Wills provide a simple and cost-effective way to determine how your estate will be distributed. For clients with children, wills provide an effective means to determine who will serve as a guardian for the children in the event of the parents’ death.
Wills containing trusts are a powerful estate planning tool. Our “credit shelter” trusts help to minimize state and federal estate taxes and provide for continued asset management. Trust wills can also provide for the support and education of minor children, the medical needs of disabled family members, and asset management and protection for the surviving spouse.
Revocable Living Trusts
Living trusts are an excellent means to maintain family privacy, avoid the costs of probate proceedings, and provide for ongoing asset management in the event of disability. Like our trust wills, living trusts can often significantly minimize state and federal estate taxes.
Often our clients benefit from the donation of assets. In appropriate cases, charitable trusts provide estate planning benefits by establishing additional cash flow, while providing a much-appreciated contribution to a designated charity. Let us show you how leaving a legacy can have financial benefits for your estate, as well as for your favorite charitable organization.
Personal Residence Trusts
Clients who own a home or vacation home that they wish to pass on to their children or grandchildren may benefit by creating a personal residence trust. Personal residence trusts allow you to “freeze” the value of a residence and prevent the appreciation of the property from being subject to estate tax.
Succession Planning for the Closely Held and Family Business
Unfortunately, many family-owned businesses do not survive succession to the next generation upon the death of the business owner. This is often due to lack of proper succession planning. Our estate planning and corporate attorneys work together with you to prepare and execute an effective succession plan and minimize taxation.
Estate Planning for the Larger Estate
Larger estates require special estate planning services. ILIT’s, FLP’s, FLLC’s, GRITS, GRATS, GRUTS, SCINS, and gifting programs are just some of the techniques available to reduce estate taxes and transfer assets. Our years of experience with high wealth clients enable us to handle even the most complex estate planning issues.