Many people may not realize that charitable planning intersects with estate and business succession planning. Combining a charitable strategy and the sale of a business is a great way for owners to minimize taxes and provide equity for the next phase of their lives.

A trust is a legal document that allows a third party, or trustee, to handle your assets in the event of death or incapacity. People set up trusts to help manage their assets during their lifetime and after death. In the event of death, trusts make sure that your beneficiaries receive your assets according to your wishes. They can assist you in caring for dependents that may struggle with financial inexperience, addiction, or illness. In the event of incapacity, they also ensure that you get the type of care you need.

For many people, estate planning can seem like a complex and intimidating process. With so many nuances in state and federal laws, it can be difficult to understand the tax implications associated with estate planning decisions.