Asset Protection
Protecting your wealth is a critical step in transferring generational wealth. Taxes, probate and family disputes are all considerations to plan for.
Taxes are one of The Greatest Obstacle to Building Generational Wealth!
When you sell real estate, the sale may be subject to taxes based on the gain in value of the property. The gain in value is classified as a capital gain and the potential tax associated with that gain is referred to as a capital gains tax. Capital Gains taxes can be one of the largest obstacles to building generational wealth.
The Capital Gains taxes you incur when selling real estate in many cases can be reduced, deferred or eliminated all together by leveraging the right strategies.
“Taxes are The Greatest Obstacles to Building Generational Wealth!
Capital Gains Taxes Reduce Wealth
It is important to understand that each dollar of tax paid reduces your wealth. Therefore It is crucial that you seek guidance of a trusted tax advisor and our team when selling your primary residence or investment properties.
You Must Understand Cost Basis
Understanding Cost Basis is a critical component of minimizing or eliminating capital gains taxes, since it is one component used in calculating the tax associated with a Capital Gain. Through a real estate plan we look to employ strategies to minimize or even eliminate capitals gains taxes, enabling families to pass more wealth to future generations.
Step Basis Vs. Carry Over Basis
Cost Basis may be stepped up, as in the case of death of the property owner, or carried over. In partnership with your trusted Tax Advisor, and with proper planning, we can employ strategies to minimize the impacts of Capital Gains Taxes and meet the objectives of the family.
Estate and Inheritance Taxes
When an estate is transferred to heirs, the value of the estate may be subject to Estate Taxes and the heirs may be subject to inheritance tax. This is an important to speak with a trusted tax advisor to understand the impacts, if any, of these taxes when creating generational wealth. *
*Please seek the guidance of a trusted Tax Advisor for all tax related considerations.
“A Real Estate Plan begins with a Simple Strategy Session to Discuss Your family’s Goals”
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Probate
Probate is the legal process used to settle an estate, pay off debts, and assign assets to heirs or beneficiaries. The process of selling real estate through probate is a court-regulated series of steps that must be carefully monitored and managed. Deadlines are unforgiving, documentation is specialized, and the court’s oversight must be honored throughout the marketing, offers, negotiations and sale of the property. As such, you may expect delays and expenses incurred as a result of the probate process.
I Have a Will
A Will is a a document, prepared and executed by a person with the formality required by the laws of the state of his domicile at the time, which is intended to govern and direct the disposition of his estate and settlement of his legal affairs at the time of his death and which has no legal effect until his death. Typically having a will will not avoid probate, rather the probate process will be used to interpret the will. It is important that you consult with a trusted legal advisor for guidance. *
I Have a Trust
Holding assets in a trust may avoid the probate process although challenges may still arise when family members cannot agree of what to do with the assets received at the time of death. In this instance family disputes may occur that can be mitigated with proper planning.
*Not to be taken as legal advice. *Please seek the guidance of a trusted Legal Advisor for all estate related considerations.
Collaboration with Financial Advisors, CPAs and Trust Attorneys
We work with your team of trusted advisors to ensure the plan you decide on meets all aspects of your financial and real estate goals.
A Real Estate Plan begins with a simple Strategy Session to discuss your family’s goals.
