ESTATE PLANNING, ASSET PROTECTION PLANNING AND BUSINESS SUCCESSION PLANNING

We use effective estate planning, asset protection planning and business succession planning for business owners, professionals and executives using wills, trusts, partnership agreements and other strategic planning vehicles.  In all of our work, we keep in mind the objective of minimizing the impact of estate taxes on the estate.

Estate Planning and the New York Estate

Wills, Trusts, Probate and Estates

Wills and testamentary trusts are the cornerstones of an effective estate plan.  That is why the proper drafting of these instruments is so important to a rapid will probate and to the estate's smooth administration.  The omission, for example, of a successor executor can produce a long delay in the probate of the will.  You need to always remember, also, that estate planning is both a federal and state process. So, your estate plan should start with a will and trusts drawn in New York or, if they are drawn in another state, they should be reviewed by an attorney familiar with New York law.

Comprehensive Estate Planning

The will is the basic estate planning vehicle, but it is only a start.  If you have a taxable estate (over $1,000,000 in 2003, $1,500,000 in 2004), your estate plan should take into account potential estate taxes and seek to minimize them.  Some basic techniques to consider are: (1) balance the estates of spouses, (2) tax-smart gift giving to reduce the size of your gross estate, (3) remove existing life insurance policies from your estate by moving them into irrevocable trusts, (4) make sure there are sufficient assets in your name and your spouse's name to take advantage of the available credit shelter deduction, (5) establish charitable arrangements, and (6) arrange to fix the value of your business or professional interest and provide a market for its sale after your death.

Once the techniques are chosen, we draw the appropriate documents.  These may include Wills, Revocable Trusts, Insurance Trusts, Grantor Retained Annuity and Uni-trusts, Qualified Personal Residence Trusts, Charitable Remainder Annuity and Uni-trusts, Shareholder and Partnership Agreements, Family Foundations, Family Partnerships and many other arrangements

Asset Protection:

Asset Protection Planning

In the blink of an eye, an accident can threaten to take everything from you and your family. Litigation by a competitor can destroy your small business.  We work with our clients to design a rational asset protection plan, which may include the incorporation of small businesses, Asset Protection Trusts and Family Limited Partnerships.


Business Succession Planning:

Business Succession Planning for the Corporation, Partnership and Limited Liability Company

A workable business succession plan is a critical part of the organization of a business entity, so that the life of the business is not jeopardized by the death, retirement, divorce or disablility of any of its owners.  In addition to providing for a buyout of a shareholder's interest, a shareholder or partnership agreement would also fix the price for the decedent's interest for estate tax purposes so costly tax litigation can be avoided to determine its value. The plan also should provide for a source of funding for the purchase and the terms of purchase.  

165 EAB Plaza
Uniondale, NY  11556

Telephone
(516) 522-2575

We have devoted a separate website to Asset Protection Planning as an integrated part of estate planning.  Click here to jump to that site.

                                                    Index of Estate Planning Practice Areas

[ Wills,Trusts and Beyond  ]                                                    [ Estate Planning Under the 2001 Tax Act ]    

[ Estate Planning for the Non-Traditional Family ][                [ Asset Protection Planning ]    
                                     
[Business Entity Planning, Formation and Succession Planning]

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