Statistics show that 90 percent of people are walking around without an estate plan – effectively playing Russian Roulette with their estate and finances. While most people don’t have any sort of will or testamentary trust they don’t really realize why they need one. While most people don’t have to worry about incurring a federal estate tax obligation upon death there is still a need to figure out how to leave what you have to future generations without hurting them and while also taking advantage of the step-up in basis that is available in estate planning. We also firmly believe in lifetime spendthrift trusts from an asset protection play for future generations.
Also, there is a need for planning where IRA’s are involved as the Supreme Court recently ruled that no asset protection exists on inherited IRA’s.