Sharing the Wealth

When it comes to trust and estate planning for family enterprises, prudent tax strategy is king. This is especially true in dealing with the often complicated prospect of gifting assets to yet-to-come future generations—an issue this week’s contributor D. Randolph Waesche knows all about. And in his guest article, Randy offers practical solutions to this challenge by walking us through a real-life case of a client who wanted to “pass it on” on her own terms. With a constellation of needs that were both personal, legal and financial, Randy takes readers through the challenge and eventual resolution.

While there are various paths advisors can take towards achieving wealth transfer, Randy discusses how structured entities like Limited Liability Companies (LLCs) and Intentionally Defective Grantor Trusts (IFGTs), can go a long way in securing favorable tax treatment. But these solutions are by no means simple, and Randy emphasizes the importance of thorough document creation to ensure smooth sailing. To say that all the “t’s” must be crossed and the “i’s” must be dotted is an understatement!

The Practitioner also knows that every family enterprise client has a unique story and a unique set of needs when it comes to asset transfer. Employing professionals educated on these unique perspectives is the first and most effective strategy!

Read Sharing the Wealth, by D. Randolph Waesche CFP.

About The Contributor

D. Randolph Waesche, CFP is president and CEO of Resource Management Inc. and has been recognized by Money and Worth magazines as among the top financial planners in thecountry. He has spent 34 years as a financial consulting pioneer guiding Resource Management, Inc. to national prominence. With a specialty in family business advising, he is an active member of the Family Firm Institute and has earned FFI GEN Certificates in both Family Business Advising (CFBA) and Family Wealth Advising (CFWA). Active professionally and in the community serving on numerous committees and Boards including the Financial Planning Association (FPA) Investment Committee and is a former national board member for the Institute of Certified Financial Planners, the predecessor of the FPA. You can find Randy Wednesdays on WWL TV during his Stretching Your Dollar segment as well as on his Randy can be reached at [email protected].

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Yours in Practice,

The Practitioner

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