|
|
PRACTICE AREAS > Estate Planning and Administration
Estate planning and estate administration go hand in hand. Estate planning involves the steps one takes prior to death to preserve, control and protect assets in preparation for the future. Estate administration involves all of the issues that must be dealt with at the time of death and thereafter, ideally it is the actual implementation of the estate plan.
We listen carefully to our clients before any planning begins. The attorneys in our Estate Planning & Administration practice have sophisticated, technical experience in these two phases of practice, as well as in the resolution of estate-related disputes that can arise during the administration of an estate. We work in an integrated manner to provide personal, hands-on attention to each matter while drawing upon the expertise of other lawyers in the firm on matters requiring specialized expertise. We also work cooperatively with other professional advisors such as bankers, investment managers, brokers, accountants, and financial planners.
The estates we handle are both large and small. Our clients are diverse, ranging from persons of modest income and wealth to high net worth individuals, business owners, corporate executives, fiduciaries and charitable organizations.
Estate Planning
Estate plans play a critical role during and after one’s life. The goal of any estate plan will vary depending upon the client, but it is often focused on asset protection. Our estate lawyers concentrate on the careful design of estate plans for all types of clients, with an emphasis on minimizing tax liabilities, effecting the most tax-efficient transfer of assets, and satisfying the objectives of clients in the disposition of assets. Issues involving federal and state income taxes, federal and state estate taxes, state inheritance taxes, and federal gift taxes can involve significant amounts of money.
Some of our services include:
- Wills, trusts, durable powers of attorney and other similar protection vehicles;
- Tax-oriented trusts and other tax-related methods to create flexibility so that the estate pays minimum taxes;
- Insurance planning;
- Pension and profit sharing arrangements;
- Succession planning for owners of closely-held businesses;
- Charitable planning, including private foundations.
Proper estate planning benefits our clients in numerous ways, including reduced taxes, providing for loved ones, preserving inheritances, controlling assets, appointing chosen people to handle matters at the time of incapacity or death, making health care decisions, caring for minor children or other persons with special needs, protecting assets from creditors, and simplifying the ultimate administration of the estate. We work closely with clients to avoid probate when such planning is in their best interest. Our clients rely upon us during this phase to help them make prudent legal, financial, business and ethical decisions.
We are also committed to keeping pace with new developments in the tax and estate laws, making certain that recent changes and evolving estate-planning techniques are considered and applied to individual plans.
Estate Administration
When person dies, the estate plan is then implemented.
During this phase, a host of issues must be addressed, including gathering assets, paying debts, and filing tax returns. Our lawyers are skilled and experienced in these areas and routinely handle all aspects of estate administration, from initial probate of the will through distribution of assets. Providing practical, creative solutions and applying common sense are often the most necessary part of the attorney's role.
Each estate is unique. For that reason, we are involved on many different levels in evaluating the legal, financial, tax and business issues on our clients’ behalf. We work closely with the parties involved in an estate, including beneficiaries, executors, administrators, trustees and other fiduciaries, to ensure that they perform their responsibilities and, in the case of beneficiaries, obtain their rightful distributions.
Dispute Resolution & Estate Litigation
Major life events—like sickness, incapacity or death--can bring about strong emotional responses, often setting the stage for conflict and dispute. During the administration of an estate, disputes can arise from myriad of issues, such as the validity or interpretation of a will or trust, or actions of beneficiaries, executors or trustees. Resolving these issues amicably is the ideal, but sometimes an amicable resolution does not occur.
In those cases, our estate lawyers stand ready to enforce our clients’ rights through arbitration, mediation or litigation. Our firm has tremendous litigation capability and our litigation lawyers have extensive experience in lawsuits involving estates.
For more information or to set up a consultation, contact
any of our estate lawyers at 856-354-7700 or their e-mails
below:
Thomas L. Earp - tlearp@earpcohn.com
Irving Koffler - ikoffler@earpcohn.com
Donald A. Nogowski - dnogowski@earpcohn.com
Richard M. Schlaifer - rschlaifer@earpcohn.com
John Reisner - jreisner@earpcohn.com
|
