Estate Planning for High Net Worth Clients | Rogers Lawyers

For our high net worth clients, estate planning is akin to wealth planning. This can apply to planning for their current wealth and how to maintain it while creating a plan to effectively minimize the value of selected assets. This can also apply to planning for the wealth of future generations of their families.

Martin & Wagner, P.A., develops comprehensive strategies that can help you give to your family, maximize asset protection, minimize net worth and minimize your taxable estate. As estate planning attorneys for high net worth clients, we frequently employ the use of trusts to achieve those objectives.

The types of trusts and strategies we regularly use include the following:

• Charitable lead trusts
• Charitable remainder trusts
• Grantor Retained Income Trusts (GRITs)
• Grantor Retained Annuity Trusts (GRATs)
• Grantor Retained Unitrusts (GRUTs)
• Gifting plans

By establishing a trust or several trusts, your net worth can be minimized. However, this can be accomplished in a manner that allows you to continue living the lifestyle to which you are accustomed.

GRITs, GRATs and GRUTs Defined

GRITs, GRATs and GRUTs are irrevocable trusts. They are the fundamental components we explore as we develop your estate plan. GRITs, GRATs and GRUTs can be highly effective in estate planning for high net worth clients.

• GRIT: In a Grantor Retained Income Trust, you transfer ownership of your assets to the trust. You are able to keep the income and use the assets throughout the term of the trust. When the term ends, the property in trust generally goes to a noncharitable beneficiary or beneficiaries, but part of it can go to a charitable beneficiary.
• GRAT: In a Grantor Retained Annuity Trust, you place assets into the trust and receive a payment for a fixed amount for the term of the trust. When the term ends, the property in trust generally goes to a noncharitable beneficiary or beneficiaries, but part of it can go to a charitable beneficiary.
• GRUT: In a Grantor Retained Unitrust, you receive an annual payment of a fixed percentage of the net fair market value of the assets in trust. When the term of the trust ends, a beneficiary or beneficiaries receive the assets in trust.

GRITs, GRATs and GRUTs can effectively minimize your taxable estate, protect your assets and maximize asset transfer for future generations while providing an income tax deduction today.

Contact Our Rogers, Minnesota, Charitable Trusts Lawyers

Contact Martin & Wagner, P.A., by e-mail or call 763-515-8619 to schedule a free ½ hour consultation with an experienced Rogers, Minnesota, high net worth estate planning lawyer.

From our office in Rogers, we provide legal representation to clients throughout the Greater Metropolitan area, including Maple Grove, Albertville, Buffalo, St. Michael and other communities North and West of Minneapolis.