We work with clients to prepare estate plans to meet their personal objectives and minimize estate, gift, generation-skipping, and income taxes. These estate plans include Durable Powers of Attorney, Health Care Proxies, Living Wills, HIPAA Authorizations, Wills and Revocable Trusts. We also integrate various types of Irrevocable Trusts including Irrevocable Life Insurance Trusts (ILITs), Grantor Trusts, Special Needs Trusts, Grantor Retained Annuity Trusts (GRATs), Crummey Gift Trusts, Dynasty Trusts, Asset Protection Trusts, Qualified Personal Residence Trusts (QPRTs), and Spousal Lifetime Access Trusts (SLATs). When appropriate, we integrate limited liability companies (LLCs) and other entities to own real estate or family businesses. We are experienced at preparing estate plans for a broad range of clients at all wealth levels – including individuals, married couples, unmarried couples, and same sex couples.
We advise clients about gifting strategies to provide for children and grandchildren, including the best uses of the gift tax lifetime exclusion. Our estate plans are designed to minimize probate and to simplify the transfer of assets at death. To accomplish these goals, we give clients specific advice about titling of assets and prepare custom beneficiary designations for retirement accounts. When appropriate, our estate plans incorporate asset protection strategies.
Recent engagements include:
- Planning for a couple with an estate of over $100 million.
- Designing an estate plan for a wealthy individual that includes gifting to Irrevocable Trusts for the benefit of children and grandchildren.
- Preparing an estate plan for a couple with an estate of less than $500,000, including a Revocable Trust for the benefit of minor children.
- Designing an estate plan for an unmarried same sex couple to minimize potential claims by children of a previous marriage.
- Designing an estate plan for an unmarried same sex couple without children who wished to leave assets in trust for each other as well as other family members.
- Gifting vacation homes using various strategies, including gifts of fractional interests, Qualified Personal Residence Trusts (QPRTs), and Limited Liability Companies (LLCs).
- Preparing an estate plan for a couple who formerly resided in a community property state and incorporating their community property in the plan.
- Designing a complex estate plan for a client that coordinates assets held in multiple trusts created by parents and other family members.
- Planning for non-U.S. persons who own U.S. assets to minimize taxes and maximize transfers to U.S. family members.