Guerra Tax and Wealth Planning

12/14/2022

https://www.guerratwp.com/cpa
Guerra TWP, PA works hand-in-hand with CPAs nationwide to assist clients in developing strategies to minimize income taxes, minimize estate taxes and increase the wealth protection afforded to their client's assets. By working directly with CPAs, we are able to develop a holistic plan to accomplish the client’s goals.

Additionally, Guerra TWP is a unique estate planning practice in that we have a heavy focus on state and federal income tax planning, in addition to general estate planning and wealth transfer planning.

Please contact us to schedule a meeting to discuss how we can assist to achieve your client’s tax and wealth planning goals.

CPA's Working with Attorneys at Guerra TWP, PA

11/12/2022

NEW PUBLICATION (Click to Read):

Clever Tax Minimization and Wealth Preservation Strategies Utilizing Incomplete-Gift Trusts

Publications - Guerra Tax and Wealth Planning, PA

10/17/2022

www.GuerraTWP.com

11/03/2021

Wealth Planning Services
by Guerra Tax and Wealth Planning

Providing creative tax and wealth planning strategies in an ever-changing economic and political landscape

10/16/2021

Wills and Trusts https://www.guerratwp.com/willsandtrusts

It is important for you to have properly structured estate planning documents to effectuate your intentions. This is most frequently accomplished through a combination of a Will and one or more Trust Agreements. Wills and Trusts are legal documents that name a beneficiary for your assets.

If your estate planning documents are not properly structured, or are out of date, problems may be triggered, including payment of unnecessary taxes, exposure to creditor claims and potentially exposing the assets loss in the event of a child’s or other beneficiary’s future divorce.

If you die without a valid Will or Trust, your will have an “intestate estate” and the default laws of the state of Florida will decide how your assets will be distributed. This may result in many negative implications. Therefore, it is important to have a well designed estate plan in place.

Wills
A Will is a written legal document with instructions for disposing of assets after death. A Will can also contain the nomination of a guardian for minor children.

A Will is a public document, which may pose an issue to you. Additionally, any assets passing under a Will will pass through a court administered process of “probate” and is enforced through a Probate Court, which can increase costs and cause time delays in the administration of your estate.

Trusts
A Trust is typically also a written document which creates a fiduciary relationship between one party (the “Grantor” or creator of the trust), who transfers assets to a second party or parties, known as the “Trustee.” The Trustee manages, invests and distributes the assets under the instructions provided by the Grantor of the Trust for the benefit of the beneficiary or beneficiaries designated under the Trust.

Many tax minimization and wealth preservation benefits may be achieved through the bifurcation of legal ownership of the assets (which is held by the Trustee) from the beneficial ownership of the assets (which is held by the beneficiary or beneficiaries). The Trustee generally has a duty to account to the beneficiaries of the trust.

A Trust also has the ability to avoid probate and unlike a Will, a Trust is a private document. When probated, a Will becomes part of the public record, while a Trust remains private and only the beneficiaries know the contents of the Trust. The establishment of only a Will is initially less expensive, but when it comes time to distribute property, a Trust can avoid the costly probate process while a Will cannot.

Typically, a Revocable Trust is established and funded with the assets which would otherwise pass under your Will, so that they can pass outside of probate. If structured as a “Revocable Trust” rather than an “Irrevocable Trust,” the Trust can be modified at any time before you die.

However, a Revocable Trust cannot provide the additional creditor protection and certain tax savings which an Irrevocable Trust can offer. Many clients have both a Will, a Revocable Trust and one or more Irrevocable Trusts to optimize income tax and estate tax minimization and wealth protection maximization.

Guerra TWP is able to evaluate your specific situation and analyze any existing Wills and/or Trusts to determine the structure which will effectuate your goals. It is specifically important to have your estate planning documents reviewed after certain events occur, such as a birth, death, marriage or divorce in the family. It is also important to have your estate planning adjusted if you have moved to a new state.

10/16/2021

Snowbird/Residency Change Planning

Due to the impact COVID and/or for income tax and estate tax minimization purposes, many individuals have either partially or totally changed their residence to Florida.

If your family has moved to Florida, or is contemplating such a relocation, it is important that the transition be implemented in a proper fashion and that the change of residency is properly reported for income tax purposes. Mistakes in the transition or incorrect reporting could trigger tens of thousands in unreported tax, interest and penalties if audited by the tax authorities of New York, New Jersey or California. Guerra TWP can advise you in this transition so that you can seamlessly change your residence to Florida (which levies no personal income or estate tax) to achieve substantial tax savings.

When you change your domicile to Florida, it is also important to execute new Florida estate planning documents, make the proper declarations of domicile, file for the Florida Homestead exemption, etc. Guerra TWP can assist you in these important steps.

Guerra TWP is well versed in various states’ income and estate tax laws. We routinely advise clients in structuring of their personal and business affairs to minimize state and local income taxes and estate taxes whether before, during or after a change in domicile.

Guerra Tax and Wealth Planning

10/16/2021

Accepting Applications (Career Link Below)

We offer exceptional career opportunities for entry-level and experienced tax and estate planning attorneys, aspiring graduates, paralegals and administrative professionals who want to work in a creative, dynamic, and team-oriented environment.

https://www.guerratwp.com/careers

10/01/2021

WEALTH PROTECTION PLANNING is an integral component for every properly structured estate plan. With the soaring number of lawsuits in the United States, it is important that wealth preservation is considered. Without proper planning, the claims of a future creditor could wipe out your business or your family’s savings.

Wealth preservation planning begins by analyzing and maximizing the statutory and constitutional exemptions afforded to you in your home state. Additionally, business entities and in-state and out-of-state trust structures may be established to increase the wealth protection afforded to your asset holdings. We work with attorneys, accountants and trust companies in states with wealth protection trust legislation, including Nevada, Delaware, Alaska and South Dakota, to protect and preserve our clients’ assets for the future benefit of their families.

www.GuerraTWP.Com/wealthprotectionplanning

Wealth Protection Planning | GuerraTWP

10/01/2021

www.GuerraTWP.com/services

Providing creative tax and wealth planning strategies in an ever-changing economic and political landscape