State and federal laws provide a number of options for structuring wealth management and estate plans. These laws are complex and often subject to change. Our attorneys stay up-to-date so that we provide you with tax planning services that are compliant and advantageous for maximizing wealth while minimizing tax burden. For example, the sunset of the “Trump Tax Laws” on December 31, 2025 signifies a big shift in tax rates that is vital for planning ahead of the change.
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 2022, you can make gifts of $16,000 per individual without filing a gift tax form. Additional gifts of $12,060,000 can be made without paying gift tax, and 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.