What is estate planning and why is it important?

Estate Planning and Estate Administration

Our tax and estate planning lawyers bring a personal touch to this important process. We help our clients devise an estate plan sensitive to both tax issues and their individual concerns and needs. The services we provide include estate planning, tax advice and planning for key corporate executives and owners of closely-held businesses, including guidance on business succession issues; establishing and administering gifting programs; advising individuals on charitable gifting; and serving as counsel in trust, estate and tax litigation. Our attorneys prepare wills, revocable trusts, irrevocable trusts, powers of attorney and health care proxies, as appropriate.

Our services include designing complex estate plans for clients to manage tax liability through use of generation-skipping trusts; representing estates involving issues such as art collections, real estate holdings and family-run businesses; and providing personal estate plans including compensation packages for key executives.

Our attorneys assist clients who want to transfer ownership and control of family businesses, family homes, or other property to younger generations. We create entities that permit clients to make lifetime transfers of significant assets at a discount. We also counsel individuals regarding charitable donor programs and private foundations, administration of sizable gifts and bequests, and tax advice with regard to qualified plans, IRAs, deferred compensation and other retirement benefits.

FAQ

Estate planning is the process of arranging how your assets will be managed and distributed after your death or in the event of an incapacity. It’s important because it allows you to protect your loved ones, minimize taxes and legal costs, avoid family disputes, and ensure your wishes are followed. Without a plan, state law—not you—decides who inherits your property.

Yes. While beneficiary designations (on retirement accounts, life insurance, etc.) pass directly to named individuals, a Will covers everything else, such as real estate, personal property, or assets without beneficiaries. A Will also lets you name guardians for minor children.

A Will is a document that directs how assets are distributed after death, but it goes through probate (a court-supervised process of moving assets from you to your beneficiaries). A Revocable Living Trust lets you transfer ownership of assets during your lifetime to a trust you control. It avoids probate, keeps affairs private, and can provide for management of assets if you become incapacitated.

Strategies to minimize estate taxes include: Gifting assets during your lifetime within IRS limits. Using trusts (like irrevocable life insurance trusts, charitable trusts, or family trusts). Taking advantage of the federal estate tax exemptions and the State estate tax exemptions. Coordinating with an Estate Planning professional to structure your estate efficiently.

At minimum, the following are the documents essential for an estate plan for most people: Will – directs asset distribution and guardianship for minors. Durable Power of Attorney – appoints someone to handle your finances, legal and tax matters, if you’re incapacitated or simply need help. Health Care Proxy / Advance Directive – names someone to make medical decisions for you if you are unable to make decisions. Trust (optional) – for probate avoidance, tax planning, or asset protection.

Estate Planning and Estate Administration Specialities

Probate and Estate Administration

Sassoon Cymrot Law, LLC, handles the administration of estates and trusts, including the preparation and filing of documents with probate court and federal and state estate and income tax returns.