ESTATE PLANNING

Estate planning includes much more than the preparation of a will. Attention must be given to coordinating aspects of a client's overall financial assets (including IRA and 401k)and business objectives, including preparing powers of attorney for property and health care, preparing living wills, planning for lifetime gifts to children, determining the appropriate form of ownership for assets, including the operation and structure of closely held businesses, valuation discount, planning for retirement, assisting in determination of life insurance needs, income, estate, gift and generation-skipping transfer tax planning, and analyzing the use of a living trust versus probate.

We draft everything from simple wills to sophisticated estate plans which include: Revocable Living Trusts, Irrevocable Life Insurance Trusts, Testamentary and Intervivos Generation-Skipping Trusts, Testamentary Charitable Lead Remainder Trusts, Qualified Personal Residence Trusts, and more. We create Family Limited Partnerships and other vehicles for the reduction of estate taxes and advanced gifting. Over the years we have saved clients and their families millions of dollars in estate taxes.

WILLS

Every State imposes its own testamentary requirements should a person fail to have a will, but that scheme often does not satisfy dispositive goals. For example, the State's plan does not effectively provide for the management of property for minor beneficiaries or provide charitable bequests. Due to the firm's experience in this area, client wills are prepared to accomplish dispositive goals, regardless of estate size, in a cost-effective manner. When planning for consequences that may occur at death our goal is to maximize the distribution of assets to ultimate beneficiaries.

TRUSTS

The use of trusts in estate and business planning has become increasingly popular. While not for every individual, Revocable Trusts, also known as Living Trusts, can play an important role in estate, business, and tax planning. A Revocable Trust can assist individuals with asset management in the event of incapacity, avoid probate, assist in maintaining a closely-held business within a family without the publicity of probate, and be a vehicle for implementing various estate, gift and generation-skipping transfer tax strategies.

Irrevocable Trusts are an effective estate planning tool, especially in life insurance planning, educational planning, and charitable gifting. Whether a client desires to make educational gifts or charitable gifts in the most tax-effective manner, seek a vehicle to own life insurance to fund a buy-sell arrangement, provide liquidity to pay estate taxes upon death, or reduce the gross value of an estate for estate tax purposes, M. Adam Bankier, P.A. can prepare an irrevocable trust to accomplish these goals. These trusts, along with testamentary trusts and land trusts, involve complex income, estate and gift tax issues and generation-skipping transfer tax ramifications, and require specialized knowledge and skill. Our experience with the preparation of these trusts, along with experience in the various administrative difficulties that may arise, permits our firm to provide cost-effective counsel.