At our founding nearly four decades ago, Flaster/Greenberg was a two-person tax law boutique. Today, having evolved into a full-service law firm of 75 attorneys, we rely on the unique insight and uncommon perspective inherent in our history to develop estate plans that satisfy financial considerations as well as family objectives. We recognize that successful estate plans should be structured to accomplish preservation of a lifetime of assets, through careful strategies that minimize tax consequences. But, in addition, we are responsive to the sensitivities and personal issues inherent within the family dynamic. We pride ourselves on thoughtful, careful planning, and consideration of the big picture that takes into account the personal needs, goals and values of our clients, as well as the financial element.
Our clients are individuals, fiduciaries and trustees, business owners, executives and others whose needs, objectives and goals are as varied and as complex as are they. For every client, our approach is to safeguard assets, minimize taxes, and to craft an estate plan that reflects each client’s wishes faithfully by utilizing the most effective and efficient financial and legal strategies for your particular situation and circumstances.
We employ an integrated approach to planning to ensure smooth transition of assets, seamless business succession and consensus among beneficiaries and stakeholders. Our attorneys have designed plans utilizing holistic techniques for financially complex estates, estates involving closely-held businesses and those with significant real property portfolios. Our experience demonstrates the value of the integrated approach in resolving differences, reducing or eliminating disputes, and substantially decreasing the likelihood of subsequent legal challenges.
Flaster/Greenberg’s attorneys remain continually updated on new and changing tax laws and regulations, and 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.
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 each client’s 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 and Tax Planning
Flaster/Greenberg attorneys assess clients’ overall estates to determine whether lifetime gifts may be beneficial in the context of their broader goals and objectives. Utilizing lifetime gifting strategies may accomplish positive effects such as minimizing and/or eliminating a taxable estate among other desirable effects. Whether a client’s 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 gift-splitting strategies, qualified personal residence trusts ("QPRTs"), grantor-retained annuity trusts ("GRATs"), sales to intentionally defective grantor trusts ("IDGTS"), irrevocable life insurance trusts ("ILITs"), Crummy trusts, charitable foundations, family limited partnerships and limited liability companies, as well as other tools appropriate for each 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 each client’s goals of transferring assets to the desired beneficiaries while reducing the cost of transfer taxes imposed by the federal and state governments. We also utilize Durable General 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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Coordination of Retirement Plans and Life Insurance
Estate planning does not end with the signing of a will. The coordination of beneficiary designations on life insurance policies, qualified retirement plans, and IRAs is an integral part of the estate planning process. We work with our clients to advise them on optimal beneficiary designations to accomplish their goals and to do so in a tax efficient manner.
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Business Succession Planning
Factoring in the transfer of a business interest in an estate plan is often a sensitive and frequently emotional matter that requires experience and delicacy. Flaster/Greenberg’s attorneys have assisted numerous clients to achieve successful plans that resolve differences while respecting the needs and desires of the stakeholders and family members involved. We find our integrated approach is especially helpful when crafting such estate plans, using financial and tax strategies prepared in the broader context, to align with personal and family realities and related sensitive issues. 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 the sale of the business. Business succession planning can include preparation of buy-sell agreements, shareholder agreements, deferred compensation 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. We provide support services and assistance to executors, administrators and trustees. We assist fiduciaries in estate administration and handle the administration of estates and trusts including disposition of complex financial issues in asset division.
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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
- 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 limited liability companies, trusts and other legal techniques.
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