Effective estate and business succession planning begins with a full review of a client’s desires and objectives. We consult with individuals and their families, together with their other professional advisors, to review existing planning and to consider appropriate revisions. We identify and address issues and strategies related to estate taxes and liquidity problems, transfers of family businesses, and the financial security of spouses, children and other beneficiaries.

MULTI-GENERATIONAL PLANNING
Effective estate planning considers both how to transfer family wealth and the impact of such wealth on future generations. We are mindful of the goals of most individuals to empower their heirs to become successful and motivated, and to avoid creating dependency and indolence.

BUSINESS SUCCESSION PLANNING
Many individuals have accumulated their wealth through the ownership and operation of a family business and may wish to transfer the business to one or more of their heirs or business co-owners. We pay close attention to alternative strategies available and to the dynamics within the family and the business. The business is frequently the key source of family wealth, but its disposition can also generate conflict among family members or co-owners. Proper succession planning is often the key to keeping the former and avoiding the latter.

LIQUIDITY PLANNING
Since taxes — income, gift, estate, excise and generation-skipping — are the primary obstacles to the transfer of family wealth, we focus on avoidance where possible, mitigation if necessary and sufficient liquidity in response.

CHARITABLE PLANNING
Charitable planning may be important for both financial and philanthropic reasons. It’s often a significant part of an individual’s life and may be especially appropriate as a component of an overall estate plan. We have extensive experience in designing and implementing charitable gifts and are nationally recognized as experts in charitable planning.

SPECIAL NEEDS PLANNING
Many families need to address the support of an aging parent, incapacitated spouse or disabled child. We are mindful of these issues in designing estate plans.

INTERNATIONAL ESTATE PLANNING
Non-resident aliens and United States residents who are not citizens have special concerns and opportunities. We have the expertise and experience to advise these individuals regarding special tax saving vehicles to make gifts and leave bequests to U.S. family members. We also advise foreign clients about unique pre-immigration tax planning where appropriate. We offer customized living trusts and other estate plan documentation designed to minimize taxes on transfers of property to spouses who are not U.S. citizens. We have substantial expertise in helping U.S. charities structure grants to foreign charities, since such grants are subject to stringent IRS requirements. Many of our international estate planning clients own multinational corporations, and we advise them on their corporate structures and tax planning as well.

ESTATE SETTLEMENT AND DISTRIBUTION
When an individual dies, the assets must be distributed to the beneficiaries in accordance with the individual’s wishes. This process is necessary whether the individual uses a traditional will or a revocable living trust. Whether representing Executors or Trustees, our goal is to help implement the decedent’s plan as quickly and inexpensively as possible.

DISPUTE RESOLUTION AND LITIGATION
Sometimes the settlement of an estate is neither quick nor amicable. When disputes arise because there are inconsistencies or ambiguities in the documentation, it becomes necessary to resolve the disagreements or protect the interests of family members. This process may involve mediation among the parties, or even litigation, if all else fails. Our attorneys are highly skilled at assisting with these sensitive matters.

TOOLS AND TECHNIQUES

Wills and Living Trusts
These instruments are the basic structures of most estate plans. They need to be designed to fit the family and financial circumstances, as simple as possible and as sophisticated as necessary.

Specialized Irrevocable Trusts
Sometimes the most effective planning requires using irrevocable trusts to receive, hold and administer assets for the benefit of the family. These trusts might be used to acquire insurance, invest gifted assets and protect against future creditors. But anything that is irrevocable requires careful thought and planning. These arrangements may include life insurance trusts, qualified personal residence trusts, grantor retained annuity trusts and special needs trusts.

Family Limited Partnerships
A family partnership may achieve a variety of objectives -- estate tax reduction, value shifting, creditor protection, and family cohesion. Where appropriate, other business structures (such as limited liability companies) are considered.

Charitable Trusts and Foundations
These techniques combine significant income and estate tax advantages with long-term philanthropic benefits. To be most effective, charitable planning must be integrated into the overall estate and financial planning.

Private Annuities and Intra-Family Sales
Such sales may generate current income for the estate owner while substantially reducing the estate tax burden. Income tax planning and estate planning are often closely related. Such planning often includes consideration of the transition of ownership and management of the family business.

Gifting Programs
The tax law permits tax free gifting, but the benefits in each estate plan depend on careful consideration of the amount, type, timing and appropriate recipient.

Conservatorship and Guardianship
Disabled or incapacitated individuals may need the assistance of someone who can manage their personal or financial needs. Court supervision may be necessary or appropriate.

Probate, Estate and Trust Administration
The will of a deceased individual may need to be probated and the assets in a living trust will need to be administered, in order to settle the estate. Each procedure requires specialized expertise and experience, in order to be efficient and cost effective. Wherever appropriate, we utilize special procedures to distribute assets outside of probate and formal court administration.