate quick and efficient asset transfers. The trustee that you choose distributes financial resources to the beneficiaries directly, and the legal process of probate is not a factor. When you use a last will to facilitate the transfer o

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