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Income Tax Planning

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Overview

Federal and state income tax issues are a significant concern to many high net worth individuals when it comes to estate planning.  With recent changes to the federal transfer tax laws, effective income tax planning has become an increasingly important planning issue. Our estate planning attorneys are particularly adept at balancing the sometimes competing goals of estate and income tax efficiency.  We add value by helping our clients achieve overall tax efficiency with respect to family-owned assets. 

Our individually tailored planning services include:

  • Developing gift and estate tax planning strategies that are inherently income tax efficient, including through the use of “grantor” trusts.
  • Targeted trust funding strategies that take into account the tax basis of gifted assets.
  • Estate tax strategies that incorporate basis step-up planning.
  • Income tax planning in the context of family owned businesses, including counseling clients on the best choice of entity to conduct the business.
  • Options for reducing federal and state income tax during estate administration.
  • Strategies to reduce trust income tax.
  • Strategies for efficiently transferring tax-deferred retirement accounts and assets.
  • Providing advice and counsel regarding charitable planning.

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