Federal Gift and Estate Tax planning is (and planning for the Generation Skipping Transfer Tax) often, by necessity, a critical companion in developing a comprehensive estate plan. We are experienced in analyzing assets and their values for tax reporting purposes and working with our clients in determining how assets can be transferred to beneficiaries during life and at death in a tax efficient manner. A broad range of trusts designed to meet both beneficiary needs and tax planning objectives can be considered for implementation as part of a tax-driven estate plan, including Grantor Retained Annuity Trusts, Irrevocable Life Insurance Trusts, Charitable Remainder Trusts, and a broad range of other tax planning vehicles.
Estate and Gift Tax planning can require the preparation and filing of tax returns with the Internal Revenue Service. Our firm has experience with the preparation and review of IRS Forms 709 Gift Tax and 706 Estate Tax returns. That experience includes dealing with the IRS in filing the returns and on audit. We also collaborate frequently with our client’s CPA when the family or we determine that a tax return can be prepared most efficiently by the accounting firm.
Tax efficient gifts and bequests to beneficiaries and trusts are an important part of building a comprehensive estate plan. Our experience developing these strategies and interfacing with the Internal Revenue Service spans over three decades and encompasses our assessment of the reward and risk associated with a broad range of tax planning techniques we discuss with clients.