Trusts and Estates

The Bishop Wealth Management Group is a group of financial advisors with over 100 collective years of experience in the investment industry. We believe taking the time to get to know you is a critical part of our process. What you want to leave to your heirs may be clear to you, but how to accomplish this complex task can be difficult. We understand the importance of planning this process and minimizing the tax burden while retaining control as your plans unfurl.

In our planning we will determine your goals and objectives and implement an estate plan that best matches your wishes.

Trusts and estates have their own complexities. We help with reporting and staying abreast of compliance, trust regulations, and estate planning laws.

Whether you’re gifting to trusts or making outright gifts to family, we ensure that your gifting is coordinated with your tax plans.

We provide for the calculation and distribution of disbursements, aspects of record-keeping for tax purposes, and substitutions within the trust.

Determining the right person to carry out your wishes can be daunting. We will work with you as you select the person and assist them in fulfilling their legal and fiduciary obligations. If you already have a trustee or executor in place, we will work with them to ensure your wishes are clear and properly executed.

Family limited partnerships can be a useful tool to pass on wealth to the next generation, in the appropriate situation. A family limited partnership must be handled correctly and great care must be taken in their establishment and administration. We can help in the structuring, implementation, and coordination to maintain tax compliance.

Charitable giving can play an important role in many estate plans. Philanthropy cannot only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die.

A private family foundation can provide great personal satisfaction and tax benefits. However, setting up a foundation is complex. We can coordinate all the experts you need: attorney, accountants, and consultants to make the process successful.

With your estate plan successfully implemented, one final but critical step remains in carrying out a periodic review and update. Your life changes; we help you keep your plan up to date with your changing circumstances. A periodic review can give you peace of mind.