Compass Estate and Tax Planning

Estate planning typically encompasses the creation of essential legal documents such as wills, trusts, and powers of attorney. These instruments work together to form a comprehensive strategy for managing and distributing assets, both during life and after death.

Special Needs Trusts (SNTs) are specialized legal arrangements designed to provide financial support for individuals with disabilities while preserving their eligibility for essential government benefits. SNTs allow individuals with disabilities to receive supplemental financial support without jeopardizing their eligibility for means-tested government benefits like Medicaid and Supplemental Security Income (SSI). These trusts hold and manage assets for the benefit of a person with disabilities, covering expenses not provided by public assistance programs.

Elder Law and Medicaid Planning focuses on issues of older adults. Often this will involve planning for potential future care needs, such as nursing home care or in-home assistance. Medicaid may be used to cover the cost of skilled nursing, but there are strict eligibility requirements and Medicaid will look to recover the cost after you are gone through estate recovery. Proactive Medicaid Planning involves positioning your assets so you can qualify for Medicaid and to protect your assets. With advance planning, you can ensure that you will have something to leave behind to your family and loved ones.

Complex estate and tax planning involves sophisticated strategies for high-net-worth individuals and families to manage their wealth, minimize tax liabilities, and ensure efficient transfer of assets across generations.

Charitable trust planning allows individuals to support charitable causes while enjoying potential tax benefits and periodic income payments.

Trust administration refers to the tasks associated with managing the assets, distributions, and filings of a trust. It involves carrying out the intentions of the trustor (the person who created the trust) and fulfilling various fiduciary duties, including managing investments and paying taxes.

Proactive tax planning is a strategic approach to managing your taxes throughout the year, rather than just at tax filing time. It involves taking deliberate steps to minimize your tax liability while maximizing your financial well-being.

Most business owners pay more in taxes than they should and are totally blind to the simple legal tax strategies available to them that can instantly put more money in their pockets every year — which means more money for your family, greater freedom, and a bigger opportunity to build a lasting legacy.