Rumors abound about the ultimate repeal of Estate and Gift Taxes. Nevertheless, the Estate and Gift Tax is still with us. It imposes taxes as high as 55% of the value of the Estate or Gift at the Federal level alone. In fact, when the Generation Skipping Transfer tax is applicable, the tax can wipe out all of the assets affected. Fortunately, although one of the highest rate, most onerous of taxes, the Estate and Gift tax lends itself particularly well to advanced planning.

That planning begins with a properly drafted Will, and often branches off into a variety of other devices such as Trusts and Lifetime Transfers. It is not enough that these documents convey property to the intended beneficiaries. It must do so in a manner that maximizes the amount actually received by the heirs through tax planning.

Well-drafted documents have the added benefit of minimizing probate disputes, which can smooth the probate process, and dramatically reduce its cost and inconvenience.

Even though Trust and Estates practice begins with a carefully crafted Will, it continues through probate and beyond. During the probate process various elections may be available post-mortem that further reduce the tax and other costs of passing property from generation to generation. Provisions for the care and support of heirs, who may be too young or too immature, help preserve those assets for generations to come. All of these benefits come from proper representation through every step of the planning and execution of Trust and Estate planning. Our attention to clients and detail, along with experience in every stage of the process, makes The Law Offices of Barry Leibowicz ideally suited to meet Trust and Estate planning needs of all types.