Estate, Gift, and Generation Skipping Transfer Tax Planning; Income Tax Planning
We advise clients in planning for the orderly administration of their estates after their death, with a focus on minimizing taxes where possible. We provide advice on the impact of estate taxes, gift taxes, generation skipping transfer taxes, and income taxes imposed by state laws and federal laws. This type of planning often begins in the initial client meeting and continues after a client’s death. Federal and state tax systems are often interrelated and must be considered together. In addition, taxes within each of those systems are also often times interrelated. We prepare Federal Estate Tax Returns, Form 706 and Form 706NA, where appropriate, and work with our client’s other professionals in their preparation of other tax returns, such as Federal Gift Tax Returns, Form 709, and income tax returns for trusts and estates, and Form 1041.
We prepare many types of estate planning documents, including the following: Last Wills and Testaments, Revocable Trusts, Irrevocable Trusts, Durable Powers of Attorney, Designations of Health Care Surrogates, Living Will Declarations, and Declarations of Preneed Guardians. We also prepare documents for care of minor children in connection with a client's other estate planning. Common examples of Irrevocable Trusts include the following: Irrevocable Life Insurance Trusts (ILIT), Grantor Retained Annuity Trusts (GRAT), Qualified Personal Residence Trusts (QPRT), Spousal Lifetime Access Trusts (SLAT), Annual Gift Trusts, Intentionally Defective Irrevocable Grantor Trusts (IDIGT), and Grandchildren Trusts.
Planning for estate, gift, and generation skipping transfer taxes also involves planning for income taxes. Due to the nature of our tax systems, these various taxes are often discussed in concert, so that an integrated customized plan can be developed and implemented for each client.