Estate Planning

Since our founding, Thompson Greenspon has assisted numerous high net worth family groups transfer wealth in the most tax efficient manner.

The different goals of each client drive the strategy and solution to the planning.  Once the plan is in place, we encourage periodic review to determine if any portion of the plan should be modified as a result of changing tax law or other circumstances.

We can assist with the following:

  • Designing and implementing of estate plans
  • Setting up and transferring business interests and other assets to dynasty trusts
  • Qualified personal residence trusts
  • Marital trusts
  • QTIP trusts
  • Family charitable foundations
  • Charitable trusts
  • Life insurance trusts
  • Family limited partnerships
  • Defective grantor trusts and other transfer vehicles

“20 years of outstanding service.  Thanks.”

– Mike S.

In addition, we will prepare any needed gift tax returns as a result of the transactions.

We stay involved when the estate becomes active, helping the estate executor or administrator with any required estate tax returns (including those filed only for portability of estate tax exemption), fiduciary income tax returns, probate and trust court accountings and advising on possible post-death elections.  Thompson Greenspon works with you, your family or your business in implementing the plan both before and after the date of death.

We are continually involved in assisting clients, both business and individual, with planning for the future.  In the estate planning area, we advocate a team approach, working closely with the individual’s family, your estate planning attorneys and your investment advisors to assist you in developing the best approach for each individual’s circumstances to plan for wealth transfer, whether that is to a spouse, succeeding generations, charities or other beneficiaries.

Our professional staff is integral in advising of the various options available and the tax aspects of each alternative working toward the following goals:

  • Clearly define and understand your estate planning goals
  • Assemble a team of experts, as needed, including attorneys and financial advisors
  • Organize and review planning documents already in place and recommend amendments where needed to achieve your estate planning goals
  • Decrease problems, expenses, and public availability of probated assets
  • Reduce taxes at time of death
  • Plan for management of your estate in event of being incapacitated.
  • Plan for conserving and managing your estate after death
  • Transfer assets to heirs the way you prefer
  • Lifetime gifting, including GST planning
  • Organize adequate liquidity in the estate to cover taxes and expenses
ESTATE PLANNING INSIGHTS
Building an On-Off Switch into Your Estate Plan
When planning your estate, there can be tension between estate tax planning and income tax planning. Strategies for reducing estate taxes typically focus on removing assets from your estate, while...
Estate Planning Strategies for Non-U.S. Citizens
Are you, or is your spouse, a non-U.S. citizen? If so, several traditional estate planning techniques won’t be available to you. However, if you’re a U.S. resident, but not a...

Our specialists are all seasoned professionals who have years of experience working within your industry. Reach out to us today to schedule a consultation.

talk-to-specialist-cpa-accounting
LATEST POSTS ON TAXES
Can You Deduct Home Office Expenses?
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers...
Retirement Savings Opportunity for the Self-Employed
Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an...
Independent Contractor vs. Employee: Worker Classification Matters
Many employers mistakenly believe that the mis-classification of employees as independent contractors doesn’t really matter, so long as contractors satisfy all of their tax obligations. This couldn’t be further from...