Case Studies - Estate & Trust Administration
A while back, a couple came to us at Woodway Financial Advisors seeking assistance with estate planning. Our expert advisors provided the couple an estate plan that incorporated a family partnership, grantor-retained annuity trusts, charitable remainder and lead trusts and life insurance trusts. With their plan in place, the couple was able to begin granting gifts to their children without having to pay gift tax. To be able to pass on such gifts during their lifetimes was a gift in itself. Then, after the couple passed, the balance of their estate was left to a family charitable foundation free of estate and income tax, to be administered by their children.
In a separate case, Woodway Financial assisted a widow in establishing and administering a special needs trust for her mentally handicapped child. The trust provided benefits for the child without jeopardizing government support or depleting her other children's inheritance.
When assisting in the planning of a private family charitable foundation, Woodway Financial was able to help save substantial sums in an IRA from combined federal income and estate taxes that were approaching nearly 80 percent. The family foundation now distributes more than $100,000 annually to various worthy charitable and community organizations. The foundation also provides a forum for several generations of family members to collaborate on philanthropic goals.
By combining the use of charitable trusts and life insurance, Woodway Financial helped another family realize a substantial income tax deduction and avoid capital gains tax on the sale of a large position in a publicly traded stock. As an added service, Woodway saw to it that the family increased their portfolio income, diversified their investments and eliminated estate tax on the assets thus providing a significant sum that the family could then designate to charity
Please contact us to learn how Woodway Financial Advisors could assist you and your family with its estate planning.