Estate planning includes the process of designating beneficiaries and executors of your personal and business interests, protecting your assets, and minimizing estate tax, gift tax, and income tax. Roth&Co provides comprehensive tax and financial estate planning, which includes planning, implementing, and monitoring your estate plan
Review your personal income tax returns, personal financial statements and list of beneficiaries/heirs, and compile a list of assets with their approximate values.
Review prior gifts and trusts and establish the estate plan objectives (i.e., tax mitigation, asset protection, avoiding probate, etc.).
Calculate the required funds necessary to live or provide spousal support.
Determine the necessity of Medicaid planning or of a living will and determine the individualsresponsible for healthcare decisions.
Compile appraisals and business valuations, debt schedules, and working capital requirements.
Establish terms for the trust/will – including trustees and guardianships – and allocate assets to beneficiaries.
Allocate assets to remain with parent/spouse based on cash flow, and establish a management fee/salary/interest stream to supplement income.
Determine the estate tax exposure and compile a list of assets to be moved out of the estate and the method of transfer to the children/trust (i.e., gift or sale).
Collaborate with an attorney to create trusts and wills, financial power of attorney, healthcare proxies, living wills, assignments/stock certificates and promissory notes.
Work with the proper agencies to file deeds and titles.
Prepare and file gift tax returns.
Review income tax returns and personal financial statements annually for new assets, to update beneficiaries, and for potential changes to the plan.
Conduct a periodic compliance review – including tax return filings, Crummey payments, debt payments, and unreported gifts.
Review life insurance plans and buyout/succession plans for necessary updates.
Revisit and review plan for estate tax law changes.
Ancillary Services to Support Estate Planning
Independent Trustee Services
Review investment and asset management plan
Calculate and facilitate distributions
Prepare periodic statements and accounting reports
