Duncan and Tina are both 65. They live a comfortable lifestyle, spending about $1,600,000 a year after taxes. Their annual income exceeds their spending. With assets worth approximately $62M and annual income of over $7M, they currently pay just over $2M a year in income taxes and have an increasing estate tax and ongoing income tax exposure.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives (approx. $1,600,000/yr. after taxes and gifts).
Assure that Duncan's, Inc. does not have to be liquidated as a result of their death.
Provide a successful transition of the business to their son, Jason, while ensuring an equal inheritance for their son, Jeremy. They would like to leave 50% of their estate to Jason & Jeremy and another 25% to their grandchildren and other family members.
They wish to continue annual giving to their family foundation and ultimately leave 25% of their estate to the foundation at death.
Make sure the company buy/sell agreement accurately reflects the wishes of the family owners in the most tax efficient manner possible.
Eliminate or reduce estate taxes.
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