Clients are long-time business owners, in their 70’s with an estate of $3.4MM. They have three adult children and three grandchildren. They had a 10 year old living trust and life insurance not held in an ILIT. They wanted to start transferring the family business to their children so they could retire. Their estate tax exposure was $1.5MM.

We recommended they implement a family limited partnership, acquire a second-to-die life insurance policy to be held in an ILIT; a testamentary charitable lead trust and a family foundation. Their estate tax exposure is $0, with significantly more assets passing to their children and grandchildren than the current value of their estate.