My father built a highly successful manufacturing business in the 1950s and when he died I received a substantial inheritance.  I know that my estate will face heavy taxes at my own death and am looking for ways to reduce this burden.  Is there some way to make a large bequest but still pass most of my estate to members of my family?

Charitable bequests are 100% deductible against the estate tax, and it’s also possible to “share” a bequest between an organization and a family member and still enjoy significant tax savings.  For example, you could place $500,000 in a trust that would provide a 6% lifetime income to a 70-year-old family member.  If the trust funds are to pass for our benefit when the family member dies, your estate will avoid taxes on more than $250,000.  For younger relatives, consider a trust that pays income temporarily to organizations you support, then distributes all the trust assets to heirs after, say, 10 or 15 years.  Estate tax savings can be dramatic!  Please call our office for more information.

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