Ivan Hernandez Discusses Strategic Estate Planning with Financial Advisor Magazine

While the goal of a good estate plan is to transfer the wealth and business of a family to heirs with minimal taxation, unintended consequences can also be hidden within estate planning structures. In a recent article in Financial Advisor Magazine, Omnia Family Wealth Co-Founder and Managing Director Ivan Hernandez discusses one client couple whose neglected estate plan was missing a small detail that had the potential to result in huge tax liabilities. After working with the couple, Hernandez was able to correct their estate planning issues, avoid a big tax bite and make their estate plan whole again through effective plan revisions.

“As I always do, I asked for their tax filings and estate planning documents, even though they said their estate plans were set,” explains Hernandez. “When I do this, I often find some requirements that are not being complied with, or some things that could be done in a more advantageous way for the client. The estate planning documents show me what the family had done. One deep conversation and understanding will reveal what the family is truly trying to accomplish and what might be possible.”

This, along with various other fixes that followed with years of Omnia collaborating with estate planning attorneys and tax counsel, helped ensure that this specific couple was able to transfer their assets, which included the majority of their family’s business, to their children efficiently and without an added estate tax burden.

Read the entire Financial Advisor Magazine article here.

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