Practice Areas
ESTATE PLANNING, WILLS AND TRUSTS
Basic Estate Planning
Our services include preparation of Wills, Will Substitutes (such
as Revocable ("Living") Trusts) and Durable Powers of
Attorney for both health care and financial purposes, and coordination
of life insurance and retirement assets with the estate plan.
Advanced Estate Planning
We assist our clients in more advanced estate planning issues,
including techniques to reduce the overall transfer tax (i.e.,
gift, estate and generation-skipping transfer taxes) burden on
the transfer of family wealth through various forms of lifetime
and testamentary transfers. This includes outright gifts, Irrevocable
Life Insurance Trusts (ILITs), Qualified Personal Residence Trusts,
Crummey Trusts, and Family Limited Partnerships, as well as the
preparation of federal Gift Tax Returns.
We also advise clients with respect to the various forms of charitable
gifts for tax and charitable purposes, including outright charitable
gifts, Charitable Remainder Trusts, Charitable Lead Trusts, and
formation and integration with the overall estate plan of Private
Foundations and Supporting Organizations.
Estate Planning Specific to Real Estate, including Farms
and Ranches
Planning for real estate, and in particular farms and ranches,
requires specific strategies unique to real estate. Farms and
ranches, for example, are typically valuable assets representing
substantial portions of a client’s overall wealth, yet do
not have the cash flow that operating businesses will typically
have, thereby creating unique planning challenges. Properly designed
and negotiated conservation easements represent one opportunity
for farmers and ranchers to consider. For many types of real estate
holdings, including farms and ranches, family limited partnerships
should be considered as a vehicle to provide a management tool
and to facilitate transfer of the asset amongst generations. Proper
planning also requires valuation strategies of the underlying
real estate as well as the entity owning the property, including
discounts where appropriate.
Wealth Preservation Planning
Integral to any estate plan is taking steps to ensuring that
a family’s wealth is not unnecessarily exposed to lawsuits,
divorce, and other calamities that can jeopardize a family’s
wealth. Techniques vary depending on a client’s specific
assets and situations, but include use of properly structured
retirement accounts, liability-limiting business entities such
as limited liability companies, and trusts.
PROBATE AND POST DEATH ADMINISTRATION
Our representation of clients for estate planning often results
in our continued retention as counsel for estate administration
upon death. We regularly represent executors (personal representatives),
trustees and beneficiaries with respect to the administration,
taxes, as well as the financial and business planning, involved
at a decedent’s death. This is accomplished through an
informal or formal probate administration of a Will or through
the administration of decedent's Revocable (“Living”)
Trust and includes the preparation of required estate tax returns,
and obtaining proper valuation of assets in the estate.
BUSINESS PLANNING
From the formation of a new entity to planning for the succession
of an existing business, we advise business owners on a wide
range of legal and tax issues affecting their businesses.
Planning Specific to Closely-Held Businesses
We regularly assist clients in forming new businesses, including
the selection of the proper form of entity (e.g. C corporation,
S corporation, limited liability company, general partnership
or limited partnership). However, proper business planning contemplates
not only the formation, but also the exit. As such, we also
assist in negotiating and drafting agreements amongst the owners
of closely-held businesses to prepare for the death, disability,
divorce or departure of an owner. This type of exit planning
will typically require coordination with life and disability
insurance, as well as the application of proper business valuation
techniques.
Planning Specific to Family Businesses
For many of our clients a family business represents their
most significant asset and planning challenge. For many business
owners, business planning is often inseparable from estate planning.
A comprehensive plan will address the issues unique to family
business interests including inter-generational family ownership
succession, continuity of management, valuation planning, and
positioning the owner’s estate for favorable transfer
tax provisions applicable to business interests (e.g. “special
use valuation” and installment payment of estate taxes).
REAL ESTATE
Real Estate Transactions
Real estate transactions must be handled with the utmost care
and attention to detail. We represent clients with negotiating
the purchase and sale of residential, commercial, vacation and
ranch properties, whether for personal use or for investment purposes.
Such services include the negotiation, drafting and review of
purchase and sale agreements, easements, deeds, in addition to
title examinations and tax advice regarding the transaction (such
as like exchanges, installment sales, and integration of use of charitable trusts).
Real Estate Asset Protection
We work with clients to create limited liability vehicles, such
as a limited liability company, and other arrangements designed
to minimize litigation and other risks inherent in real estate
ownership.
Estate Planning For Real Estate
Estate planning for real estate, and in particular farms and
ranches, requires specific strategies unique to real estate. Farms
and ranches, for example, are typically valuable assets representing
substantial portions of a client’s overall wealth, yet do
not have the cash flow that operating businesses will typically
have, thereby creating unique planning challenges. Properly designed
and negotiated conservation easements represent one opportunity
for farmers and ranchers to consider. For many types of real estate
holdings, including farms and ranches, family limited partnerships
should be considered as a vehicle to provide a management tool
and to facilitate transfer of the asset amongst generations. Proper
planning also requires valuation strategies of the underlying
real estate as well as the entity owning the property, including
discounts where appropriate.
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