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North Carolina and Kentucky Estate Planning Attorneys

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Some Estate Planning Tools Provide Dual Benefits

January 16, 2012 by John Potter

Estate planning can involve utilizing various legal instruments, and the best course of action will vary depending on individual circumstances. This is why websites that tell you anyone can plan an estate by simply filling in the blanks on a generic document are painting an incomplete picture.

Your legacy is important, and you and your family deserve personalized attention delivered by an experienced estate planning professional.

Some of the tools used by Estate Planning lawyers in Ashland, KY and Northern Kentucky are particularly efficient because they accomplish dual objectives. One of these is the GST or generation-skipping trust.

If you were to have a child who was a surgeon or in some other profession that was vulnerable to lawsuits, you may want to provide for this individual in a manner that shields the assets from potential claimants.

With a generation-skipping trust, you name your grandchildren as the beneficiaries rather than your children. Although your children can benefit from the trust’s resources, interested parties who have claims against your children cannot target them. So generation skipping trusts provide asset protection.

In addition, they yield tax efficiency because the estate tax is not imposed as the children benefit from the resources that have been placed in the trust. When the grandchildren inherit these funds the generation-skipping transfer tax is due, but one round of taxation is better than two.

To learn more about generation-skipping trusts and other estate planning tools, simply arrange for an appointment with an Estate Planning lawyer in the Ashland or Northern Kentucky area.

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John Potter

Latest posts by John Potter (see all)

  • Our Ashland Trust Attorney Explains How a QTIP Trust Works - February 18, 2019
  • What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019
  • What are the Advantages of an Irrevocable Trust? - February 14, 2019

Filed Under: Estate Planning Tagged With: Estate Planning, Inheritance Planning, Trusts

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Testimonials

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.
DKS & KMS
My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.
Jillian
John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.
David J.

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

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15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

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11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

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7310 Turfway Road
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Florence, KY 41042
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