High Net-Worth Planning
The tax laws are changing, and in fact change with some regularity. The present Federal Estate Tax and Gift Tax laws in place are the result of the 2018 TRA, which is set to sunset if Congress does not make it permanent prior to 2026. This means that the laws could revert back to what was in place or a compromise of what is currently in place and what was in place in 2018. We continue to monitor the situation and will advise clients as the situation develops.
Other planning tools may include the use of irrevocable trusts such as the Irrevocable Life Insurance Trust using life insurance for tax consequences and/or Charitable Remainder Trusts giving highly-appreciated assets to charity while enjoying the income streams they provide for the couple and the children’s lifetimes. See us for your planning needs.
Frequently Asked High Net-Worth Planning Questions
How will the 2026 tax law sunset affect my estate planning?
The current estate and gift tax laws could significantly change in 2026 if Congress doesn’t make the 2018 Tax Reform Act permanent. This may mean reverting to previous tax structures or establishing a compromise between current and pre-2018 laws. We actively monitor these changes and help clients adjust their estate plans accordingly. Currently, the present tax bill going through Congress at this time seeks to make the 2018 TRA permanent.
What is an Irrevocable Life Insurance Trust (ILIT) and how can it benefit my estate?
An Irrevocable Life Insurance Trust is a legal tool that removes life insurance proceeds from your taxable estate while providing tax-free benefits to your beneficiaries. The trust owns and controls the life insurance policy, helping reduce estate tax liability while ensuring your loved ones receive the full insurance benefits.
Can I still access income from assets I donate through a Charitable Remainder Trust?
Yes, a Charitable Remainder Trust allows you to donate appreciated assets to charity while continuing to receive income from those assets during your lifetime and potentially your children’s lifetimes. This arrangement provides immediate tax benefits while maintaining a steady income stream before the assets transfer to charity.
What makes your firm uniquely qualified to handle high net-worth estate planning?
Our firm combines decades of legal expertise with deep local community knowledge and business experience. David R. Schneider’s academic excellence, professional achievements, and longstanding commitment to the Conejo Valley ensure clients receive both technical expertise and personalized attention for their complex estate planning needs.
What Our Clients Say About Working with David
Integrity and Expertise at the Core of Our Legal Services
With decades of professional expertise, David R. Schneider, APC blends deep community ties with a wealth of experience. From running a successful business to excelling in the legal field with top grades and honors, David’s extensive knowledge ensures comprehensive and trusted legal support. His lifelong commitment to the Conejo Valley and its residents is your assurance of reliable and heartfelt service. Choose a legacy of excellence for your legal needs.