Page 85 - Ultimate Guide to Estate Planning

to make sure it's viable. You can do that
synthetically in estate planning. However, you
can't easily do that with a LegalZoom type of

product. You can match your principles in
ways that you can't really do using internet-
based forms.

Should I start giving wealth while I am
alive?

If your estate (net worth plus life insurance) is
taxable (above $2,000,000 in Minnesota in

2018 and slowly migrating upward thereafter),
you may want to consider giving some of your
wealth to them while you’re still alive
pursuant to the annual exclusion ($14,000

annually) or even using some of your lifetime
gifting exemption (which correlates with your
estate tax exemption).

One of my favorite ways of gifting to the next
generation while you’re still alive involves the

creation of a family limited liability company.
Essentially, you create the family limited
liability company and you start gifting an
interest to each of your intended heirs

(normally correlating with the annual
exclusion). The family limited liability

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