Family foundations are an effective tool in gaining community standing for future generations. We both form family foundations and provide guidance in IRS regulations governing their operations. While foundations can be used for almost any activity, there are many rules to follow to avoid unrelated business income, disqualified persons, and personal enrichment issues.
Any estate involving a closely held business will require a certified business valuation and careful consideration of the tax issues in equity and asset distribution. See the Succession Planning section of this website.
Estate planning and management starts well before death. Our tax and financial planning services support all forms of trusts, revocable trusts (sometimes called Living Wills), the intricacies of small business succession and small business stock transfers, family foundations and family limited partnerships, annuities, long term care issues and support for financial conservatorships. When a senior is unable to manage personal financial affairs, a family member can obtain legal authority to take over; however, a careful third party accounting of this financial management is essential for both court and family satisfaction. We provide all of the needed services from pre-retirement planning to third-generation trust administration.
Tax issues and forms required for an estate include the final 1040 for the deceased and subsequent 1040s for the surviving spouse; the estate tax filing under an ever changing mix of state and federal laws that can be complicated by conflicting state claims for multi-state estates; the annual form 1041 for each trust with financial administration issues based upon the trust language; and the separate analysis of the tax implications on each beneficiary. We are specialists in these areas for both domestic and non-residential or non-citizen spouse and beneficiary situations.
