Estate Tax Planning Attorney
Estate tax planning involves much more than simply drafting a will or trust agreement. A proper estate plan establishes the mechanisms and procedures for managing and disposing of ones assets during life and after death. The proper drafting of a will, trust, and other wealth transfer documents can help to ensure that your wishes are honored and that your loved ones are effectively provided for, while minimizing or deferring the impact of state and federal gift and estate taxes.
The law firm of Longman & Van Grack has years of experience working with clients and their accountants, financial planners, insurance representatives, and investment advisors to ensure the clients wishes concerning their property are respected. We get to know you, your family, your assets, your business, and all other important aspects of your life that will guide our preparation of your estate plan. We work with you to create estate planning solutions to foreseeable problems, whether tax related, interpersonal, or financial, to afford the highest possibility of avoiding discord and litigation as your plan is implemented.
Essential to the efficient administration of any estate or trust is the avoidance of unnecessary federal and state taxes, including income, inheritance, estate and gift taxes, as well as the less-familiar generation-skipping transfer tax. Our attorneys are experts at minimizing the tax burdens of estates. We know the difference between tax minimization techniques that work legally, and those that are likely to be disputed by the IRS or state tax collectors.
Trusts are a time-tested tool for transferring wealth responsibly. Special Needs Trusts, Education Trusts, Animal Trusts, Irrevocable Life Insurance Trusts (ILITs), IRA Stretch Trusts, Qualified Personal Residence Trusts (QPRTs), Dynasty Trusts, Intentionally Defective Grantor Trusts, Offshore Trusts and Asset Protection Trusts are all options for our clients with specific wishes.
Grantor Retained Annuity Trusts (GRATs) and Grantor Retained UniTrusts (GRUTs) are an excellent way to make a low cost hedged bet. If the assets in the trust go up higher than expected, the wealth passes down to your heirs free of estate tax. If the assets underperform, they come back to you.
Charitable Remainder Trusts and Charitable Lead Trusts can be wonderful tools for passing wealth down in a tax efficient manner while benefiting the charities that you care most about.We have also helped families establish private or public charitable foundations.
For families that have significant wealth or complex dynamics, it is often advantageous to set up a Family Limited Liability Company (FLLC) or a Family Limited Partnership (FLP) in order to better manage the assets while you are alive and after you pass away. Additionally, there are frequently incidental tax advantages in setting up these types of structures.
Whether your financial planning team has already determined what tax planning tools will benefit you and you only need an attorney to implement them, you would like your existing plan audited or updated, or you are looking for an attorney to help you develop a plan, our experienced team of attorneys are ready to help you meet your estate planning goals.
Contact the law firm of Longman & Van Grack today at (301) 291-5027 to schedule a consultation. Our experienced team of lawyers, based in Bethesda and Rockville, Maryland, are prepared to serve you.