Our firm provides a wide range of estate planning services. From the most basic estate plan for smaller and modest size estates to more sophisticated estate tax planning techniques for clients of significant wealth, we believe we can assist you in fulfilling all of your estate planning goals.
How we can help
- Wills, Trusts and Estate Planning Services
- Elder Law Issues, Medicaid Planning, Guardianships and Advanced Directives
- Estate, Probate and Trust Administration
- Tax Compliance Issues
Some of our planning strategies include the following:
- The creation and implementation of Family Trusts and spousal Marital Trusts intended to reduce or even eliminate federal and state estate taxes
- The creation and implementation of Revocable Living Trusts for unmarried clients which are intended to provide for successor trustees in the event of the client’s subsequent disability
- The creation and implementation of trusts designed to receive inheritances for minor children and individuals with disabilities
- The creation and implementation of Irrevocable Insurance Trusts to provide liquidity with which to fund estate tax liabilities
- The establishment of various types of Gift Trusts (for the benefit of children, grandchildren or other family members) intended to receive assets as part of a comprehensive estate plan to shift family wealth to younger family members
- The structuring of closely-held business interests to minimize federal estate taxes and to achieve business succession planning goals
- The structuring of trusts for second-generation beneficiaries designed to avoid the imposition of the dreaded generation-skipping tax.
The Law Offices of David A. Charous, L.L.C. can assist the elderly client in confronting various challenges. The following are areas in which we can assist:
- Planning for incapacity through the use of advance directives such as Powers of Attorney for Personal Property and Powers of Attorney for Health Care
- Planning for incapacity through the use of court-established Guardianships and Conservatorships
- Planning for long term care financing through qualification with Medicaid and other medical assistance programs
- Choosing the most beneficial long-term care and residential living facilities depending on client needs
- Creation of Supplemental Needs Trusts for the benefit of a loved one receiving Medicaid assistance or other government assistance due to a disability
- Preparation of Revocable Living Trusts and Last Wills and Testaments to be used to dispose and distribute property after death
- Post-death planning and administration for Executors and Beneficiaries
- Planning for optimum retirement distribution planning from Individual Retirement Accounts and qualified pension and profit-sharing plans, in light of complex rules and regulations promulgated by the Internal Revenue Service and the Department of the Treasury
- Income tax planning for seniors, including the availability of tax benefits arising from a) medical and long-term care deductions; b) sale of a residence; and c) minimization of capital gain taxes.
In addition, we are fortunate to have relationships with many home health care agencies, geriatric care managers and other advocates for our elderly clients. Please feel free to contact us in the event you wish to obtain a referral.
The Law Offices of David A. Charous, L.L.C. have considerable experience in guiding families through the post-death administration of estates and trusts. Our firm is a strong believer in taking a “hand holding” approach with our clients, guiding them step by step to the conclusion of the administration. Our office can assist you with the following:
- Identifying probate and non-probate assets, including an explanation of the differences between these types of assets
- Representation in the probate court, including the filing of petitions for Letters of Office; appointment of the Executor; the review, analysis and explanation of the decedent’s Last Will and Testament; disclaimer planning, and fulfilling statutory requirements pertaining to the issuance of proper notices to heirs and beneficiaries
- Providing an analysis of the immediate financial needs of the surviving spouse and dependent beneficiaries, including cash flow planning
- Distribution planning, including the timing of distributions for the surviving spouse and other beneficiaries, including minors and beneficiaries with disabilities
- Handling of family disputes concerning the administration of the decedent’s estate
- Preparation of accountings for the executor and estate beneficiaries
- Retitling of estate assets prior to and subsequent to final distribution
- Planning for the distribution of the decedent’s IRA’s and other retirement plans, including analysis of beneficiary designation forms, and distribution options
- Closing and distribution of the estate, including preparation of final reports and receipts from beneficiaries.
Individual and Trust Tax Income Tax Preparation and Planning. The Law Offices of David A. Charous, Ltd. has extensive experience in the preparation and review of hundreds of federal and state income tax returns for estates and trusts. Our tax preparation and planning services include the following:
- The proper selection of a calendar year versus a fiscal year for an estate or trust, so as to allow for maximum income tax deferral
- Proper timing for matching income and expenses so as to minimize tax liabilities
- Proper distribution planning to beneficiaries so as to maximize tax deferral but minimize the beneficiaries’ income tax liabilities
- Proper planning to terminate a trust and/or estate so as to minimize tax liabilities and maximize available income tax deductions
- Proper planning to ensure that distributions to trusts and estates from retirement plans are timely made and are in correct amounts
- Proper review and analysis of trust provisions to determine whether the creator of the trust, the trust itself, or the beneficiaries should be taxed on the estate’s or trust’s income (commonly known as the grantor trust rules).