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Advanced Estate Planning Tax Strategies: An Educational Guide for Columbus, Ohio

  • Parkview Partners Capital Management
  • 16 minutes ago
  • 3 min read

Overview of Advanced Estate Planning


Advanced estate planning involves techniques designed to help organize complex assets, support long-term goals, and address potential tax considerations. For individuals and families in Columbus, Ohio, these strategies may complement traditional estate documents by helping manage how wealth is transferred across generations.


This guide provides a high-level overview of several commonly used estate planning structures. Each strategy carries important legal and tax implications, and its suitability depends on individual circumstances.


The Role of Irrevocable Trusts


Irrevocable trusts are frequently used in advanced planning because assets transferred into them are generally removed from the grantor’s taxable estate. While irrevocable structures limit the grantor’s ability to change provisions later, they may offer advantages in long-term planning.


Common Types of Irrevocable Trusts


**Irrevocable Life Insurance Trust (ILIT)**An ILIT is designed to own life insurance outside the taxable estate. When structured correctly, policy proceeds may provide liquidity to beneficiaries without increasing the estate’s taxable value.


**Qualified Personal Residence Trust (QPRT)**A QPRT permits the transfer of a primary or secondary residence into a trust while the grantor retains the right to live in the property for a defined term.


**Grantor Retained Annuity Trust (GRAT)**With a GRAT, the grantor contributes assets in exchange for an annuity over a specified term. Any appreciation above the IRS Section 7520 rate may pass to beneficiaries at reduced gift-tax cost.


Key Considerations


  • Appropriateness of asset type (e.g., appreciating assets, real property)

  • Long-term liquidity needs

  • Administrative requirements and trustee selection

  • Interaction with other estate documents


Lifetime Gifting Strategies


Gifting during one’s lifetime is another approach to reducing the size of a taxable estate while supporting beneficiaries.


Examples of Gifting Approaches


  • Annual Exclusion Gifts: Allows gifts up to the annual IRS exclusion amount per recipient.

  • 529 Plan Funding: Contributions qualify as gifts; some individuals choose to front-load five years of gifts.

  • Direct Payments: Payments made directly to educational or medical institutions on behalf of another person may fall outside gift-tax rules.


General Considerations


  • Impact on long-term cash flow

  • Differences between outright gifts and gifts to trust

  • Coordination with state and federal tax guidance


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Charitable Planning Approaches


Philanthropic objectives can be incorporated into estate strategies in a variety of ways.


Charitable Remainder Trust (CRT)


A CRT provides an income stream to designated beneficiaries for a term, with remaining assets distributed to charity at the end of the trust period.


Charitable Lead Trust (CLT)


A CLT provides an income stream to a charitable organization for a defined period, with remaining trust assets eventually passing to non-charitable beneficiaries.


Donor-Advised Funds (DAFs)


DAFs allow donors to make contributions, receive an immediate deduction subject to IRS rules, and recommend grants to charities over time.


Considerations


  • Structure (annuity trust vs. unitrust)

  • Administrative responsibilities

  • Alignment with philanthropic goals

  • Tax treatment based on contribution type


Business Succession and Estate Planning


For Columbus business owners, succession planning is often essential to long-term continuity.


Common Tools


  • Buy-Sell Agreements: Establishes the terms for transitioning ownership.

  • Family Limited Partnerships (FLPs): Consolidates family assets and may support structured transfers.

  • Employee Stock Ownership Plans (ESOPs): May help provide liquidity and a future ownership pathway.


Planning Factors


  • Timing and valuation

  • Tax implications of ownership transfers

  • Coordination with estate documents and liquidity planning


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Bringing the Components Together


Estate planning benefits from collaboration among financial, legal, and tax professionals. Because laws can vary by state—and strategies may have long-term implications—customized guidance is important.


A comprehensive plan often includes:


  • Updated legal documents

  • Defined succession structures

  • Asset-titling reviews

  • Coordination among advisors

  • Periodic updates as life circumstances change



Disclosure:


Investment advice offered through Stratos Wealth Partners, Ltd., a registered investment advisor. Stratos Wealth Partners, Ltd and Parkview Partners Capital Management are separate entities. Neither Stratos nor Parkview Partners Capital Management provides legal or tax advice. Please consult legal or tax professionals for specific information regarding your individual situation. Investing involves risk, including possible loss of principal. The information presented is for educational purposes only and should not be interpreted as individualized investment, tax, or legal advice. Past performance is not indicative of future results. For more information, please review our Form ADV, available upon request.


 
 
 

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Financial Advisor, Investment Advisor, High Net Worth, Wealth Management, Tax Planning, Risk Management, Financial Coordination, Retirement Planning, Charitable Giving, Columbus Ohio, Parkview Partners Capital Management

291 East Livingston Ave.
Columbus, OH 43215


Phone: (614) 427-2132

Fax: (614) 427-2132

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