Estate & Tax Law: Trusts & Estate Planning

There are few areas of the law which have undergone more change in recent years than the tax laws - estate tax, gift tax, income tax, and the generation-skipping transfer tax.

The estate planning process begins with a careful analysis of the client's holdings, their estimated value, and whether they are held individually or in joint names. Business interests, life insurance, and employee benefits are examined. Our goal is to understand and implement the wishes of our clients in the most tax-efficient manner.

We do not believe that tax considerations should be the controlling factor in estate planning, but we are prepared to guide our clients to solutions which are right for them personally and which utilize all possible tax-savings techniques. From simple wills for people of modest means to sophisticated estate planning, we have used such planning devices as aggressive gift programs to family members, revocable (living) trusts, testamentary trusts, life insurance trusts, charitable gifts of various kinds and personal residence trusts.

Estate planning also includes planning for possible future disability. In counseling our clients, we recommend that consideration be given to durable powers of attorney for financial matters, and advance medical directives for health care. When the time comes, we can assist in probating the Will, assembling all the assets, obtaining appraisals, carrying out any corporate buy-sell agreements, filing the required papers, acting on claims against the estate, filing the final income tax returns for the decedent, and investing available cash.

Throughout this process we maintain complete and accurate records of the estate, file periodic accountings with the family and as required by the court, file the income tax returns for the estate, file the U.S. estate tax return if the value of the estate requires it and make numerous tax elections. Case & Dusterhoff, LLP can act as attorney for the estate. Our role will vary with the circumstances and the experience of the personal representatives. We are prepared to take a leadership role in the administration of the estate or carry out specific tasks as may be assigned. The administration of an estate requires a combination of technical know-how, attention to detail, and the ability to work comfortably with the family.

Estate Planning

Proper estate planning can offer protection of your assets and security. It can also assist in building your retirement income, reducing taxes, and providing for your loved ones. Some of the estate planning issues which you may address with an attorney's assistance include the following:

Trusts

Revocable Living Trusts do everything a Will does and in addition, they also avoid the time and expense of probate and may save you thousands of dollars in federal estate taxes. As a rule, a Revocable Living Trust enables you to transfer as many of your assets as you wish into the name of the Trust, thereby avoiding probate. You can be the trustee, thereby making all decisions about the assets. You can have the right to end it any time you wish. Who needs a Revocable Living Trust? Anyone with an estate that would be subject to probate should have a Revocable Living Trust.

Life Planning

New technology has helped modern medicine to expand the life expectancy of adults, and it is likely that many of us will live longer than our parents. Legal issues have arisen when strokes, heart attacks and other medical catastrophes may result in conditions that make it impossible to decide for ourselves our wishes for life support. In the area of life planning, an attorney can assist you in determining whether to give financial power of attorney to another individual to assist in making important decisions regarding your finances. Other issues in this area include:

These decisions are often difficult to make and many people simply avoid them. However, proper planning can prevent litigation, aggravation, and family feuds if the state becomes the decision maker regarding your assets and your health.

At Case & Dusterhoff, LLP, you can set up a consultation with Alex Golubitsky to determine if any estate or life planning decisions should be made now, before you are too ill to properly decide for yourself what to do with your life and your property.