Wills, Trusts, Estate & Tax Planning

The Firm’s attorneys regularly prepare simple and complex wills, trusts, powers of attorney and health care proxies, and work to ensure that the client’s intentions are accurately reflected while minimizing estate taxes whenever possible. Our attorneys strive to become familiar with the client’s family and financial circumstances, and they work closely with the client to develop critical documents such as the following:

• Powers of Attorney and Health Care Proxies are simple and inexpensive to prepare and are among the foundational pieces of a sound estate plan. Who would you designate to manage your affairs and make decisions on your behalf if you become unable to do so?
• Planning for Retirement Assets such as IRA’s and “Qualified Plans” – With a view towards maximizing the income tax deferral available.
• Revocable Living Trusts – Intended to avoid probate, and to provide a clear road map as to the management of the client’s assets before and after death.
• Irrevocable Asset Protection Trusts- Designed to protect a client’s home and savings and enable the client to qualify for assistance through Medicaid.
• A client’s Last Will and Testament or Revocable Living Trust may require one or more of the following provisions:
• Disclaimer Trusts – A flexible approach intended to preserve the State and Federal estate tax exemptions.
• QTIP Trusts – To take advantage of the marital estate tax deduction while controlling the ultimate disposition of the Trust.
• Sprinkler Trusts – Giving broad discretion to the Trustee in providing benefits to a class of beneficiaries, such as young children.
• Generation Skipping Trusts (or “Dynasty Trusts”) – Allowing the client to utilize the generation skipping transfer tax exemption by benefiting grandchildren and more remote descendants.
• Supplemental Needs Trusts – Providing benefits to a disabled beneficiary without disqualifying the beneficiary from governmental assistance, such as Medicaid and SSI.
• Charitable Remainder Trusts and Charitable Lead Trusts – An estate tax savings tool intended to benefit the client’s loved ones as well as charitable concerns.
• Qualified Domestic Trusts – To preserve the marital estate tax deduction in the event the surviving spouse is not a U.S. citizen.
• Other tax saving strategies which we frequently employ
  for clients include:
• Life Insurance Trusts – Enabling the client to exclude life insurance proceeds from his or her gross estate for tax purposes, while at the same time ensuring that the proceeds will benefit a spouse, children or other intended beneficiaries.
• Qualified Personal Residence Trusts (QPRT) – A mechanism for gifting a future interest in one’s residence or vacation home at deeply discounted gift tax values.
• Valuation Discounts in Gifting – Utilizing family limited liability companies or family limited partnerships.
• Contemplating marriage? We’ll assist you with a Prenuptial Agreement to protect assets in the event of death or divorce.
• We believe that a thorough understanding of the estate and income tax laws, and the manner in which they interrelate, together with a personal knowledge of the client’s needs, is the foundation for a sound estate plan.