You’ve worked hard your whole life to provide for your family and make your loved ones more secure and now it’s time to look into Nevada high net worth estate planning. Our firm regularly works with the unique planning needs of high net-worth and high net-income individuals and families. In some cases, it is a unique asset (i.e., family business or “legacy asset”); in other cases, it may be a specific family dynamic (i.e., beneficiaries with special needs, spendthrift or substance issues, or heirs that are not ready to receive a large inheritance), or a specific issue or concern that requires more insight and attention, such as:
- Risk Management – reviewing your personal and business assets and activities for both internal and external risks, and implementing an appropriate protection plan to preserve both your lifestyle and assets from creditors, predators, and unnecessary taxes.
- Strategic Tax Planning and Optimization – using advanced tax planning techniques to substantially reduce or eliminate your income, gift, estate, and generation-skipping transfer taxes, and capital gains upon the sale of a business or other capital asset.
- Advanced Estate Planning – designing an estate plan that will effectively and efficiently transfer your assets to your chosen beneficiaries, keep your family affairs private, and make sure the family’s wealth is properly managed through the generation.
- Legacy and Philanthropic Planning – using strategic charitable planned giving to create a family social legacy, and perpetuate the family’s purposes, passions, and favorite causes, while building stewardship skills for the future family members.
- Business Succession and Exit Planning – implementing a business plan to maximize the value of your family business, and determine the best option to keep, sell, or gift your business to the right persons (i.e., family, employees, or a potential buyer), while minimizing the inherent income and estate taxes that come with your eventual exit from the business.
Wealth Design Counseling Process
Nevada high net worth estate planning is unique. The Stone Law Offices, Ltd. and S. Craig Stone II, Esq. have assisted many affluent families in achieving their specific advanced estate planning goals through the following Wealth Design counseling process:
- Discern and Discover – We lead you through a “guided discovery” interview to help you cast a vision for your estate plan, clarify and express your specific goals and objectives, and assure that your plan reflects your “qualitative” purposes, passions, and wishes.
- Diagnose and Determine – We perform a comprehensive review and analysis of your existing estate planning documents, business entities, assets, and financial circumstances to determine your current and projected net worth over your lifetime, potential income and tax liabilities, and whether your existing estate plan will actually achieve your stated goals and objectives. This also gives you a benchmark to show the “gap” between your existing vs. ideal estate plans and what needs to be done to improve your plan.
- Design – Working with you and your remaining team of advisors, we collaboratively review, model, and select the most appropriate integrated wealth strategies that will close any “gaps” in your existing plan and achieve all of your stated goals and objectives. Based on your feedback, we continue to test and refine the design, and quantify the benefits and return on investment that you should receive based on a fully updated and implemented estate plan.
- Do and Deliver – Once you approve the final wealth design, we assist you and your team of advisors with the prompt and efficient implementation of your new plan by setting reasonable timelines, delegating tasks, and managing the project to completion.
- Detect and Direct – Like many things in your life, a comprehensive, integrated wealth strategy needs to be monitored and “tweaked” to reflect changes in laws, assets, circumstances, or your personal preferences. As such, we can periodically review and update your advanced estate plan to assure that it is still on track, working optimally, and, if necessary, make any adjustments so that your plan will achieve your goals.
Wealth Planning Tools
Following are just a few of the many sophisticated wealth planning tools that may be considered as part of an advanced estate plan:
- Multi-generational or Dynasty Trusts
- Lifetime Irrevocable Gifting Trusts
- Intentionally Defective Grantor Trusts (IDGTs)
- Spousal Limited Access Trusts (SLATs)
- Nevada Incomplete Gift Non-Grantor Trust (NINGs)
- Domestic Asset Protection Trusts (DAPTs)
- Foreign Asset Protection Trusts (FAPTs)
- Grantor Retained Annuity Trusts (GRATs)
- Grantor Retained Unitrusts (GRUTs)
- QTIP and QDOT Trusts
- Retirement Trusts
- Special Needs Trusts (SNTs)
- Qualified Personal Residence Trusts (QPRTs)
- Irrevocable Life Insurance Trusts (ILITs)
- Charitable Remainder Trusts (CRTs, CRATs, CRUTs, NIMCRUTs, etc.)
- Charitable Lead Trusts (CLTs, CLATs, TCLATs)
- Charitable Private Foundations
- Conservation Easements
- Family Limited Partnerships (FLPs)
- Family Limited Liability Company (FLLCs)
- Intra-Family Loans
- Self-Cancelling Installment Notes (SCINs)
- Captive Insurance Companies (CICs)
- Corporate Discounted Gifts
- Employee Stock Ownership Plans (ESOPs)
- Business Continuation Planning
- Salary Continuation and Non-Qualified Deferred
- Compensation Plans
- Phantom Stock and Stock Appreciation Right Plans
- Cash Balance Retirement Plans
Our firm is dedicated to helping high net-worth and high net-income individuals and families make make educated, informed decisions about their assets and will work with you and your team of advisors to implement a highly sophisticated and effective estate plan that allows for the maximum transfer of assets to your loved ones.