Estate Planning and Tax

Estate Planning

Estate planning is a sensitive topic for clients because of the personal and private issues involved.  In addition to working with a wide variety of clients, PAA’s attorneys are intimately knowledgeable of the legal nuances and family concerns in this area of the law.

Wills, revocable trusts, advanced directives for medical and financial decisions are standard tools in estate planning.  Using more advanced tools, such as charitable trusts, insurance trusts, off-shore trusts, special needs trusts, and LLCs are also an option in many, but not all, instances.  An appreciation of the family’s goals and the effect a decision will have under the law is critical, e.g. a wise tax decision may have an unintended, negative consequence on the family.

Our services include:

  • Reviewing retirement plan distribution alternatives
  • Advising clients on income, gift, estate and generation-skipping tax matters
  • Bringing and defending contested probate matters, including will and trust contests, and will and trust construction
  • Creating and advising charitable giving programs and family foundations

Tax

Tax planning cuts a wide swath in the law as tax issues arise in the state and local environment, under federal law, multi-state transactions, and international issues; it is the cornerstone of business practice.

For business entities and high net worth individuals, a strong understanding of the statutory and economic implications of complex business transactions allows an advisor to assist clients in minimizing and managing potential exposure under the respective tax law. Transactions require tax analysis when establishing, buying, selling, restructuring, or liquidating a business, otherwise the tax liabilities could undermine the entire purpose of the business. Some techniques we incorporate in our practice include deferring or reducing tax liabilities for corporations and pass-thru entities, such as LLCs, partnerships and S corporations.

Our tax practice provides the following services:

  • Analyzing tax consequences in the structure of mergers and acquisitions
  • Evaluating the various forms of tax-free reorganizations
  • Providing professional opinions on uncertain tax positions
  • Working with tax-exempt organizations to obtain and maintain their exempt status
  • Litigating and negotiating tax disputes with state and federal tax authorities
  • Obtaining private letter rulings
  • Advising on the tax consequences in international transactions
  • Planning for estate, gift, and generation-skipping transfer taxes

If you're interested in reading more about estate planning or tax, feel free to email us and we would be happy to email you some of the articles published by our attorneys.