Big firm sophistication. Small firm focus.

Trusts and Estates

Our business clients are seldom just businesses – they are people, families, whose ultimate motivators often have as much to do with love, duty, and gratitude as with profit and loss.  They are justly proud of their success, but the ability to provide for their spouses, children, and grandchildren – as well as the causes and institutions they support – anchors their pride. Kleinbard’s growing Trusts and Estates Group is dedicated to providing our clients with practical advice that is customized to meet their specific goals, family circumstances, and needs in a cost-efficient manner.  Our team has a wide-range of experience in representing clients at all levels of wealth and with varying family complexities.  We pride ourselves on being counselors to our clients and take a holistic and creative approach to estate planning, by analyzing the client’s individual, family and business needs to develop a comprehensive estate plan that preserves, protects, and grows wealth and minimizes tax consequences on asset transfers. We handle both simple and complex estate and trust administrations with a compassionate approach and offer creative cost-saving solutions. We advise executors, personal representatives, and trustees on all phases of administration for both estates and trusts, including required or permissible distributions, tax matters, fiduciary duties, accountings to beneficiaries, and many other aspects of fiduciary law.  

Business Succession Planning

Trusts and Estates

Transition from one generation of leadership to the next is a key challenge for any business, but especially for family-owned and middle market businesses. In family businesses, federal estate, state inheritance and gift taxes affect strategies for passing the business to the next generation, as well as making certain that children not active in the business are treated fairly. In non-family-owned businesses, the goal is often to let future owners accumulate equity at the lowest tax cost possible, while providing a tax-efficient exit strategy for current owners. We can advise clients on the plethora of means for transferring business assets and control, while maintaining equity between family members in and out of the business.

 

Experience

Examples of matters we handle include:

  • Gifts and sales to defective grantor trusts;
  • Crummey trusts and irrevocable life insurance trusts (ILITs);
  • Grantor Retained Annuity Trusts, Grantor Retained Unitrust Trusts, Charitable Remainder or Lead Trusts (GRATs, GRUTs, CRATs, CRUTs, CLATs, etc.);
  • Life insurance to support business transition;
  • Intra-family business deals;
  • Buyouts of inactive shareholders or partners; and
  • Estate and gift tax appraisals.

Trusts and Estates

Our business clients are seldom just businesses – they are people, families, whose ultimate motivators often have as much to do with love, duty, and gratitude as with profit and loss.  They are justly proud of their success, but the ability to provide for their spouses, children, and grandchildren – as well as the causes and institutions they support – anchors their pride. Kleinbard’s growing Trusts and Estates Group is dedicated to providing our clients with practical advice that is customized to meet their specific goals, family circumstances, and needs in a cost-efficient manner.  Our team has a wide-range of experience in representing clients at all levels of wealth and with varying family complexities.  We pride ourselves on being counselors to our clients and take a holistic and creative approach to estate planning, by analyzing the client’s individual, family and business needs to develop a comprehensive estate plan that preserves, protects, and grows wealth and minimizes tax consequences on asset transfers. We handle both simple and complex estate and trust administrations with a compassionate approach and offer creative cost-saving solutions. We advise executors, personal representatives, and trustees on all phases of administration for both estates and trusts, including required or permissible distributions, tax matters, fiduciary duties, accountings to beneficiaries, and many other aspects of fiduciary law.