Estate Plan – Wealth Transfer Plan Answers
Q: How does a Wealth Transfer Plan differ from an Estate Plan?
There are many differences, but the five most important differences are:
- A Wealth Transfer Plan includes a Lifetime Plan that attacks your tax problems immediately and solves them during your life.
- A Wealth Transfer Plan is designed to get ALL of your wealth—every dollar of it—to your family. For example, if you are worth $22 million your family will receive the entire $22 million all taxes, if any, paid in full. An Estate Plan only tries to reduce your estate tax burden, but it can’t eliminate it.
- A Wealth Transfer Plan allows you to stay in control of your assets—including your business—for as long as you live, yet removes your assets from the IRS estate tax roll. An Estate Plan can never accomplish these two tax feats.
- A Wealth Transfer Plan protects your assets from creditors and other third parties during your life and after death. An Estate Plan only has a limited ability to protect assets, and only after you die.
- A Wealth Transfer Plan is designed to accomplish your specific objectives—for yourself, your family, and your business. There are two kinds of objectives: your desire to beat up the IRS legally (an easy task for a Wealth Transfer Plan) and the human side of the planning process (objectives like educating your children and grandchildren, treating the children “fairly,” and maintaining your lifestyle), particularly while you are alive. An Estate Plan just can not get the job done in terms of satisfying ALL your objectives.
Q: How can you and The System achieve results that other professionals fail to achieve?
The tax law and economic forces that impact the Wealth Transfer area are simply much too complicated for any one person (or firm) to know. I certainly don’t know it all. I operate on the theory that all of the smartest people—in the Wealth Transfer area—don’t work for me. So to create The System required the input, knowledge, and help of a large number of other competent, experienced professionals. This group of professionals is called The Network.
Q: Does The System work for small estates (Say $10 million or less, for a married couple; $5 million, or less, for a singled individual)?
A Wealth Transfer Plan—using The System—might be necessary to solve your human objectives. If you want to transfer your business to your heir(s) or employee(s), you must use The System to avoid capital gains and income taxes.
Q: Does The System work for large estates (say over $10 million, $20 million, $100 million, or more)?
Always! There is no limit. Once, you work with and understand The System, the answer becomes obvious. The 23 Strategies that are part of The System can be divided into two types: those that take advantage of the discounting values (allow you to legally reduce the value of an asset for tax purposes) and those that get you into a tax-free environment during your life and keep you there for as long as you live and beyond.
The tax-free-environment strategies—the proper use of charity and life insurance—have an unlimited capacity to finesse the estate tax. If you (or both you and your spouse) are not insurable, the proper use of charitable strategies can still get the job done (get all of your wealth, or more, to your family). That’s exactly what Jacqueline Kennedy Onassis did. She created a charitable lead trust. And you can do the same thing.
Q: Do you consult?
Yes. This website has two main goals: to educate people who want to learn an easy way to get the Wealth Transfer results they want and to motivate people who are not comfortable when doing their own planning, to consult with a professional. I am flattered when they select me.
To Contact me for consultation, please click here
Q: Will the IRS accept my Wealth Transfer Plan?
The System designs every Wealth Transfer Plan just as if IRS representatives were sitting on our shoulders watching as we select the right strategies for your plan. All the strategies are legal; none or them are even considered aggressive.
Of course, it should be pointed out that I am a devout coward when it comes to tangling with the IRS. So, we always take a safe route. And, I only work with clients who feel the same way.
Q: Will you give a second opinion on an existing estate plan?
Yes! About half of our consultations are second opinions (on conventional estate plans), which we convert to Wealth Transfer Plans. Second opinions are fun for the client and us. Why? It is easy to compare the results of our Plan (all wealth to the family) to the original conventional plan (typically only reduced the estate tax).
Q: How do you work with The Network?
Over the years, I have developed The Network of experienced and competent professionals such as lawyers, appraisers, insurance consultants, and other professionals, as necessary, to assist people with their Wealth Transfer Plan. All members of The Network, in addition to their technical skills, were selected because they—like me—believe in and practice old-fashioned client service.
I share in commissions from clients I refer to The Network’s insurance consultants. I generally do not share in any fees received by The Network’s lawyers to whom I refer clients. I may or may not share in fees from the experts that I refer.
As a client you will work directly with me. Most of my clients live outside of the Chicago area. The speed of phone, email, fax, and courier has made this method of professional practice an everyday occurrence. It is especially effective because each of The Network experts has a separate specialty. The expertise of the experts, not where they live, is what counts. I coordinate the entire Wealth Transfer Plan and the efforts of The Network.
When an eyeball-to-eyeball meeting is required with me or other members of The Network (often the case), the meeting is quickly arranged.
We work closely with your local professionals.
Q: I want to consult with you, how do we get started?
You have a choice:
Just call me at (847) 674-5295. Let’s chat a bit to see how I can help you.
I will ask for the following information after our initial contact:
For your business. Your last year-end financial statement.
Personal. A current personal financial statement for you and your spouse.
A family tree. Your name and birthday. Same for your spouse, kids, and grandchildren.
Anything else you think will be helpful (for example, wills, trusts, and tax returns).
No checklists. No forms to fill out. The information is the raw material needed to start your Wealth Transfer Plan. Please send your information (by courier) to
4545 W. Touhy Avenue, #602 Lincolnwood, IL 60712.
If I can’t help you, there is no charge.
ADDITIONALLY, if you want a second opinion on your estate plan, you can submit your
details on my contact page or by calling me at (847) 674-5295.