Contrary to popular belief, Estate Planning is not just for the ultra-wealthy. Everyone can and should consider this type of planning.

Your estate includes everything you own, from your home and car to your savings and investments, life insurance and social media passwords. An estate plan is a set of documents that lets you choose who will manage your assets and make medical decisions for you if you become incapacitated. Reach out to Pacific Crest Wealth Management for expert assistance.

Estate taxes are levied on the value of a deceased person’s estate upon death, and they’re one of the major considerations for those who plan to leave behind a significant amount of wealth. The good news is that the top rate is relatively low, and heirs typically shield a large percentage of an estate’s remaining value from taxation through generous exemption levels and discounts.

A decedent’s taxable estate is a snapshot of all of his or her assets at the time of death, and it includes cash and securities, real estate, life insurance policies, trusts, annuities and business interests. The taxable estate does not include any debts or mortgages, however, and the value of each item is determined using fair market values rather than their original cost.

During the planning process, care is taken to ensure that any income tax ramifications of decisions are considered. This is particularly important for those who transfer ownership of a business to family members, as doing so can compromise the favorable passthrough tax treatment provided by the Internal Revenue Code.

For example, if a family member inherits ownership of an operating business, the participation rules in IRS Form 706 may impact whether losses can be deducted from the business’s income. While case law supports such deductions, the IRS has indicated that it could potentially issue regulations in this area. As such, it is essential to carefully consider the participation rules when transferring business ownership and consult with a knowledgeable professional before making any changes.

Gift Taxes

As you go about estate planning, you may consider gifting assets to save taxes. However, before you do this, make sure that you understand how gift taxes work and what their implications are. A financial professional or wealth manager can help you set up structures to avoid gift tax penalties. In general, a gift tax is imposed on the giver for gifts made in excess of certain limits and thresholds. It can be calculated based on the fair market value (FMV) of a gift on the date that it is given to the receiver. This can include a bond, a share of stock in a public company or privately held shares, real estate or other assets such as artwork and collectibles. For these items, a qualified valuation expert will be needed to determine their value.

In general, most people do not pay gift taxes, especially if they use a technique known as a Crummey power. For example, if you are giving money to your spouse or children as a means of support, it is generally exempt from the gift tax. Similarly, if you are paying directly for tuition or medical expenses for another person, it is also usually exempt. However, most monetary exchanges that do not meet the above criteria are fully taxable.

The annual gift tax exemption is currently $17,000 per giver, per recipient. Any amount that you give above this limit must be reported on a gift tax return. The amount that is gifted over the annual exemption is subtracted from your lifetime gift tax exemption. However, you should not worry about this if you make regular gifts and use proper planning techniques.

Inheritance Taxes

An inheritance tax is levied on property, investments and/or money that heirs receive after someone’s death. The taxes can be a significant impediment to passing on assets. Since only six states currently impose them (and they’re expected to reduce to five), some people relocate or work with their advisors to find ways around these fees. One common strategy is to set up a revocable trust while you’re alive. This is typically paired with a will that directs all probate assets to the trust for management and distribution to beneficiaries after death. This way, you can avoid gift and estate taxes while retaining complete access to and control of your assets during your lifetime.

Another strategy is to remove assets from your taxable estate by giving them away during your lifetime. The value of your gifts is generally not taxable under the federal estate and gift taxes, but they may be in some cases in the state where you live. For example, New York has a state-level gift tax, but it’s not imposed on transfers from a living person to a trust that’s properly established and managed.

A third approach is to establish a generation-skipping trust, which can help you minimize federal inheritance taxes. The IRS defines a “skip” as the inclusion of an asset that passes from you to your grandchildren, rather than your children. The generation-skipping trust can also help you avoid a transfer penalty that might otherwise apply if you use the annual gift tax exclusion to give assets directly to your grandchildren.

Trust Funds

Trust funds are an integral part of many people’s estate planning, allowing them to limit their tax liability in ways that may not be possible through a traditional will. They are available for a number of purposes, and it is best to consult with a legal professional to determine what type of trust will best meet your needs and goals.

The grantor of the trust, who is typically the person who set up the fund, will decide how and when assets will be distributed to beneficiaries. These options may include a lump sum payout, installment payments, real estate property deed transfers, physical item transfers and more. Trusts can be revocable or irrevocable, and different types of trusts exist for specific purposes, including protecting assets from creditors, providing for individuals with special needs, avoiding probate and more.

