Establishing Your Legacy Through Family LLCs & Trusts
For many families, the land, money and other assets that comprise estates are worth much more than the sum of their parts. A word I often hear my estate planning clients say is “legacy.”
These clients do not just want to protect their money or ensure that their medical care is handled in a certain way when they grow old or get sick. They want to ensure that their labors, sometimes measured across generations, result in something meaningful and lasting. They want to establish a legacy.
Charitable Contribution Attorney Serving All New Jersey Residents
At Abby N. Cohler, Attorney at Law, in Marlton, New Jersey, I help clients establish and maintain legacies using the tools of estate planning. Two tools I use to great effect are family companies and charitable trusts:
- Family companies, in the form of family limited liability companies (FLLCs) and family limited partnerships (FLPs), enable family members, through their collective corporate entity, to provide gifts to their children, grandchildren and others of their choosing, while minimizing the value of family assets that are subject to estate tax. These entities also protect family assets by limiting the family’s liability in lawsuits by creditors or other parties. Typically, a single manager is appointed to run the company. FLLCs are particularly useful to families with valuable properties such as family farms, seaside cottages or mountain cabins.
- Charitable trusts are a form of trust by which families can channel assets to organizations or causes that are religious, charitable, scientific, literary or educational in nature. A trustee or trustees, who are often members of the family, oversee the trust and make joint decisions about how and where donations are made. Charitable trusts are often an effective way for families to devote their assets to a cause, rather than surrender them to the government through taxes.
Marlton Family LLCs And Trusts Lawyer
Since 1991, I have worked closely with my estate planning clients, listening to their concerns and guiding them toward practical solutions. Retain me, and I will meet with you personally. I will help you define your goals and then reach them.
Whether or not a family company or charitable trust is the right solution for your particular problem, I will be with you every step of the way. Given my experience and success in helping clients, I am confident that I can lead you to the best estate planning solutions available for your situation.
For more information, contact me online at Abby N. Cohler, Attorney at Law, or by calling 856-375-1981. I stand ready to answer your questions and to help you establish a legacy about which your family can be proud.