At Bashian & Farber, LLP, one of the most fulfilling things we do is help you plan the distribution of your property to your spouse, children, grandchildren and other loved ones. When our clients work with Bashian & Farber on these important documents, you will have a team of experienced, detail-focused attorneys who will work to ensure that your assets are protected and your wishes are carried out in a manner detailed in your estate planning documents, and consistent with changes in current tax laws.
Attorneys Paying Specific Attention To Detail
We believe it is important to give personal attention not just to the parents whom we are helping, but also to the family dynamics between all the children. This requires answering many questions:
- How well does each child get along with the other?
- In whose name and in what form (individually, jointly with survivorship, partnership, corporate, limited liability company, limited liability partnership) and what is the cost basis and how liquid are the assets?
- Are there family vacation homes?
- Which child is involved in the family business or who is the caretaker of the parents?
- How much of the assets are in qualified accounts such as pensions or IRAs?
- Do any of the children have special needs?
There are many simple and complex ways for both short-term and long-term planning to protect spouses. The children and the grandchildren can use a great number of particular conservative and creative techniques with a goal to keep the family's assets protected, and the estate and income taxes as low as possible while maintaining family harmony for generations. Every family is different and we do not have boiler-plate standard documents and approaches to protecting the family unit. There are special issues when there is a divorce and remarriage with the children before the new marriage and any new children born of the new marriage. We spend time at the outset to make sure we have all the details, so we can make recommendations of a personalized and practical plan that works.
Experience That You Can Depend Upon
Since we are experienced in estate, trust and accounting litigation, we can take measures to avoid litigation by creating plans and documents to avoid potential issues.
We further are knowledgeable about asset protection where we have the experience to use trusts and other tax and estate planning together both domestic and offshore trusts, to shelter your assets. We also have experience in creating Dynasty Trusts, Charitable Lead Trusts, Private Foundations, Grantor Retained Annuity Trusts, Qualified Personal Residence Trusts, Supplemental Needs Trusts, Qualified Terminable Interest Property Trusts, and the use of discounting in making gifts. We further regularly assist clients in the use of Life Insurance Trusts for one, two or both spouses and even children which trusts can be an effective way to protect for a short-term and long-term liquidity and as a means to reduce estate and inheritance taxes.
Planning is vital for those who have significant wealth. Our clients include medical providers, other licensed professionals, corporate executives and business owners who have gained modest to significant wealth and are or will be targets of litigation. Our firm assists these clients in both their estate planning, and assets protection to carry out their wishes, shield their assets from possible future litigation, gain tax advantages and if desired, to strategize for multigenerational wealth management and retention.
Contact Us For An Appointment
To schedule an initial consultation with one of our experienced lawyers, call 914-290-4550 or e-mail Bashian & Farber, LLP.