Services
Legacy Planning
You've earned a happily ever after.
We believe the most effective legacy planning is a little backwards. It starts with what you want, not with what you have.
That’s why we consider your entire financial landscape and objectives to build an action plan customized to you—so every opportunity we present to enhance and manage your wealth can be truly rewarding.
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It's your time to relax
Like the best concierges, we anticipate your needs and simplify your life in any way we can. We want you to feel completely taken care of at all times. Here are a few of the ways we ensure it.
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We get to know your family closely: we learn who needs what when and how, right down to each person’s communication preferences.
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Along with our main legacy planning services, we’re happy to help you with bookkeeping, budgeting, making tax payments, etc. Just say the word.
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You’ll always have direct access to our executive team shareholders and senior managers.
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We make sure that when you call, you’ll be able to speak to someone who fully understands your needs.
When you work with us for legacy planning, you can always expect us to...
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Be actively involved listeners
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Reply to queries on the same day or within 24 hours
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Look out for your best wealth management opportunities from a tax perspective
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Know the changes in law and trends that may affect you
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Proactively plan strategies that can help you retain your wealth
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Work with your bankers, financial advisors, attorneys, and other professionals to provide seamless legacy planning service
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Bring the benefits of our interaction with BDO’s Family Wealth Planning Group
Once we get to know you, we can help you with:
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Business valuation & family business succession planning
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Charitable & annual income tax planning
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Charitable remainder trusts (CRT)
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Estate & lifetime gift planning
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Family LLCs
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Family loans
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Family wealth plans
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Funding for college education
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Qualified personal residence trusts (QPRT)
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Retirement planning
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Sale to intentionally defective grantor trusts (IDGT)
We play well with your significant others
Our specialists collaborate with your bankers, family financial advisors, attorneys, and others to bring you thorough and appropriate solutions. We take the lead in working with each family member’s strategic business advisors to ensure alignment and efficiency.
And most of our referrals come from professionals in businesses we already work with—we are highly regarded in the local community (blush) by trust officers, estate planning attorneys, investment advisors, and insurance providers.
CASE STUDY
Estate Planning
BACKGROUND
Our client wants to gift a rental property to their grandchildren to help cover the costs of their college education, but are concerned about giving them immediate access to the cash flow generated by the property.
CHALLENGE
How can we minimize gift tax, offer creditor protection, restrict access to cash flow, while allowing for the most potential growth in the value of the transferred real estate?
SOLUTION
Instead of transferring the real estate directly to their grandchildren, the grandparents first form an LLC, then contribute their real estate to the LLC. This heavily discounts the value of the gift, allowing them to minimize the use of their lifetime gift tax exemption, thus reducing their future estate tax.
We also structured the gift to be made to a trust instead of directly to the grandchildren, offering asset protection from creditors and divorce. It also allowed the grandparents to pay all of the income taxes generated by the trust, further reducing their future estate tax. This strategy allows the trust to grow income and estate tax-free for as long as the assets remain in trust and provide flexibility to allow distributions to fund the grandchildren’s college education.
Don't Take Our Word For It
“Perkins has the brightest, most attentive associates I’ve had the pleasure to work with. They are proactive when it comes to tax planning, thorough in their reviews, extremely knowledgeable, willing to help, and most importantly, they take the time to understand intricacies and specifics of our businesses.”
Becky Howell
Cryopartners LLC
“I love the relationship that we have with Perkins. Top to bottom, the organization is so professional, knowledgeable and genuinely seems to look out for my/our wellbeing. A true partner in every sense.”
Eric Gregg
ClearlyRated
Legacy Planning
Leadership
Helpful Resource
Quick Reference Guide to Divorce-Related Tax Matters
This guide contains a detailed chart that summarizes many of the tax issues that arise during divorce proceedings and the challenges that may affect family law practitioners.
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