Trusts, Estates, Probate and Tax

Estate Planning and Administration

One of the finest gifts any of us can leave to our loved ones is an orderly arrangement for the transfer of our assets at death, one which minimizes the risk of discord among the children or other heirs, and cuts the burden of the federal estate tax. We have lawyers who specialize in the complex areas of the federal estate tax, the federal gift tax, and the generation-skipping transfer tax. Through experience, a number of us have gained useful insights into estate planning techniques which will help avoid family controversy after the tragic loss of a loved one, including:

• Transfer of Assets without family discord
• Reduction of Estate, Gift and Generation-Skipping Taxes
• Family Partnerships and LLCs
• Grantor-retained Annuity Trusts (GRATs)
• Life Insurance Trusts
• Qualified Personal Residence Trusts (QPRTS)
• Generation-skipping (dynasty) Trusts
• Charitable Remainder Trusts and Charitable Lead Trusts
• Closely-held Business Transfers at Death or Retirement
• Long-term Payout of Estate Taxes on Closely-held Businesses
• Installment Sales to Heirs and Trusts
• Asset Protection
• Foreign Tax Issues
• Probate/Estate and Trust Administration
• Private Foundations and Other Philanthropic Estate Planning
• Trusts for the Disabled or Improvident

Serious and comprehensive advance planning is necessary if the federal tax burden is to be managed. We help clients define their goals and then to achieve those goals while minimizing the tax burden. We, of course, work with all of the major techniques for the reduction of gift and estate and GST taxes. However, the essence of the estate planning art is not just knowing the various techniques, but rather, it is fitting them to the needs of the particular family situation.

Among other methodologies, we work with family limited partnerships and limited liability companies, annual exclusion trusts, life insurance trusts, grantor-retained annuity trusts (GRATS), qualified personal residence trusts (QPRTS), sales to grantor trusts, charitable lead trusts, charitable remainder trusts, the long-term payout available for taxes on closely-held businesses (Section 6166), use of marketability/minority discount to reduce taxable values, and techniques for reducing tax by having the estate borrow funds for tax payments.

Many of our clients wish to have some assets pass to charity, rather than to the government. We offer expertise in private foundations, supporting organizations, gifts to donor-directed charitable funds, conservation easement donations and, as mentioned, charitable lead trusts and charitable remainder trusts.

We are familiar with the various ways in which life insurance can provide security, funds for payment of taxes, and tax reduction. We can provide objective advice with respect to appropriate levels of coverage and types and cost of policies.