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 Estate Planning and Taxation Description of Estate and Tax Planning Practice The federal tax law that governs estates, wills, trusts and business transactions is complex and difficult to navigate without proper study and understanding. Our tax practice is comprised of four general areas: Estate Planning: “Estate planning” involves several areas of wealth planning, including, wealth accumulation, wealth preservation, wealth transfer, and asset protection. Estate planning is a team effort between the client and the client’s advisors including the lawyer, CPA, life insurance agent and investment advisor. Although there is much overlap, the attorney deals primarily with issues involving wealth preservation or protection and wealth transfer issues. Because we do not know in advance the date of death, the size of the estate and the future law, tax planning is an active and dynamic process-it is not something that can be completed and then forgotten. The law is always changing. For example, a recent law change (2001) repeals the federal estate tax law for only one year (2010), reestablishing it in 2011. And more changes are anticipated. Therefore, careful planning must be implemented now to ensure that an individual’s planning goals are fulfilled in the future. In the estate planning process, we represent individuals and couples in developing their estate plan to protect their estate and carry out their dispositive goals for the transfer of wealth either during life or on death. Our clients’ estates range from the single to the very large and complex. Our focus is personal lifetime planning for individuals and their closely held businesses and the efficient administration of their estates. In this day and age we also see an increasing number of clients with blended families. Because each client has different goals, it is important that each has a plan tailored to meet the client’s specific needs. Thus, the planning process involves listening to the client’s goals and then discussing different options that are available for accomplishing those goals. We often are called upon to discuss the pros and cons of making lifetime gifts, irrevocable life insurance trusts, gifting fractional interests in assets, long-term educational trusts, community property, credit shelter and bypass trusts, business transition planning, deferred charitable gifts, designation of beneficiaries, asset protection planning, family owned business entities, protecting descendants’ inheritance, special needs, and Medicaid planning situations, etc. Clearly, the more complex the client’s goals, the more complex the planning. Through the planning process, the following are some of the types of documents that we prepare for our clients: • Last Will and Testament (simple and complex) • Testamentary Trusts • Education Trusts • Alaska Joint Revocable Community Property Trusts • Special/Supplemental Needs Trusts • Alaska Community Property Agreements • Irrevocable Life Insurance Trusts • Multi-Generation Skipping Trusts • Qualified Personal Residence Trust • Grantor Retained Annuity Trusts • Qualified Domestic Trusts • Alaska Asset Protection and Dynasty Trusts • Family Limited Partnerships or LLCs • Fractional Share Discount Planning • Charitable Planning and Split Interest Trusts • Powers of Attorney • Pre and Post Nuptial Agreements • Private Foundations • Conservation Easements • Advanced Health Care Directives • Durable General Power of Attorney • Health Insurance Portability and Accountability Act Consents Business & Transaction Tax Planning: Because Hartig Rhodes Hoge & Lekisch has a long history of working with business entities, a good portion of our practice involves transactional tax planning for individuals and businesses. We also help clients better appreciate the risks associated with certain types of tax planning and in appropriate cases assist new clients whose planning is being challenged by the IRS. We provide transactional tax planning service in the following areas: • Business Formation Planning • C-corporations • S-corporations • Limited Liability Companies • Partnerships (general and limited) • Joint Ventures • Buy-Sell and Cross Purchase Agreements • Non-Qualified Deferred Compensation Planning • Business Mergers & Acquisitions • Corporate and Business Restructuring IRS Controversies: We represent individuals in tax litigation matters and administrative controversies involving the IRS. We defend our clients in tax audits, collection, levy, offer in compromise, innocent spouse, appeals, as well as failure to file or pay, erroneous returns, special agent inquiry and in some other potentially criminal tax controversies. We also serve as expert witnesses in selected tax controversy matters in federal and state court, as well as in administrative matters needing an expert witness. “Deathbed” and Postmortem Planning: In addition to estate planning, we represent personal representatives, trustees, and beneficiaries in connection with the administration of and post-mortem planning for decedents’ estates. We prepare federal and state estate tax returns and gift tax returns. Estate and gift tax returns are audited by IRS tax attorneys, thus we believe our clients’ best interests are served by such return preparation involving tax counsel. Many tax and non-tax issues and controversies can arise as a result of the lack of or inadequate planning (“the failure to plan is a plan to fail”), do-it-yourself plans, boilerplate tear out forms good in all 50 states, disputes among descendants and from prior marriages, in addition to special problems arising due to possible diminished capacity or undue influence by friends, family and others. • Estate Planning: Is It Really Worth It? |
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