There are monetary and time costs associated with setting up and managing a trust, but they can provide peace of mind and tax benefits that are not available through a will. Moreover, while some people think trusts are only for the wealthy, there is no minimum net worth required for creating one.

If you are interested in learning more about trust funds, talk with your employer’s human resources representative or contact a legal services benefit expert at your company. They can help you navigate your options and ensure that your estate plan is fully in place and up to date. They can also help you find an attorney if your employer offers a legal insurance benefit, which provides access to a network of lawyers for a monthly fee. The more you plan, the better chance your family and loved ones will receive the inheritance you’ve worked so hard to provide for them.

Wills

A will is an important document that allows you to decide how your estate should be distributed upon your death. It also lets you name guardians for children and any pets you might have. It can also specify healthcare directives, such as how you would like to be treated if you are terminally ill.

If you don’t have a will, your state’s laws will determine how your assets are distributed and who gets custody of your children. This can result in expensive legal battles and family disputes. It also means that your estate might end up paying unnecessary taxes.

When you make a will, it’s important to include all of your assets and debts. You can do this by putting together a list of everything you own, including bank accounts, stocks, real estate and other personal property. This will help your executor understand the value of your estate and determine if any taxes are due.

You should also list any beneficiaries who you want to receive your assets. This could be a spouse, children, friends or other relatives. If you’re leaving cash, you should include instructions on how and when the executor should transfer it. This can be done through a letter of instruction that’s kept with your will.

If you have minor children, it’s essential to include a provision in your will that creates a trust for them. This will let the executor manage your child’s inheritance until they are old enough to handle it. You can also include specific instructions about when they should receive certain assets, such as when they finish school or get married. If you need to update your will, it’s best to consult a lawyer or use an online will maker.

Steel buildings are quick to construct and offer a wide range of customization options. They also have a low likelihood of damage from earthquakes and severe weather. These features make them a great choice for commercial projects like warehouses, aircraft hangars and storage units.

Choosing a reputable steel building manufacturer is essential to ensure the project’s success. Look for manufacturers who follow construction standards and best practices set by industry organizations. Visit https://www.oksteelbuildings.com/ to learn more.

Steel buildings are an excellent option for commercial construction because of their durability and longevity. They withstand harsh weather conditions, such as heavy snow and high winds, which reduces maintenance costs. Additionally, they are non-combustible, which adds an extra layer of safety and security for building occupants. The durable material is also energy efficient, lowering operating costs by maintaining a comfortable temperature.

The upfront cost of a steel building can vary depending on the design, materials, and location. The initial price tag can include costs such as engineering, design and materials, foundations, labor, and permits. It is important to consider these factors when budgeting for a steel building project.

To keep the initial cost of a steel building low, choose a simple design without complex architectural elements and customizations. These designs are easier to fabricate and assemble, reducing the overall cost of the structure. Moreover, opting for a clear-span structure will eliminate the need for interior support columns, lowering the cost even further. The position and size of framed openings such as roll-up doors, walk doors, and windows can also affect the building’s ability to brace, adding to its overall cost. In addition, insulation and other energy-efficient features can increase the initial cost of a steel building, but will save money on heating and cooling costs in the long run. This makes steel buildings a great choice for retail spaces, as they offer design flexibility and functionality.

Durability

The durability of steel buildings is one of the key benefits that distinguish them from other construction materials. They are highly resistant to environmental factors, such as scorching heat and freezing cold, and they’re impervious to pests and fire. They also offer flexibility for expansion and modification, which is especially useful in the commercial and industrial sectors.

The longevity of steel buildings is largely dependent on the quality of their materials and the standards they’re built to. In addition, these buildings are highly resistant to harsh weather conditions, such as hurricanes and tornadoes. They can also resist earthquakes and volcanic eruptions. The lifespan of a steel building is also influenced by the way it’s maintained. Routinely maintaining and inspecting a steel structure can lessen repair costs, ensure exceptional performance, and extend its life span.

The durability of a steel building in Washington is affected by many different factors, such as the environment and climate in which it’s located. The state’s coastal environment and rainy weather necessitate the use of adequate protection against moisture and corrosion. In addition, specialized insulation helps to regulate temperatures. Lastly, corrosion resistance is critical, as steel structures are more vulnerable to it than concrete. When coupled with durable epoxy and aluminum alloy coatings, these corrosion prevention treatments can prolong a steel structure’s lifespan. This is a crucial benefit, particularly in a humid and coastal environment like Washington.

