Real Estate Owners, Doctors & Gun Collectors: How to Plan for Special Assets

August 28, 2014

In many cases, and especially for business owners, there are assets in an estate plan that require special consideration. For example, a company that requires certain expertise or specific licenses will need their own planning, like a special trustee to administer those assets.

An individual or business owner that has a gun collection, for example, would be placed into a trust that is monitored by another individual with a gun license. Likewise, a doctor might choose a trustee who is also a doctor to control the medical practice’s ownership corporation in the event of incapacity.

Another example involves real estate, where there is a home that the owner would like to keep in the family. There are several reasons why it makes sense to establish a house trust to explain how the house could eventually be sold, and how it can be shared and used by everyone in the short term. Heirlooms and pets represent further causes for special planning.

28

Photo Credit: etsy.com

Trusts are a highly beneficial tool for a wide variety of individuals and businesses because of the many advantages they offer. An individual has more control over the passing down of assets and there are also be tax benefits, too. To learn how to plan for your special circumstances with a trust, email info@lawesq.net or call 732-521-9455.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

How Do You Know When You Can Retire?

Retirement isn’t just about reaching a certain age—it’s about knowing your finances can support the life you want. Learn the key questions to ask before making the transition. How Do You Know When You Can Retire? For many people, retirement is one of life’s biggest milestones. ...

<p>The post How Do You Know When You Can Retire? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Inherited IRAs: What Families Need to Know When a Spouse or Adult Child Inherits a Retirement Account

Understanding the rules for inherited IRAs is essential to avoiding costly mistakes. Learn the key differences between spouse and non-spouse beneficiaries, required distributions, and important planning considerations. An Individual Retirement Account (IRA) is often one of the ...

<p>The post Inherited IRAs: What Families Need to Know When a Spouse or Adult Child Inherits a Retirement Account first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Mid-Year Planning Checklist for Business Owners and High-Net-Worth Families: Estate, Tax & Financial Strategies to Review Before Year-End

Mid-year is the ideal time for business owners and high-net-worth families to review estate plans, tax strategies, retirement planning, and wealth transfer opportunities before year-end. As the calendar reaches its midpoint, many business owners and affluent families are focused on growing their businesses, managing investments, and enjoying the summer months. However, mid-year is also ...

<p>The post Mid-Year Planning Checklist for Business Owners and High-Net-Worth Families: Estate, Tax & Financial Strategies to Review Before Year-End first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>