Estate Planning For Business

Estate Planning

Business Succession

We work with business owners to ensure the well-managed transfer of a family business to the next generation, while reducing taxes, maintaining family harmony, and providing business continuity. We have been a leader in establishing and working with family limited partnerships and LLCs. We regularly employ grantor-retained annuity trusts (GRATS), intentionally defective irrevocable trusts (IDITS) and other sophisticated freeze techniques. Where applicable, we employ and establish asset protection trusts.

Estate and Gift Tax Planning

Estate tax reduction strategies have led us to implement qualified personal residence trusts (QPRTS), and various types of QTIP arrangements including contingent QTIPS, Clayton QTIPS, conventional QTIPS and lifetime QTIPS. We often utilize life insurance to ensure the liquidity of estate trusts; depending on the circumstances, we may employ irrevocable life insurance trusts, including Dynasty trusts in various states.

Charitable Giving

We advise clients relative to traditional methods of giving, including gift annuities and charitable trusts, as well as specialized means to achieve specific philanthropic goals, including establishing and administering corporate or private foundations.

Litigation

We work with members of our litigation practice to defend and contest trusts, wills, deeds, and other conveyances for improprieties due to undue influence, lack of mental capacity, and other issues that could call the validity of the instrument or conveyance into question.