A Pierro, Connor & Strauss tax planning and trust lawyer, can assist with the following:
Gift Tax Return Preparation and related services
Federal gift tax rules allow individuals to make certain gifts without filing a gift tax return, subject to annual exclusions and other requirements. In 2026, you can give up to $19,000 per recipient without using your lifetime gift and estate tax exemption, provided the gift qualifies for the annual exclusion. Married couples may generally give a combined $38,000 per recipient when gift-splitting requirements are met.
The federal estate and gift tax basic exclusion amount is $15 million per individual in 2026, or up to $30 million for a married couple if both spouses’ exemptions are fully available. This amount is scheduled to be adjusted for inflation beginning in 2027, rather than reverting to the lower levels previously anticipated.
Our attorneys can help determine whether a gift tax return (IRS Form 709) is required, explain how gifts affect your available lifetime exemption, and develop gifting strategies that align with your broader estate and tax planning goals.
Estate Tax Return Preparation and related services
Estate tax filing requirements, exemption amounts and applicable tax rules can change from year to year. Our attorneys help families navigate these requirements, prepare accurate and complete estate tax returns, and identify available deductions, credits and elections that may reduce estate tax liability and preserve more wealth for beneficiaries.
Estate Tax Return Audits
Estate tax returns can be subject to IRS examination, making accurate reporting, proper asset valuation and thorough documentation essential. Returns may involve complex issues, including lifetime gifts, transfers between spouses, asset valuations and elections that affect estate tax liability.
Changes to federal tax laws, including the SECURE Act and SECURE 2.0 Act, have also affected retirement account distribution rules and the treatment of inherited retirement assets. Required minimum distributions (RMDs) generally must begin at age 73 under current law, while beneficiaries may face separate distribution requirements. These rules can have important implications for estate administration and tax planning.
Our attorneys can help address IRS estate tax inquiries, resolve disputes over tax assessments and pursue available administrative appeals when appropriate.
Gift Tax Return Audits
Gift tax audits often focus on whether transfers were properly reported, assets were accurately valued, and gifts were correctly classified under federal tax rules. Disputes may arise over gifts to family members, transfers of business interests, valuation discounts or the application of annual exclusions and lifetime exemptions.
Our attorneys help clients respond to IRS inquiries, substantiate reported gifts, address valuation challenges and resolve disputes over gift tax liability. With experienced counsel, you can navigate the audit process with a clear understanding of your options and the steps needed to protect your interests.
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.
