Transfer all your wealth – including your business – to your next generation – estate tax free!
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Frequently Asked Questions
Q: How does a Wealth Transfer Plan differ from an estate Plan?
There are many differences, but the five most important differences are:
1. A Wealth Transfer Plan is a Lifetime Plan that attacks your tax problems immediately and solves them during your life. Your Lifetime Plan dovetails with your Estate Plan (really a death plan, because your will and revocable trust only speak after you are gone).
2. A Wealth Transfer Plan is designed to get ALL of your wealth — every dollar of it — to your family. For example, if you are worth $11 million your family would receive the entire $11 million… all taxes, if any, paid in full. (Take a moment… add up the amount of your current worth). Unfortunately, an Estate Plan only tries to reduce your estate tax burden.
3. A Wealth Transfer Plan allows you to (a) stay in control of your assets — including your business — for as long as you live, yet (b) removes your assets from the IRS estate tax roll. An Estate Plan can never accomplish these two tax feats.
4. A Wealth Transfer Plan protects your assets from creditors and other third parties during your life and after death. An Estate Plan only has a limited ability to protect assets, but only after you die.
5. A Wealth Transfer Plan is designed to accomplish your specific objectives — for yourself, your family and your business… During you life and after you pass on. There are two kinds of objectives: (1) your desire to beat up the IRS… legally (an easy task for a Wealth Transfer Plan)… and whether dead or alive; and (2) the human side of the planning process (objectives like educating your children and grandchildren… treating the children “fairly”… maintaining your lifestyle), particularly while you are alive. An Estate Plan just can not get the job done in terms of satisfying ALL your objectives.
Q: Does the new estate tax law (signed by the president in June, 2001) in any way impact or change the information on this website?
The answer is specific: “Yes” in the short-run (during the years 2001 through 2010); “No” in the long-run (after 2010). For a more detailed answer and exactly how you must plan because of the new law, read:
- “The New Estate Tax Law: A Mixture of Confusion and Uncertainty (but Opportunity Knocks)” Please Click Here
- “How to Plan Your Estate under the New and Old Law — Strange, but both are Current Law” Please Click Here
Q: How can you and The System achieve results that other professionals fail to achieve?
The tax law and economic forces that impact the Wealth Transfer area are simply much too complicated for any one person (or firm) to know. I certainly don’t know it all. I operate on the theory that all of the smartest people — in the Wealth Transfer area — don’t work for me. So to create The System (described in the tutorial letter) required the input, knowledge and help of a large number of other competent and experienced professionals. This group of professionals is called The Network.
Q: Does The System work for small estates (Say $2 million or less, for a married couple; $1 million, or less, for a singled individual)?
Yes! But in most cases all that is necessary to avoid the estate tax (you are worth $1 million — $2 million if married) are the proper death documents and proper titles to your assets. However, a Wealth Transfer Plan — using The System — might be necessary to solve your human objectives.
Q: Does The System work for large estates (say $5 million, $20 million, $100 million, or more)?
Always! There is no limit. Once, you work with and understand The System, the answer becomes obvious. The 23 Strategies that are part of The System can be divided into two types: (1) those that take advantage of the discounting values (allow you to legally reduce the value of an asset for tax purposes), and (2) those that get you into a tax-free environment during your life and keep you there for as long as you live and beyond.
The tax-free-environment strategies — the proper use of charity and life insurance — have an unlimited capacity to finesse the estate tax. If you (or both you and your spouse, if married) are not insurable, the proper use of charitable strategies can still get the job done (get all of your wealth, or more, to your family)… That’s exactly what Jacqueline Kennedy Onassis did. She created a charitable lead trust. You can do the same thing.
Q: Do you consult?
Yes. This website has two main goals: First, to educate people who want to learn an easy way to get the Wealth Transfer results they want. Second, to motivate people who are not comfortable when doing their own planning, to consult with a professional… I am flattered when they select me.
Q: Will the IRS accept my Wealth Transfer Plan?
The System designs every Wealth Transfer Plan just as if IRS representatives were sitting on our shoulders watching as we select the Right Strategies for your plan. All The Strategies are designed to be legal; none are considered aggressive.
Of course, it should be pointed out that I am a devout coward when it comes to tangling with the IRS. So, we always take a safe route. By the way, we only work with Wealth Transfer clients who feel the same way.
Q: Will you give a second opinion on an existing estate plan?
Yes! About half of our consultations are second opinions (on conventional estate plans), which we convert to Wealth Transfer Plans. Second opinions are fun for the client and us. Why?… It is easy to compare the results of our Plan (all wealth to the family) to the original conventional plan (typically only reduced the estate tax).
Q: How do you work with The Network?
Over the years, I have developed A Network of experienced and competent professionals such as lawyers, appraisers, insurance consultants and other professionals, as necessary, to assist people with their Wealth Transfer Plan. All members of The Network, in addition to their technical skills, were selected because they — like me — believe in and practice old-fashioned client service.
I share in fees charged to clients I refer to Blackman Kallick (CPAs) and also share in commissions from clients I refer to Network insurance consultants. I generally do not share in any fees received by Network lawyers to whom I refer clients.
As a client you will work directly with me. Most of my clients live outside of the Chicago area. The speed of phone, fax and courier has made this method of professional practice an everyday occurrence. It is especially effective because each of The Network experts has a separate specialty. The expertise of the experts, not where they live, is what counts. I coordinate the entire Wealth Transfer Plan and the efforts of The Network.
When an eyeball-to-eyeball meeting is required with me or other members of The Network (often the case), the meeting is quickly arranged.
We work closely with your local professionals.
Q: I want to consult with you, how do we get started?
You have a choice:
- Just call me at (847) 674-5295. Let’s chat a bit to see how I can help you.
- Send me (then I’ll call you) the following information:
- For your business. Your last year-end financial statement.
- Personal. A current personal financial statement for you and your spouse.
- A family tree. Your name and birthday. Same for your spouse, kids and grandchildren.
- Anything else you think will be helpful (for example: wills, trusts and tax returns). Don’t forget to include all phone numbers: work, home and cell.
No checklists. No forms to fill out. The information is the raw material needed to start your Wealth Transfer Plan. Please send your information (by courier) to Irv
4545 W. Touhy Avenue, Lincolnwood, IL 60712.
If I can’t help you, there is no charge.
Irv shares the podium at a tax seminar with President Bush in Austin, TexasTax-Killing Results
Wealthy by Any Definition
On the Road to Wealth
Applying The System to the Mega-Wealthy
New Estate Tax Law
Confusion, Yet Opportunity
How to Plan Your Estate