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Wealth Preservation and Estate Planning

Berger Singerman’s Wealth Preservation and Estate Planning Group is highly experienced in and sensitive to the full range of issues raised in the estate planning process.  Estate planning may encompass any number of purposes, including transfer tax planning, succession planning for the ownership and management of a business, philanthropy, and wealth preservation planning.  Few areas of legal representation are as personal.  Our attorneys have extensive experience in counseling individuals and their families in all facets of the estate planning process.

Transfer Tax Planning

With respect to the transfer of material amounts of wealth to children and succeeding generations, families are devoting greater amounts of time and consideration to familial principles and goals, seeking to establish a framework which will enhance the unity and standing of the family members over time.  We work extensively with clients to develop a thorough understanding of their particular goals and objectives, and we develop planning strategies suitable for each specific situation.

With specific regard to transfer taxes, the gift, estate, and generation-skipping transfer taxes which historically have comprised the U.S. transfer tax system have posed the risk of the substantial depletion of an estate over multiple generations.  Current law has been unique in repealing the estate and generation-skipping taxes for 2010.  Legislation is pending which will determine the framework of the US transfer tax system going forward.

Where the transfer taxes are applicable, effective planning typically involves the use of trusts and other legal entities in order to move assets beyond the estate of the donor at as early a stage as possible consistent with other business and personal planning.  Our attorneys work with clients in modeling alternative strategies in order to quantify prospective tax savings and to select the most appropriate structure. 

We have substantial experience in assisting client’s with their philanthropic goals, both in the context of public charities and private foundations.  We consult with clients on the choice, design, and implementation of an exempt organization which best effectuates their specific objectives.

Estate planning for charitable contributions and organizations, and also for asset protection, oftentimes coincides with individual income tax planning and enables the attainment of multiple objectives, whether in the form of current deductions, minimization of income taxes on the disposition of an investment asset, or the accumulation of funds within a qualified retirement account.  Our attorneys leverage their knowledge and experience in order to tailor solutions to each client’s case and to maximize the utility of each component of a plan.

Our services in this area include the following:

  • Income, gift, estate and generation-skipping tax planning and advice for individuals and families.
  • Estate and trust planning, including all aspects of implementation such as will and trust preparation and the preparation of ancillary documents, including deeds, limited partnerships, limited liability companies and pre-marital and post-marital agreements.  Consideration is given to both the tax and non-tax concerns involved in this complex and creative area.
    The organization, funding and sale of privately-owned business and real property interests.
  • International income tax and estate and gift planning.
  • Charitable gift planning and the organization and administration of charitable foundations, trusts and other vehicles for tax advantaged charitable giving.
  • Advice and representation in the resolution of controversies and court proceedings regarding the whole range of issues that may affect the financial well-being of a family or its members, including the interpretation of wills and trusts, disputes regarding the probate of wills, the review and settlement of estate and trust accountings, and technical matters regarding the assessment and allocation of taxes.
  • Planning and preservation of our client’s wealth and retirement assets through efficient legal structures both domestically and globally.
  • Representation before the I.R.S. and other taxing authorities in the resolution of tax issues and collection matters.
    International Strategic Tax and Estate Planning

Individuals with assets and beneficiaries in multiple countries face difficult issues when transferring wealth from one generation to the next or simply within the family.  The members of our Wealth Preservation and Tax Planning Group have the experience to guide clients through the intricate web of global laws governing them. 

For individuals who are not U.S. citizens or U.S. domiciliaries, it remains imperative to implement planning strategies and reduce the future U.S. transfer tax base before establishing a domicile in the U.S.  It is common to implement U.S. transfer tax planning simultaneously with U.S. immigration planning in order to achieve the most efficient estate plan.

Our Group offers pre-immigration U.S. tax planning for foreign persons with substantial financial interests around the world.  We also advise clients on, among other things, family business and governance issues, as well as preserving family wealth through the use of international trusts, Qualified Domestic Trusts and foreign insurance trusts. 

Individual Income Tax Planning

As part of our wealth preservation services, we regularly work with individuals in designing strategies and addressing issues to achieve efficient individual income tax structures.  Areas of focus include the structuring of closely-held business, compensation planning and the use of deferred compensation plans, and charitable contributions. 

Administration of Trusts and Estates

Berger Singerman’s Wealth Preservation and Estate Planning Group represents fiduciaries and beneficiaries with respect to all aspects of trust and estate administration and probate. 

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