The trust and estate attorneys at Flaster/Greenberg represents business owners, executives, and other individuals in the protection and preservation of personal wealth through estate, tax, business continuity and lifetime gift planning, as well as estate administration and resolution of estate or trust disputes. In an ever-changing environment, we take advantage of all available techniques to reduce the impact of Federal and State estate, gift, generation-skipping, and inheritance taxes, which together can claim more than half of an individual's taxable estate. At the same time, we recognize that successful planning should be about more than taxes - it should also be sensitive to fundamental personal issues and family dynamics. We pride ourselves on personalized, practical advice that takes into account all of the needs and goals of our clients.
Estate Planning
Our trust and estate attorneys recognize that estate planning is more than drafting a will or trust. The growing complexity of tax laws and diversity in assets makes sophisticated estate planning more important than ever. Our integrated approach to personal planning blends the most advantageous methods of wealth preservation with appropriate estate planning techniques to produce an intelligent, cohesive and dynamic management of your affairs. We are experienced with the specialized problems of non-US citizenship, non-traditional family situations, international assets, and closely held and professional businesses. Our estate plans are customized to the particular needs, goals and wishes of each client and carefully integrated with business and family realities.
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Lifetime Gift Planning
Whether your gifting intentions are charitable or closer to home, we recognize the importance of incorporating lifetime gifting techniques into an estate plan for our clients. We listen to our client's desires and develop a gifting plan that will achieve the most advantageous results to meet the client's tax and personal gifting goals, We may use such techniques as qualified personal residence trusts ("QPRTs"), grantor-retained annuity trusts ("GRATs"), grantor-retained income trusts ("GRITs"), irrevocable life insurance trusts ("ILITs"), Crummy trusts, charitable foundations, family limited partnerships and limited liability companies, as well as other tools appropriate for your estate plan.
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Drafting Wills, Trusts and Other Estate Planning Documents
We have decades of experience in drafting wills, trusts, and related estate planning documents tailor-made for our clients. We are familiar with the creation and maintenance of all types of lifetime and testamentary trusts that we customize to achieve your goals of transferring your assets to your desired beneficiaries while reducing the cost of transfer taxes imposed by the federal and state governments. We also utilize General Durable Powers of Attorney, Medical Powers of Attorney and Living Wills to provide our clients with estate plans that are designed to handle unexpected lifetime contingencies.
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Business Succession Planning
We are experienced in handling the complex problems relating to our clients' closely held businesses and the issues involved in the transfer of a business from one generation to the next, equalization of assets among beneficiaries, minimization of estate taxes and liquidity for payment of estate taxes to avoid sale of the business. Business succession planning can include preparation of buy-sell agreements, shareholder agreements, and other agreements or plans to transfer interests during life or at death and to provide liquidity.
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Administration of Estates and Trusts
In addition to creating individualized estate plans, our attorneys can professionally advise executors and trustees on the proper and most tax-efficient means of administering probate and non-probate estates and trusts. Our administration services include post-mortem tax planning, Federal and State tax filings, trust accounting, and the distribution of estate and trust assets.
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Guardianships and Conservatorships
Whether due to minority or incapacity, the creation of guardianships or conservatorships is often necessary to carry out an estate plan or provide for the needs of an individual. Our attorneys have handled the creation of guardianships and conservatorships for a variety of circumstances, as well as challenging and dissolving such arrangements where they were no longer appropriate or necessary.
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Trusts and Estates Dispute Resolution
Our attorneys have extensive experience in representing executors, trustees, and beneficiaries in disputes involving trusts and estates. These disputes may involve will contests, identification of beneficiaries, appointment or removal of executors, conflicts of interest, and other matters. We make every attempt to avoid the cost and burdens of trials, but our attorneys are prepared to pursue the rights of our clients in court where necessary.
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Asset Protection
Federal and State estate, gift, generation skipping, and inheritance taxes are not the only threat to personal wealth. Others include:
- Liability from serving as an officer, director, or similar capacity
- Liability as guarantor for the debts of another
- Professional malpractice liabilities
- Suits by former business partners
- Personal injury damages suffered by a person on or around your property or vehicle
- Liability arising from professional malpractice or personal malfeasance
Insurance alone cannot protect adequately against all of these threats in all cases. We can help to protect the assets of our clients using lawfully-established trusts and other legal techniques.
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