Estate Tax Planning
While almost everyone has a need for basic estate planning to avoid probate, certain families and individuals must factor in estate tax impacts on the assets they leave behind. Our clients have worked hard building and maintaining wealth during their lifetimes and estate tax planning can ensure hard-earned money lands in the right hands and not with the federal government. While the estate tax threshold changes almost every year, an individual who has over $5,000,000 should seek an attorney with significant estate tax planning expertise.
Your beneficiaries can greatly benefit from comprehensive estate planning by utilizing the current estate tax and gift tax exemption amounts and freezing the size of their taxable estate as early as possible. The estate tax rate is presently 40% so planning to eliminate or reduce estate tax liability in advance of wealth transfer can allow a family to keep its assets in tact and avoid a sale at an inopportune time.
Our attorneys can provide you guidance and work alongside with your other trusted advisors to create a plan that fits your lifestyle, family needs and assets. Our years of expertise enables us to provide our clients a focused list of proposals and illustrations to ensure clarity and understanding before any client decisions are made. While irrevocable gifting trusts are commonly used in estate tax planning, there are many other non-controversial tools available to meet client needs. We understand that this process can be overwhelming; it is our firm’s commitment to you that our plans are designed to be understood and easy to implement for our clients and their other trusted advisors. We collaborate to meet your long term family and estate tax goals. Here are some common and well-established estate tax planning tools available to our clients.
- Irrevocable Gifting Trusts (Generation Skipping Trusts, Children’s Trusts)
- GRATs (Grantor Retained Annuity Trust)
- Sale to a Defective Grantor Trust (IDGT)
- Spousal Lifetime Access Trusts
- ROTH IRA conversions
- Direct gifting
- Charitable Remainder Trusts
- Charitable Lead Trusts
- Intra Family Loans
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Charities We Support
We dedicate pro bono time, volunteer services, and a percentage of our gross revenue to these organizations. In 2023, we sponsored a refugee family of five to come to the United States and start a new life.
Each year our law firm decides as a group which charities to assist with our time, money, and expertise. Please feel free to click on any of the charities below and make a donation of your own.
