Our firm believes that tax law is critical to many aspects of estate and business planning.
We consider the tax implications in every plan we develop for our clients.
Understanding Tax Consequences
Failing to understand the tax ramifications of a particular transaction or plan usually has adverse consequences. For example, consider a gift of highly appreciated real estate to a child. After a period of 3 years, this serves to remove the property from your estate for estate and inheritance tax purposes. However, when your child subsequently sells the real estate, he or she will pay capital gains tax on the appreciated value. If your child receives the real estate as an inheritance upon your death rather than as a gift during your lifetime, he or she will receive a “step-up” in basis to the current fair market value and all prior appreciation escapes capital gains taxation.
Depending upon individual circumstances, we can provide traditional estate planning advice, including the drafting of wills, revocable trusts and powers of attorney for health care and property, or employ more sophisticated estate planning techniques, such as irrevocable insurance trusts (ILITs), specialized trusts, family limited partnerships and limited liability companies.
Our many years of professional experience in tax and estate planning enable us to help our clients minimize their income and estate taxes consistent with their other planning objectives.