When it comes to your estate planning, one size does not fit all
Your estate plan lets you decide how your assets, medical care and family responsibilities will be managed after your death or upon your mental incapacity.
A comprehensive estate plan is especially important for high net worth individuals who want to minimize tax burdens, control the disposition of assets, discourage family disputes and litigation, and prepare the next generation for receiving and managing wealth.
Your estate plan must be tailored to your needs, wants and goals. GillPierson is known for providing solid advice regarding tax-effective wealth planning and personal planning devices to achieve your wishes. Our creative, strategic and personalized estate plans are designed to help you achieve your financial, familial and philanthropic goals now and after your death.
Every estate plan includes a will. Most California estate plans include a pour-over will as a part of a revocable trust plan.
Trusts are powerful tools designed to manage wealth responsibly while minimizing costly tax consequences, and, in many cases, avoid probate and conservatorship.
We assist clients with the creation of various trust instruments, including: revocable trusts, trusts for same-sex couples, irrevocable trusts, QTIP trusts, dynasty trusts, life insurance trusts, gift trusts, qualified personal residence trusts, grantor-retained annuity trusts (GRATs), generation-skipping trusts, charitable trusts, intentionally defective grantor trusts (IDITs or IDGTs), qualified domestic trusts, special needs trusts and pet trusts.
Working with your CPA, GillPierson prepares documents to implement your tax goals and transfer of assets to spouses, future generations, and other beneficiaries using revocable trusts and irrevocable trusts, charitable trusts, family limited partnership and other business entity documents, gift instruments, property agreements, asset sale transactions, requests for I.R.S. private letter rulings, and tax-appropriate beneficiary designations for qualified retirement plans and IRAs.
Asset management during incapacity, medical care, and end-of-life decisions is a sensitive topic, but one that is best considered sooner rather than later.
Often overlooked in the estate planning process, incapacity planning helps you make important medical and financial decisions so that your health care wishes are respected, and your assets are properly managed should become unable to care for yourself.
We regularly assist clients with arranging advance health care directives and powers of attorney so that they can maintain control over their future health care, finances and other important personal matters.
GillPierson provides advice concerning charitable planning, including the formation and operation of various charitable trusts (including charitable lead trusts and charitable remainder trusts), charitable organizations (such as private foundations), and other charitable techniques (such as donor advised funds).
Family Entity Planning
GillPierson assists families in preparing to transfer family business assets through family partnerships, LLCs, and corporations.
Proper planning allows a family to retain control and management of business and real estate assets and minimize taxation of intergenerational transfers.