Specialty Areas

Estate Planning to Reduce Taxes, ranging from simple and basic to the most sophisticated complex tax planning situations, including: federal estate tax, gift tax, generation skipping transfer tax, and interrelated income taxes. Tax planning tools include: structuring Wills with bypass trusts for the unified credit exemption amounts, marital bequests and marital ("QTIP") trusts for the marital deduction; life insurance trusts; qualified personal residence trusts ("QPRT"); integration of retirement plan distribution requirements, beneficiary designations and minimization of taxation; charitable trusts and foundations; family limited partnerships; analysis of assets with titling and beneficiary recommendations; "Crummey" trusts for annual tax exclusion gifts; generation skipping transfer trusts; and many others.
Estate Planning, ranging from simple to very involved. There is no set minimum or maximum size estate. Personal planning tools include: Wills (Last Will and Testament); revocable living trusts (when appropriate); testamentary trusts; irrevocable trusts; elder law; advice concerning selection of fiduciaries, such as, guardians for minor children, personal representatives (executors), and trustees; trusts for minors and for disabled persons.
Estate and Trust Administration involves after-death administration of an estate, including probate, dealings with the Register of Wills Office and the Orphans' Court; preparation of federal and state estate tax returns and forms; preparation of fiduciary income tax returns; representation on audit with IRS; trust administration and record keeping.
Powers of Attorney & Advance Directives comprise discussion and preparation of Durable General Power of Attorney (including "springing" power of attorney) for legal and financial matters; preparation of Durable Health Care Power of Attorney and Advance Directive (living will).

Closely Held Business Planning encompasses formation of a closely held business through succession planning to transfer a business to the next generation with minimal tax and transition consequences. Formation includes discussion of form of entity: incorporation, limited liability company, limited and general partnership, sole proprietorship; and taxation; planning documents include stockholders ("buy-sell") agreements.

Chris A. Owens

Areas of Practice