LaPorte Financial LLC’s Post

🔎 What's new in family trusts? From Clifford to GRATs and beyond, this article explores the evolving landscape of trust options for families. Get the scoop here: 🔗 https://bit.ly/4bAzlm2

It's National Parents' Day! We're sending love to all the amazing moms and dads out there! ❤️ This day is about celebrating their love and guidance, but have you also considered how you'll honor their legacy? Estate planning isn't just about money. It's about giving your voice and ensuring your wishes are met for your loved ones. ️ We can help you create a plan that protects your family and minimizes taxes for your heirs. Don't wait - safeguard your family's future today. Share this post to remind others of the importance of estate planning! #NationalParentsDay #ProtectYourFamily #EstatePlanning 

Leaving a legacy for generations to come is a great goal to have — and one that requires careful planning. If you’re concerned that hefty estate or gift taxes will eat away at the legacy you’ve worked so hard to build, you need smart, tax-efficient strategies for protecting and transferring property effectively. In our latest blog post, we’re covering the in’s and out’s of family trusts and family limited partnerships. Click here to read now: https://lnkd.in/gY7BcdwM

A family cottage is a treasured place where families create some of their most cherished memories. By consulting with a financial planner, accountant, and lawyer, families can develop a comprehensive strategy to ensure their beloved cottage is preserved for future generations. Read more: https://bit.ly/3YpwGrp #CottageInvesting #RealEstate #FlatironWealth

It's National Parents' Day! We're sending love to all the amazing moms and dads out there! ❤️ This day is about celebrating their love and guidance, but have you also considered how you'll honor their legacy? Estate planning isn't just about money. It's about giving your voice and ensuring your wishes are met for your loved ones. ️ We can help you create a plan that protects your family and minimizes taxes for your heirs. Don't wait - safeguard your family's future today. Share this post to remind others of the importance of estate planning! #NationalParentsDay #ProtectYourFamily #EstatePlanning 

Diving into the world of family trusts! 💼✨ From Living Trusts to Special Needs Trusts, each type serves a distinct purpose. Living Trust: A living trust is established during your lifetime and can be either revocable or irrevocable. Revocable Trust: This type of trust allows you to retain control over the trust assets and make changes to the trust as needed. Irrevocable Trust: Once set, an irrevocable trust cannot be easily altered. It offers benefits like protection of assets from creditors and potential tax advantages. Testamentary Trust: This trust is set up as part of a will and only comes into effect upon death. Special Needs Trust: Created to provide for a family member with special needs without disqualifying them from government benefits. Marital Trust: Designed to benefit a surviving spouse and offer tax advantages. Establishing a Family Trust Whether you're safeguarding assets or planning for the future, understanding these trust variations is key. Which one aligns with your family's needs? #FamilyTrusts #EstatePlanning #FinancialSecurity

Diving into the world of family trusts! 💼✨ From Living Trusts to Special Needs Trusts, each type serves a distinct purpose. Living Trust: A living trust is established during your lifetime and can be either revocable or irrevocable. Revocable Trust: This type of trust allows you to retain control over the trust assets and make changes to the trust as needed. Irrevocable Trust: Once set, an irrevocable trust cannot be easily altered. It offers benefits like protection of assets from creditors and potential tax advantages. Testamentary Trust: This trust is set up as part of a will and only comes into effect upon death. Special Needs Trust: Created to provide for a family member with special needs without disqualifying them from government benefits. Marital Trust: Designed to benefit a surviving spouse and offer tax advantages. Establishing a Family Trust Whether you're safeguarding assets or planning for the future, understanding these trust variations is key. Which one aligns with your family's needs? #FamilyTrusts #EstatePlanning #FinancialSecurity

This Mother's Day, give the gift that truly matters! 🕊️ Peace of mind: Offer peace of mind about the well-being of her loved ones. 🔒 Security: Safeguard her family’s future. ❤️ Love: Show love through thoughtful preparation for the family’s needs. Did you know that without an estate plan, the government steps in with a 'one-size-fits-all' approach called Intestate Probate? This not only involves government interference but also exposes your family's private matters to public scrutiny. The process can be lengthy, costly, and stressful for your loved ones, not to mention the potential for significant tax burdens. Don’t leave your family’s future to chance. This Mother’s Day, consider setting up an estate plan that keeps your affairs private, minimizes taxes, and truly reflects your wishes. Whether through a Will or a Living Trust, proper estate planning is the best way to protect your family from unnecessary complications and ensure they are cared for according to your desires. Learn more about how we can help by visiting www.khalsalaw.com or calling us at 212-973-0100. Protect what matters most! #mothersday #motherslove #mothersdaygift #mothersdayspecial #MothersDayFlowers #mothersdaygiftideas #mothersdaygifts

Do you know the difference between inter vivos and testamentary trust? An inter vivos trust is made during your lifetime where testamentary trusts are created when the grantor has passed. Learn more here: https://loom.ly/ltq7hEw

Picture This: Your 1000 Year Legacy Did you know... In Alaska, South Dakota, and New Hampshire, dynasty trusts can endure in perpetuity, with no end. However, there are limitations in other jurisdictions. In Nevada and Tennessee, for example, a dynasty trust must expire after 365 and 360 years, respectively. Wyoming gives the trustees a bit more time, ending the dynasty trust after 1,000 years. For families with large estates valued above the lifetime estate and gift tax exclusion limit, a dynasty trust may help reduce future transfer taxes and provide more for generations to come.