Estate Planning & Tax Planning
Estate planning is a delicate process that encompasses addressing the assets accumulated during one’s lifetime and the desire to leave a legacy for one’s loved ones. The effectiveness of The Kaplan Law Group’s attorneys practicing in this area is due in large part to a strong tax orientation. The careful planning that is critical in light of the ever-changing gift, estate and income tax laws requires the expertise of experienced, tax-oriented attorneys. We have particular expertise in assisting family business clients in their business succession planning.
Our clients range from individuals with modest assets to corporate executives and large financial institutions. We review and draft all documents necessary to implement a well-designed estate plan, including:
• Revocable trusts
• Irrevocable trusts (i.e. Life Insurance trusts; Personal/Residence trusts; Charitable trusts, etc.)
• Special Needs trusts
• Powers of attorney
• Advance medical directives (Living wills)
• Private Foundations
• Tax-Exempt Charitable Foundations
• Charitable Trusts
We apply extensive knowledge of tax laws and regulations to our estate planning practice, helping to ensure that assets transfer with minimal estate and inheritance tax burdens. Our attorneys work closely with our clients’ accountants, insurance agents and wealth managers to maximize our clients’ goals and ensure that all efforts are firmly coordinated. Our attorneys provide the personal attention that is desired by our clients in connection with these most sensitive subjects. We design and help implement personalized plans that address the specific needs and circumstances of our clients, such as second marriages, single parents, spendthrift children, alternative life styles and children with disabilities. After thoughtful discussion with our clients, our attorneys craft effective last wills and testaments, codicils, durable powers of attorney, living wills and health care powers of attorney.Our estate planning attorneys have extensive experience representing families, friends, life partners, and executors and administrators in probate and estate administration matters. We are proficient in probating wills and administering estates throughout New Jersey and New York.
Our team has broad practice capability at the state and federal levels and provide tax planning and advisory services for small and mid-sized corporations, partnerships, limited liability companies, not-for-profit institutions, other organizations, and individuals. By giving our clients sound advice throughout the life cycle of their businesses, we help them plan in order to maximize tax benefits and to minimize tax burdens.
The following is a brief description of some of the more prominent practice areas in which The Kaplan Law Group is proficient:
General Business TaxationWe are frequently asked by our clients to incorporate into their general business planning matters that could be impacted by tax rules. Our attorneys coordinate all tax and business planning efforts with our client’s wealth managers and accountants to ensure that a client’s objectives are maximized to the fullest extent possible.
Our tax and business practice attorneys are transactional lawyers who strive to understand the client’s objectives and then utilize their cutting edge skills to quickly and efficiently complete the client’s business transaction.
We regularly counsel clients on:
• Entity and new venture planning
• The tax-favored structuring of all varieties of corporate transactions and business activities
• Avoiding unreasonable compensation problems and taxable distributions (disguised dividends)
• All tax and business issues that arise in the day-to-day operation of the business.
Our attorneys have extensive experience in structuring general and limited partnerships and limited liability companies, and in handling the various tax considerations that arise in the operation of these business enterprises, including the use of special allocations and preferences to facilitate client goals.
The attorneys of The Kaplan Law Group have extensive experience at the state and federal levels providing tax planning and advisory services for small and large corporations, limited liability companies, trusts, syndicates, partnerships, not-for-profit institutions and individuals.
Our practice focuses on:
• General business taxation
• Representation of tax-exempt entities
• Tax litigation and controversies
• Executive benefit planning
• Personal tax planning
We analyze and structure corporate mergers, sales, acquisitions, financings and other corporate transactions. We are involved with business formations and advise on the relative tax benefits of corporate, LLC, partnership and joint venture forms of business involving ongoing business operations, venture capital transactions, mergers & acquisitions, business reorganizations and start-ups, corporate financing transactions, leveraged buyouts and leasing transactions.
Real Estate Transactions
The Kaplan Law Group is regularly engaged by real estate developers and entrepreneurs who require specialized tax planning for their general and limited partnerships and limited liability companies. Like-kind exchanges that qualify for preferential treatment under Section 1031 of the Internal Revenue Code is a planning significant area in which our attorneys concentrate their practice.
Tax Litigation and Controversies
Our tax attorneys have extensive experience representing business entities and individuals in federal and state tax controversies at the audit, administrative and appeal levels. While they seek to resolve controversies through administrative appeal or negotiated settlement, our attorneys also have the experience to effectively litigate tax matters to the extent that the situation dictates.
Executive Benefit Planning
The Kaplan Law Group attorneys have also designed and implemented non-qualified deferred compensation arrangements for our clients and their employees. These plans include stock options, restricted stock awards, bonus plans, phantom stock plans, rabbi trusts and secular trusts, among others. We have counseled clients from the perspective of both employer and employee and have been instrumental in obtaining and creating favorable deferred compensation arrangements for many of our highly compensated executive clients.