Emerging Trends in Estate Planning for 2022
The field of estate planning, like other areas of law, is constantly evolving. While the basics of estate planning remain relatively consistent, there are new trends that may influence a person’s estate planning decisions.
Here are a few examples of some current estate planning trends:
Family limited partnerships: Family limited partnerships exist to enable grantors to give lifetime gifts without giving up control of their business. These partnerships allow younger generations to be involved in running the family business, while beneficiaries can benefit from profits, interest or dividends generated by the partnership. Other benefits may include reduced gift taxes, exclusion of future returns from estate taxes and interest tax-free gifts to individuals up to the gift tax exclusion.
Qualified personal residence trusts: These irrevocable trusts are popular as a means of transferring an individual’s residence outside of their estate. The grantor may receive income generated from the property, such as rental income.
Dynasty trusts: These trusts are long-term trusts designed to pass down wealth to multiple generations.
For more information about some of the estate planning tools that have been popular of late, contact an experienced Tampa, FL estate planning lawyer at BaumannKangas Estate Law.