The goal of estate planning is to direct the transfer and management of your property in a way that makes the most sense for you and your family. While this may sound simple enough, it is only through careful planning that you can achieve this result. Without careful planning, your property may pass on your death to unintended beneficiaries or may be reduced unnecessarily by transfer taxes.
While planning for your death is a significant part of the planning process, estate planning addresses more than just the transfer of your assets upon your death. Your estate plan may also provide for the transfer of assets during your lifetime through gifts. In addition, prudent planning may involve planning for the current management of your assets in the event you become incapacitated or desire independent management of your assets as a matter of convenience.
There are a number of considerations that drive the estate planning process. Family considerations are important. For example, you must consider not only whom you want to receive your assets but when and how. Should your children receive their inheritance outright, or should it be managed for their benefit in trust? When should the trust terminate? Should your spouse be a beneficiary? Who should serve as trustee? Does a program of lifetime gifts make sense?
Perhaps just as important as the family considerations are the tax considerations. There are federal and state transfer taxes that apply to lifetime gifts and transfers at death. It is very important to understand the important tools available to minimize total transfer taxes.
The following is a summary of the basics of estate planning to introduce you to the techniques of estate and tax planning and help guide you through the planning process.
Warren Whitaker will be Program Chair of the 13th Annual International Estate Planning Institute at the Crowne Plaza Hotel in New York, NY.
Amy Lonergan co-authored an article, "Digital assets have more value than we think," published in Massachusetts Lawyers Weekly
Jed Davis authored an article, "Cybersecurity for Family Offices," for Trusts & Estates.
Warren Whitaker was a featured speaker at an event called "CLE - Cross-Border Estate Planning," which was sponsored by the Trusts & Estates Section of the Boston Bar Association.
Tina Albright was a featured panelist at an international forum uniting the most senior and elite legal advisers to HNWs and UHNWs.
Day Pitney Press Release
Day Pitney Press Release
Day Pitney LLP was named 'Law Firm of the Year' by Family Wealth Report at its 2017 Awards Ceremony at the Mandarin Oriental Hotel in New York City.
David Silvian was quoted in an article, "Awash with uncertainty, advisers scramble to prepare for potential tax overhaul," published in Private Asset Management.
Stephen Ziobrowski was quoted in an article, "How Bermudians can be exposed to US taxes," in The Royal Gazette. The article is a recap of an International Tax and Planning Seminar at an AFL Investment sponsored event held in May 2016, in which Ziobrowski participated.