High Net Worth Individuals Serving Hampton Roads for Over 100 Years

Estate Planning for High-Net-Worth Individuals

Proudly Serving Clients in Virginia Beach

At TrustBuilders Law Group, we take great pride in assisting affluent families who need sophisticated estate planning strategies and charitable gifting techniques to protect their hard-earned assets from the IRS and state taxing authorities. From establishing Family Limited Partnerships to creating Personal Residence Trusts and Irrevocable Life Insurance Trusts, we offer a wide range of legal services for high-net-worth clients.

Qualified Personal Residence Trusts

Homes are generally the most valuable assets our clients own, which makes their properties one of the largest components of their taxable estates. With a Qualified Personal Residence Trust (QPRT), you can give away your house or vacation home at a significant discount. QPRTs also lets you freeze the value of the property estate for tax purposes and continue to live in it. When you set up the QPRT, you transfer the title to the home to a beneficiary while reserving the right to live in it for a specified number of years.

If you live to the end of the specified time-frame, the house and any appreciation in its value after the transfer will pass to your children or other beneficiaries free of additional estate or gift taxes. Although you have the option to continue living in the home, you must pay rent to your family or designated beneficiary, otherwise, you have to include the residence in your estate.

Irrevocable Life Insurance Trusts

People often think that their life insurance proceeds won't be subject to Federal Estate Taxes. Although the life insurance proceeds your loved ones receive are free of any income taxes, they are countable as part of your taxable estate, which means your loved ones can end up losing nearly half of the policy’s value to estate taxes.

A properly established and administered trust holds the life insurance policy outside of your estate, keeping the proceeds from being taxable. The proceeds from the insurance policy can then be used to provide your estate with the liquidity to pay estate taxes, debts, and final expenses. The ILIT is the policy owner and beneficiary, so after the trust is established, you can use your annual gift tax exclusion to make cash gifts to your trust. Your beneficiaries forgo the present gift (in lieu of the future proceeds) and the trustee uses the remaining gift to pay the premium on the life insurance policy.

Family Limited Partnerships

A Family Limited Partnership (FLP) is a limited partnership among your family members. The main advantages of forming and funding an FLP are asset protection and estate/gift tax savings. An FLP also allows you to keep control of the transferred assets while enjoying these advantages.

Once the FLP is established and assets are transferred to it, you can make gifts of limited partnership interests to your children or other beneficiaries. The value of each limited partnership interest you give away decreases the value of your taxable estate and, consequently, any tax your heirs would have to pay after you die. Since the gifts are made using the annual gift tax exclusion, you might not have to pay any gift tax on the transfer.

Another benefit is that the value of the partnership interests you transfer to beneficiaries is far less than the corresponding value of the assets in the partnership. Since limited partners can’t direct or control the day-to-day operation of the partnership, a minority discount can be applied to reduce the value of the limited partnership interests you are gifting. Additionally, because the partnership is a closely-held entity and not publicly-traded, a discount can be applied based upon the lack of marketability of the limited partnership interest. This means you can leverage the FLP as a tool to transfer more wealth to your beneficiaries and still retain control of the underlying assets.

To learn more about estate planning strategies for high-net-worth individuals, please give us a call today at (757) 500-5135 to request your free case consultation with TrustBuilders Law Group.

Serving Clients in Virginia Beach Since 1978

At TrustBuilders Law Group, we are a family-owned and operated firm that has been committed to helping clients express their wishes regarding estate planning and asset protection. We are masters in all areas of estate planning, and we have a stellar reputation for providing customized legal services that meet our clients’ unique needs. To learn more about which estate planning options are suitable for your situation, please get in touch with our legal team today.

Call us today at (757) 500-5135 to schedule your free case consultation with one of our seasoned attorneys.

Committed to Family Values and Lasting Legacies

Learn Why People Have Trusted Our Firm for Decades

Committed to Our Community
  • A Family Name That You Can Trust

    The Buxton Family has been serving greater Hampton Roads in law or medicine for over 100 years. We are a 5th generation family committed to supporting the local community. Let our family legacy help build your family legacy.

  • A Price You Can Afford

    TrustBuilders Law Group takes pride in offering modern estate planning at affordable prices. Our plans are prepared at a competitive, value-based flat-fee so you will never have to worry about hourly rates surprise bills.

  • A Staff With Experience and Credentials

    TrustBuilders Law Group has one of the most experienced legal teams in the area. In addition to over 100 years of combined experience, we are the only firm in Hampton Roads with both a Master of Laws in estate planning and Certified Elder Law Attorney on staff. 

  • A Plan With Your Goals in Mind

    TrustBuilders Law Group specializes in creating custom estate plans that focus on your wealth preservations goals. Unlike many boilerplates seen in the marketplace, our documents are state specific, tailored to your needs and contain cutting-edge solutions.

Client Reviews

The Stories That Matter
    They take the time to assess your family's needs and customize a plan right for you.

    “Very knowledgeable and friendly. Attorney Buxton and Carlos are great. They take the time to assess your family's needs and customize a plan right for you. They welcome all questions and make sure you ...”

    - Carolyn E. Blakeney
    Three visits and it was all done!

    “I set up a will, trust, and medical directive. Three visits and it was all done. Effective and at reasonable fees.”

    - Glen Braden
    Wake, you are an "encyclopedia" of estate planning information!

    “Just returned from an excellent session held at the Smithfield Station Conference Center in Smithfield, VA. Presented by Wake (who was assisted by Carlos) the information was presented clearly and ...”

    - Sandra Spivey
/

Schedule Your Consultation With Us Today

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.