Types of Tax Planning Services

A tax planning and trust lawyer, can assist with the following:

Gift Tax Return Preparation and related services

The amount that can be gifted to others without tax consequences is subject to exclusions and other considerations. In 2024, you can make gifts of $18,000 per individual without filing a gift tax form. The current federal estate and gift tax exemption is $13.61 million per person, or $27.22 million for a married couple, which will revert to $5 million adjusted for inflation (approximately $6.5 million) after December 31, 2025. Our team can determine when a gift tax return is required and offer advice on how to structure gifts so that they do not exceed lifetime exemption limits.

Estate Tax Return Preparation and related services

Each year, the law regarding who must file estate taxes and available exemptions changes.

Estate Tax Return Audits

The IRS has increased the frequency with which it audits estate tax returns. It’s important to have followed rules governed by the SECURE Act as well as the new “RMDs” – Required Minimum Distributions that took effect in 2022. An experienced attorney can develop strategies to resolve controversies and handle any necessary appeals.

Gift Tax Return Audits

The IRS views gifts as an opportunity for tax evasion. An audit can be stressful and intimidating, but confident counsel can make the process as smooth as possible.

Drafting or Comprehensive Review and Analysis of Intentionally Defective Grantor Trust

This type of trust is highly technical; it takes the trained eye of a specialized lawyer to ensure that the provisions are structured in a way that meet the grantor’s goals while reducing taxes and avoiding penalties.

Drafting or Comprehensive Review and Analysis of Grantor Retained Annuity Trust

A GRAT can allow the grantor to retain a qualified annuity interest in assets for the number of years specified in the trust terms. The features can be very beneficial but not necessarily flexible, so a GRAT needs to be set up after consideration.

Drafting or Comprehensive Review and Analysis of Qualified Personal Residence Trust

This irrevocable trust leads to a reduced gift tax calculation on the transfer of a residence, but it is complicated and can be difficult to change.

Drafting or Comprehensive Review and Analysis of Wealth Replacement Trust

A successful Wealth Replacement Trust must be drafted in a way that it works with other estate planning vehicles.

Drafting or Comprehensive Review and Analysis of Charitable Lead Trusts

These trusts stand alone from other estate planning tools and allow the grantor to gift an annuity to a charity throughout the grantor’s lifetime and, upon death, leave the balance – with a reduced tax burden – to other beneficiaries.

Drafting or Comprehensive Review and Analysis of Charitable Remainder Trusts

A Charitable Remainder Trust can provide income to beneficiaries for a set amount of time or during the grantor’s lifetime and then gift the remainder to a designated charity.

Review of retirement and investment accounts

The structure of retirement and investment accounts should reflect the level of risk that the account holder is comfortable with while taking into account short- and long-term tax implications.

All other services connected with Tax Planning

Our New York clients often have complex tax situations involving interstate and international matters, as well as State & Local Tax issues. Our attorneys provide solutions that are customized to the unique factors of the client.

 

We are committed to being a partner in your plans. We help you determine your tax planning goals, for yourself and your intended beneficiaries, and then we put in place a plan to help you reach them.