Davis & Associates, LLC: Counselors at Law, Laywers in Providence, Rhode Island

Wealth Transfer Planning for High Net Worth Families

High net worth families require a more sophisticated approach to transferring wealth to succeeding generations responsibly and in a tax effective manner.

For such families, we use planning devices such as Irrevocable Life Insurance Trusts, Family Limited Partnerships, Qualified Personal Residence Trusts, Generation Skipping or Dynasty Trusts, and Grantor Retained Annuity Trusts. Many of these techniques provide for tax efficient transfer of assets to beneficiaries without making direct, unrestricted gifts to individuals who may not be mature enough to handle a large and diverse portfolio of assets. Family Limited Partnerships, Limited Liability Corporations and other corporate based entities may be especially helpful in managing family compounds through successive generations with varying levels of participation and use. In addition to advising families, our attorneys also frequently serve as Trustees and Executors when requested.