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 and 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; taxation; and planning documents, including stockholders ("buy-sell") agreements.