High Net Worth Advanced Planning Case Study


Ben and Sara are 55 and 54 respectively. They own and operate a very profitable well drilling and maintenance business. These growing annual profits have allowed them to continue purchasing significant oil and gas rights and land that has increased their net worth by $30M in 5 years. Ben and Sara spend about $250K a year and want approximately another $750K a year for discretionary and other expenses. Their business currently generates $925K of taxable income and they have depreciation and depletion add back of over $1.5M which provides significant income tax deductions and free cash flow.

The primary planning goals were to:

Maintain their customary base lifestyle need of $250,000 with approximately another $750,000 for discretionary and other expenses.

Provide for the financial security of the surviving spouse.

Assure they have sufficient liquid assets available at their deaths to eliminate the forced liquidation of business or real estate assets.

Provide a strategic methodology for current and future charitable giving.

Maximize the inheritance that they leave for their children and grandchildren.

Create a succession plan.

Eliminate or reduce estate taxes.

Reduce income taxes if possible.

You can also view our recorded case study webinar here: http://www.slideshare.net/inknowvision.

InKnowVision is a leader in designing plans that work for high net worth clients in the areas of taxation, estate planning and business planning. Advisors rely on InKnowVision to solve complex problems for their high net worth clients and families.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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