Professional Services
The Law firm provides professional services in the following categories:
- Consultation and advice on legal matters relating to taxation, trust and estate planning and administration, business planning for the closely held enterprise and charitable planning
- Document preparation including wills, trusts, powers of attorney, advance medical directives, and other agreements
- Registrations and qualifications of entities including formation of private foundations, partnerships, limited liability companies, etc.
- Representation before the IRS and various state and local authorities
Presently, the demand for estate planning services is high based upon a number of factors including the legislative changes in the estate and gift tax laws, the aging of the baby- boom generation, and the wealth transfer opportunities and challenges of our clients. We highlight the services to be undertaken in the area of estate planning and administration below.
Estate Planning
Planning
The estate planning process involves identifying and discussing client goals and objectives, reviewing assets and beneficiary designations and developing personalized estate plans. Important considerations include appointment of guardians for minor children, eliminating probate, management of assets during incapacity, preserving assets for children and grandchildren, and developing strategies for minimizing federal and state estate and generation skipping transfer taxes. Our attorneys will work closely with your accountants and financial advisors in order to develop an integrated and comprehensive estate plan.
Document Preparation
After developing a customized estate plan, we will prepare the necessary documentation to implement the plan. Foundational estate planning documents may include wills and revocable living trusts. Durable powers of attorney and advance medical directives are important ancillary documents. Strategies for minimizing transfer and income taxes may include documents creating grantor retained annuity trusts, irrevocable life insurance trusts and conduit trusts and formation documents establishing family limited partnerships or limited liability companies.
Asset Titling and Funding of Revocable Living Trusts
Actual transfer of legal title of your assets to the trustee of your revocable living trust is an important implementation step if you wish to achieve the advantage of minimizing probate and providing for management in the event of your incapacity. We can provide assistance with the transfer of assets to your revocable trust, including the preparation and recordation of a new deed titling your real estate in your trust.
Estate and Trust Administration
Estate Administration
We assist clients who have been appointed personal representative of a decedent’s estate and/or trustee of a decedent’s trust. Our services include assisting with qualification as personal representative, including preparation of required information and documents necessary to obtain Letters of Administration; obtaining a federal tax identification number for the estate and the trust; assisting with the valuation of estate assets; preparation of the estate inventory; preparation of periodic accounts for the estate and trust; assistance with distribution of the estate and trust assets in accordance with the decedent’s will or trust agreement; and planning for the estate and trust with respect to taxes, distribution and investments.
Estate Tax Compliance
Tax reporting and compliance, representation before tax authorities, tax planning, and other matters on behalf of the estate and trust may include preparation of the U.S. Estate (and Generation Skipping Transfer) Tax Return, determination of filing requirements for other jurisdictions, preparation of one or more state estate or inheritance tax returns, determination of fiscal year election, preparation of income tax returns for the estate and trust and preparation of the decedent’s final individual income tax returns.