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Emma Lazarus
The New Colossus - Emma Lazarus
Long Term Asset Erosion Solution: The Generation Skipping Trust
We have what is called the American Dream here in the United States, and part of it involves opportunity. When people try to make villains of those who have been successful to garner support for high taxes they seem to lose sight of that fact.
Anyone, even an immigrant, can conceivably build wealth here. The Emma Lazarus sonnet emblazoned on a plaque near the Statue of Liberty entitled "The New Colossus" says it all: "Give me your tired, your poor, your huddled masses yearning to breathe free, the wretched refuse of your teeming shore. Send these, the homeless, tempest-tost to me, I lift my lamp beside the golden door!"
The American Dream revolves in part around the opportunity to create abundance, and perhaps ironically, when you do, the estate tax is standing by to take it from you. When you look at the 35% rate of the tax objectively without considering the fact that it was recently reduced and apply it to your legacy over a number of generations the results are startling.
In a nutshell, depending on the size of your estate, this rate allows the government to absorb around half of your legacy over two generations. If you take no action to protect your assets, the IRS will eventually get everything and a few generations down the line your family will be starting over with only the exempt portion of your original legacy to work with.
To protect at least a portion of your hard earned assets you could create a generation skipping trust. With these instruments you name your grandchildren as the beneficiaries rather than your children, and though your children don't own the assets they can draw distributions from the trust and use the property placed therein. When they pass away, your grandchildren assume ownership of the assets, and though both generations enjoyed support from the trust there is only one estate tax levy to contend with.
About the Author
Our firm is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. When you visit or call our office, we want you to feel comfortable discussing such an important issue concerning both you and your family. We want to arm you with the information you need to make an informed decision about your family's future. Alan L. Augulis is a leading provider of expert estate planning guidance in Warren, NJ. For more information on skipping trust and other estate planning services, visit our website.
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Frequently Asked Questions...
What are Lauren Tarshis children's names?
I am doing a bookshare and I need to get the information exact Please help! She is the author of Emma Jean Lazarus books! Emma Jean Lazarus Fell out of a tree and Emma Jean Lazarus Fell in Love. Thanks!!
Answer:
Jeremy, Dylan, Leo, and Valerie.
