Family Wealth Transfer FAQ

If you've been blessed with significant wealth, it's perfectly human to want to share that success with your family or others you choose.

The legal system in America, however, does not only have opportunities to accomplish that. It also has pitfalls that must be avoided.

At the Law Offices of Connie Yi, PC, our lawyers have the knowledge and focused experience to guide you effectively in identifying options and making decisions that makes sense for your situation. Here are some questions to consider as you get started.

What about the estate tax?

For high net worth clients, estate taxes can really take up a lot. The federal estate tax affects estates of $5.5 million or more for individuals or $11 million for married couples.

What if you hold a lot of your assets in real estate?

If a lot of your assets are in real estate, the question may be how you come up with cash to pay taxes upon a property transfer.

What is a family limited partnership?

A family limited partnership is a mechanism that can be used to fractionalize family assets in order to minimize tax liability.

How many types of trusts are there?

The short answer is: a lot. There are dynasty trusts, revocable (living) trusts, irrevocable trusts, grantor retained annuity trusts (GRAT) and a number of others as well. It requires careful planning to determine what is right for your circumstances.

What about life insurance?

Life insurance plays a role in family wealth transfer as well. After someone passes, it can help provide liquidity.

Taking Effective Action

To arrange a confidential consultation with a skilled attorney, call our firm at 888-312-6978 or complete the brief online form. From offices in Pleasanton and three other locations, we help clients throughout the Bay Area.

Connie Yi speaks fluent Mandarin and Cantonese.