Estate planning includes not only planning to avoid probate, but also planning to maximize the estate, gift and generation skipping tax exemptions available. Michelman & Robinson, LLP’s attorneys will advise you how to take maximum advantage of estate, generation skipping and gift tax exemptions, as well as to avoid potential negative income tax consequences, capital gain issues and property tax reassessment issues.

There are several tax planning techniques that have additional benefits over and above the estate and generation skipping tax protection planning for future beneficiaries, such as creditor protection for beneficiaries and protection from a beneficiary’s spouse in the event of a divorce.

Estate tax planning can include life insurance trusts, the use of a qualified domestic trust for a non-US citizen spouse, designated beneficiary trusts for retirement and IRA plans, qualified personal residence trusts, charitable planning, family limited partnerships and limited liability companies.

It is important to coordinate estate planning with gift tax planning and understand the differences between the two. M & R attorneys will advise you how you can make the best use of your gift tax exemption, insuring that gifts are properly coordinated with your estate planning and gift tax returns are filed if necessary.

When a trust for a married couple splits into two or more trusts upon the death of the first spouse, there is a unique opportunity to maximize the use of the estate tax exemption, generation skipping tax exemption, as well as planning for better capital gains consequences when assets are sold in the future, or possibly paying a lower tax now when it is known that an asset will significantly increase in value. There are many techniques and strategies that M & R attorney’s will review with you allowing the surviving spouse to make the best decisions possible at this difficult time.