LEGACY PLANNING | real estate | settlement | legacy | finance
Responsible stewardship of real estate assets as part of family legacy and estate planning is a core principle of LRA's asset management services.
LRA works with our clients toward the goal of maximizing, preserving, and protecting the value of assets during their lifetime, and minimizing or deferring tax and other costs and losses arising on death, divorce, litigation, insolvency, a company sale, or a structured transfer of assets. If a plan has been in place and assets being transferred have been proactively managed, the value and liquidity of the assets is maximized. If the assets have not been positioned properly, quite often the end result is devaluation and increased and unnecessary taxation.
The Challenge: If a client owns a family home or acreage of any nature and intends to turn it over to his or her children, a great deal of planning must be completed by legal and accounting professionals in order to maximize asset value and minimize tax liabilities at the time of transfer.
If, for example, the family home is located on acreage surrounded by encroaching residential and/or commercial development, careful review of historical and future use of surrounding properties must be completed in order to achieve asset protection and avoid devaluation. With preplanning, there are a number of alternatives which could be
implemented so that at the time of tranfer the asset can achieve the highest value and taxes at all levels can be minimized, thus increasing the value of the estate and the benefit received by the client's intended beneficiaries. The costs involved to accomplish this preplanning are usually a fraction of the eventual benefit created for the estate and its beneficiaries.
Together with our associates and professionals, LRA works with our clients to implement an active asset management plan to meet the wishes of our clients and the dynamics of estate law. The responsible and necessary governance of real estate assets will maintain and create growth, value, and liquidity for our clients, their estate, and their eventual beneficiaries.