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.
On November 13, Carl Merino co-presented on "Acquiring U.S. or UK Real Estate" at the U.S./UK Tax and Estate Planning Conference, sponsored by Frank Hirth and held in London, UK.
On November 9, Peter M. Shapland, chair of Day Pitney’s Trust Services and Fiduciary Compliance practice group and chair of the firm’s Trust Oversight Committee, served as a panelist at the Massachusetts Bar Association’s Sixth Annual Probate Law Conference held in Norwood, MA.
On October 24, Aaron Kriss will be speaking on a panel, entitled "Onboarding a New International Client," at the 13th Annual Delaware Trust Conference, presented by the Delaware Bankers Association and the Delaware Financial Education Alliance.
On October 17, Day Pitney LLP's Individual Clients Department and Family Office Practice hosted "Investing in Art," a private, invitation-only program in the firm's ongoing Family Office Investing Series, held at the Downtown Harvard Club of Boston.
On October 11, partner Angela Titus McEwan will be speaking at "Smart Women, Savvy Planning," a program presented by UBS Private Wealth Management and held at UBS in Florham Park, NJ.
Darren Wallace was quoted in an article, "Paul Allen's $26 Billion Estate Will Take Years to Unravel," published by Bloomberg.
On October 3, Day Pitney LLP and the Association of Corporate Counsel (ACC), Northeast Chapter – Women's Initiative co-presented a program, "The Power of Women with Wealth," held at Day Pitney's Boston office.
Partner Leigh A. Newman has been selected by the Jewish Federation of Greater Hartford to receive the Jewish Federations of North America's 2019 Kipnis-Wilson/Friedland Award.
Day Pitney Press Release
Day Pitney Press Release