These trusts may be complex and should be handled by an expert in trust administration. A properly structured ILIT could save you a significant amount in estate taxes on any insurance proceeds. Second Marriages Estate planning for second marriages can be complicated, especially when children from the first marriage are involved. Careful estate planning can ease family tensions and help you pass along a greater amount of assets at a lower cost. Distributions of principal from the trust will be taxed as if they were part of the estate of the citizen spouse.
Improper planning can cause the loss of significant sums, even the loss of the business itself.
A family limited partnership is one way to avoid this situation. Your Estate Planning Advisor will work with you to develop plans for management succession, business inheritance and valuation. Back to top Services from Wachovia Private Financial Advisors may not be available in all states.