Reliability

The durability and reliability of steel buildings make them a great choice for a variety of purposes. They can withstand earthquakes, harsh weather, and other natural disasters that would cause damage to structures built with traditional materials. In addition, they can be erected much faster than buildings made with other materials. For example, a steel building can be constructed in just a few weeks, compared to months for a traditional wood building.

The Northridge earthquake in 1994 produced extensive damage to different types of structures. It also highlighted the brittle failures of welded connections at very low levels of plastic demand. These observations motivated researchers to study the behavior of steel buildings under the action of seismic strong motions.

In the past, most people associated steel construction with industrial facilities and commercial property, such as offices and warehouses. However, steel is increasingly being used for residential and agricultural buildings. This is because the strength of steel offers a unique aesthetic and high level of durability.

In addition, metal-framed homes can withstand the harsh weather conditions that plague many areas in the US. They are less likely to become damaged by hailstorms, snowstorms, flooding and heavy winds. These qualities also make steel buildings a popular option for homes in the US. Moreover, they are adaptable and can be easily modified to accommodate a future homeowner’s specific design requirements. This means that buyers can save money and still get a reliable building for their home.

Energy efficiency

Steel buildings are a green option for many reasons. They offer superior energy efficiency compared to other types of construction materials, including wood and concrete. This is because steel is less dense, which allows for a more open layout that maximizes use of space. The low density also makes it easier to install insulation, which cuts down on energy costs. Additionally, a steel building’s metal frame can be built on shallow foundations. This reduces the amount of soil that needs to be disturbed, which also helps reduce environmental impact.

Energy savings can be increased through the use of cool metal roofing, deflective awnings and advanced lighting options. In addition, the ability to add skylights and solar tubes increases natural light, reducing the need for artificial lighting during the day. Other energy-saving features like ridge vents and louvers can improve ventilation, which reduces the need for mechanical systems to regulate temperature.

Insulation is key to maximizing energy efficiency in a steel building. It keeps heat from escaping the building in the winter and cool air from escaping in the summer, lowering the demand for heating and cooling. Insulation is available in a variety of thicknesses and materials, including spray foam and polyisocyanurate rigid board insulation. Consult with your designer to determine what type of insulation is best for your steel building.

Design flexibility

Steel buildings are remarkably adaptable and expandable, which makes them ideal for many different types of businesses. They can be constructed in a variety of shapes and sizes, and offer a range of exterior finishes that are attractive and affordable. In addition, they are extremely durable, so they can withstand the elements and keep looking good for a long time. As a result, they can actually end up appreciating in value over the years.

The design flexibility of a metal building enables architects to experiment with the aesthetic of the structure, creating stand-out structures that reflect their clients’ brand image. Steel building components also fit together easily on site, reducing construction schedules. This accelerated timeline is particularly beneficial for users who need their facilities to open on time.

In addition to allowing for a variety of aesthetics, steel buildings are able to accommodate large, open spaces. This makes them perfect for sports complexes, gyms, and recreational centers. Additionally, they can be easily expanded in the future to meet the needs of growing communities.

Unlike traditional wood building construction, steel components can be welded and bolted to create unique designs. They are also easy to erect, requiring minimal labor and saving money on construction costs. Once completed, a steel building will last for decades and requires very little maintenance. This low-maintenance approach significantly reduces operational expenses in the long run.

Safety

Steel buildings are designed to withstand the elements, including harsh weather conditions like lightning storms. They are also resistant to corrosion, rust and other forms of damage. This means that they require less maintenance than other building materials, which can save money in the long run and ensure safety.

Unlike wood and other traditional construction materials, steel isn’t vulnerable to rot or insect infestations. Moreover, the material is non-conductive, so it doesn’t conduct electricity to nearby structures. This is a vital safety feature, as it prevents electrical discharges from damaging the structure and posing fire hazards.

In addition, steel has high ductility levels, meaning that it can bend without breaking. This makes it much safer for occupants to evacuate the building in case of a fire or other disasters. Steel’s durability and versatility also make it a great material for fire-resistant walls.

Despite the superior safety features of steel buildings, there are certain safety risks that need to be addressed. These safety hazards can be avoided by adhering to strict fire standards, conducting regular inspections and implementing preventive measures. It is also important to install alarm systems that can detect unauthorized entry and exit, as well as the presence of water or smoke. This can alert you and your family members immediately in case of any emergency situation. Also, make sure that the floor of your steel building is safe and dry to avoid slips and falls.