Frequently asked questions
Why do I need an estate plan?
An estate plan protects your family, preserves your wealth, and ensures your wishes are carried out. Without one, state law decides — often with unnecessary taxes, delays, and costs. The right plan provides clarity, flexibility, minimizes taxes, and delivers tax-advantaged solutions to secure your legacy for generations to come.
Why do we need to review our existing life insurance policies?
Life insurance is often sold and either forgotten about or abandoned by the original agent or broker. Our life's circumstances and objectives change regularly, including the motivations for purchasing prior policies. Existing policy reviews allow for better solutions to address life's changing circumstances.
When do I need an estate plan?
Sooner the better. Delaying often limits options, increases taxes, and risks, leaving your personal decisions to state law and probate courts.
How often should I review my estate plan?
Review your estate plans every 3-5 years and immediately after any major life event. Major events include tax law changes, marriage, divorce, new children/grandchildren, family death or disability, sale or purchase of a business, moving to another state, significant net worth change, etc.
How can I protect my estate if a child divorces or faces creditors?
We can structure trusts, life insurance, and business ownership plans to shield assets from creditors, predators and failed marriages — protecting your heirs and preserving your legacy.
How do I ensure all my children are treated fairly?
Through succession planning, buy-sell agreements, and tailored insurance designs, we structure your estate to balance active and inactive heirs. Fairness and clarity prevent disputes and preserve family harmony.
Can life insurance help protect my family’s inheritance?
Absolutely. Life insurance can:
- Provide tax-free liquidity at death
- Cover estate taxes without needing to sell assets
- Equalize inheritances among children
- Support charitable giving while preserving your legacy
How do I maximize the wealth passed to the next generation?
A tailored mix of trusts, insurance, and tax strategies allows you to retain and transfer more of your estate efficiently, preserving your family’s financial legacy and long-term vision.
How can I protect my estate from changing tax laws?
Flexible plans, regularly reviewed to adapt to new laws, family changes, or unexpected events. Trust structures and provisions, insurance designs allow for adjustments as circumstances evolve.
Will my heirs face capital gains taxes?
It depends on the type of asset. Many receive a step-up in cost basis at death, reducing capital gains taxes. Some accounts, like retirement plans, require careful planning to avoid unnecessary taxation.
Can my assets generate income for my heirs now without triggering large taxes?
Yes. We structure your wealth to provide immediate income or benefits for heirs while deferring or minimizing taxes — giving your family access without compromising your long-term legacy plan.
How can I legally reduce estate and inheritance taxes?
We design tax-advantaged plans using life insurance, trusts and charitable strategies to minimize taxes while maximizing what reaches your heirs. The right mix can significantly reduce estate and inheritance costs without compromising your goals.
What is a sophisticated wealth transfer plan and why do I need one?
A sophisticated wealth transfer plan aligns all aspects of your estate including legal, insurance, tax, investment planning with the flexibility to adapt to your changing circumstances. A design that ensures your plan is protected and family goals are met with high efficiency. A legacy lasting for generations.
Can charitable giving reduce my estate taxes?
Yes. Tools like charitable trusts or donor-advised funds let you support causes you care about while reducing estate taxes. Combined with wealth replacement strategies, your heirs’ inheritance remains intact.
Are there strategies for cross-border families or foreign nationals?
Absolutely. We create U.S. and international solutions that balance tax efficiency, legal compliance, and asset protection for families with cross border ties.
How can I start working with Delp & Co?
It’s simple. Schedule a free estate plan and insurance policy review, and we’ll assess your current plan, goals, and priorities to craft a clear, actionable recommendations tailored to your family.
How can I reduce probate costs and speed up asset transfer?
Properly structured trusts, joint ownership structures, and strategic gifting, we work to eliminate probate delays and expenses, ensuring heirs receive assets efficiently.
What are the biggest risks to my estate?
Without proper planning, 40–50% of your estate could be lost to taxes, probate, or family disputes. We design strategies to protect your wealth and ensure it passes efficiently to your heirs.