POWERS

#292 - Ryan Heath - Founding Attorney @ Baker Heath, PLLC - Estate Planning 101

6 snips
Jun 29, 2023
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ADVICE

Explain Unequal Gifts With A Statement

  • Do have parents explain the 'why' to children when distributions look unequal and create a written statement of wishes.
  • Shifting anger toward the decision-makers reduces post-death sibling conflict.
ADVICE

Shield Family Wealth From Problematic Spouses

  • Do require premarital agreements and spousal consents in trust and operating agreements to protect inherited business equity.
  • Restrict management roles if an incoming spouse could destabilize the company.
ADVICE

Use Annual Gifting As Early Tax Strategy

  • Do start annual gifting once your net worth grows to leverage the IRS annual exclusion and reduce taxable estate.
  • Gift into trusts or directly to beneficiaries to build protected wealth over time.
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