Americans with relatively straightforward financial situations can often accomplish their estate planning goals through a will developed with a qualified attorney.
For couples or individuals with large or complex estates, however, estate planning likely requires input from multiple tax and accounting professionals with complementary expertise, plus the direction of a strategic financial planner who can help keep the big picture in mind.
In such cases, families frequently turn to such advanced estate planning strategies as trusts or family limited partnerships to reduce tax liability, protect assets and help ensure that loved ones are provided for.
These dynamics are explored in a new report from the Colcom Group, an accounting and consulting firm. As the report details, choosing among several trust options or going with a family limited partnership depends on clients' specific financial circumstances, tax goals and level of control they want to maintain over assets during their lifetime.
See the accompanying slideshow for eight takeaways that can help advisors and their clients decide which approach best fits their planning scenario.
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