Estate Planning

Estate Planning

Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax.

What is Loving Trust?

Irrevocable Life Insurance Trust (ILIT) or as Mr. Talebi calls it “Loving Trust” is specifically set up to own a life insurance policy. A trust is a legal arrangement that provides for the ownership, management, and distribution of property. Think of trust as a box into which someone places property that can be your bank accounts, real estate, stock, bonds, IRA, 401(k), or other investments. Using a Loving/Living Trust allows you to minimize estate tax, protect assets from creditors, and provide lifetime income for your loved ones.

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What Happens Without Estate Planning?

You may ask, what would happen if I don't do any Estate Planning?

The answer is simple. IRS would demand almost 40% of your total Estate value after reducing it by permitted exemption in Confiscatory Taxes in 9 months after death.

If one does not take enough actions to improvise for Confiscatory Taxes, heirs would be required to liquidate the estate which was accumulated to take of them at the first place.