Lifetime Estate Planning
The Federal gift and estate tax rate is now 40%. In the estate planning arena, Mr. Glinsky combines expertise in several areas to avoid, minimize, or defer income, gift, estate and generation-skipping tax; his approach is to address personal and family needs and concerns in a manner that will save taxes. Since the considerations vary with each person, Mr. Glinsky, together with other attorneys associated with the Firm, develops the plan which is most suitable for a client’s particular situation.
Mr. Glinsky’s development of an estate plan requires consideration of all family members as a unit; that is, he focuses on tax consequences for children and grandchildren as well as for parents. Although a tax-sensitive Will is critical to an effective estate plan, there are other devices and techniques that can promote estate tax savings. Where appropriate, Mr. Glinsky has recommended the use of “generation-skipping trusts,” which can avoid one or more generations of estate tax while at the same time giving a child (or other beneficiary) almost complete enjoyment and control over a gift or inheritance. There are various methods to shield the proceeds of life insurance from estate tax that will allow a surviving spouse and future generations of a client’s descendants to have use of the proceeds, unreduced by income or estate tax. Mr. Glinsky can also structure insurance planning so that insurance proceeds will be available to pay estate tax on death, but will not themselves be subject to estate tax.
Much can be done during one’s lifetime to avoid or reduce estate, gift and income taxes. Personal Planning opportunities change from year to year, so the Firm’s clients benefit greatly from Mr. Glinsky’s keen ability to provide timely advice and expedient implementation. For example, with proper planning, income tax can be avoided on a contemplated sale of appreciated property.
It is also possible to pass a personal residence to the next generation with substantial gift/estate tax savings. Furthermore, the Firm can structure a charitable trust that allows a current income tax deduction, makes provision for charity, and results in an overall net tax benefit for the family.
Frank Glinsky has been AV Preeminent® rated by Martindale-Hubbell® – the organization’s highest rating for legal ability and ethical standards - since 2010.