Frank Glinsky, the principal of Frank J. Glinsky, PC, has nearly thirty years experience in the areas of Personal Planning and Trusts and Estates Administration. His exhaustive knowledge of the intricate tax implications of various pre-death and post-death planning techniques enables Mr. Glinsky to achieve optimum income tax and estate tax savings for his clients and their families.
Personal Planning includes more than the traditional area of Will drafting. Mr. Glinsky is skilled in the use of many sophisticated and strategic devices, including the following:
- Highly individualized Wills to meet your needs
- Life Insurance Trusts
- Residence Trusts
- Family Partnerships
- Charitable Lead Trusts
- Charitable Remainder Trusts
- Crummey Trusts
- Generation-Skipping Trusts
- Grantor Retained Annuity Trusts
- Asset Protection Trusts
- Living Trusts
- Pre-Nuptial and Post-Nuptual Agreements
- Charitable Foundations
- Powers of Attorney
- Living Wills
Health Care Proxies
Lifetime Estate Planning
Federal gift and estate tax rates can reach nearly 50%. 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 develops the plan 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 the surviving spouse and future generations to have the 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 income and estate taxes. Personal planning opportunities change from year to year, so Mr. Glinsky’s clients benefit greatly from his 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. Mr. Glinsky 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.
Trusts & Estates Administration; Surrogate’s Court Practice
When a person dies and estate administration becomes necessary, Mr. Glinsky provides for the probate of Wills, or, in the situation where a Will does not exist the administration of an intestate (“dying without a Will”) estate. He is expert in efficient day-to-day estate administration and planning, which present opportunities for maximizing income and estate tax savings. Mr. Glinsky has prepared numerous complex federal and state estate tax returns and related governmental filings. The Firm has also handled complex estate and gift tax audits with the IRS.
The Firm frequently maintains all the books, records and accounts of the estates and trusts that we administer and thereby relieves our clients of many administrative burdens, while ensuring that the fiduciaries are aware of and fulfill their statutory duties and obligations.
Mr. Glinsky is also experienced in appearing in Surrogate’s Court, the court responsible for handling probate of Wills and overseeing trusts, decedent’s estates, and guardianships. When necessary, Mr. Glinsky aggressively protects the interests of beneficiaries, creditors and others in disputed estate and trust matters, including Will contests.
In the family area, Mr. Glinsky prepares pre-nuptial and post-nuptial agreements to define the rights of a husband and wife in the event of divorce or death. Although especially suitable in the event of a second (or third) marriage, these agreements have become popular with first marriages as well.
Planning for the Elderly and Disabled
Advance planning for disability allows Mr. Glinskys clients to provide for proper management of their assets in the event they become disabled, without giving up control until he or she actually becomes disabled. The instruments used, consisting of Living Wills, Health Care Proxies, Living Trusts and Powers of Attorney, properly drafted by Mr. Glinsky, will avoid the need for commencement of a costly and time-consuming guardianship proceeding in court.
LGBT Personal Planning
The Firm has always devoted a significant portion of its practice to lesbians and gay men, both single or partnered. With the exception of gift/estate tax planning, most of the personal planning principles applicable to straight couples apply to the LGBT community. With the recent advent of same-sex marriage in New York State, there are new considerations. However, the entire lay of the land changed with the June 26th U.S. Supreme Court decision repealing DOMA. Now, for the first time in history, married lesbians and gay men are granted all of the civil rights previously accorded only to heterosexual married couples. In addition, and very importantly, the same gift and estate tax savings previously available solely to straight married citizens, can now be implemented in the estate plans of lesbians and gays; this will result in tremendous tax savings upon the death of a member of the married LGBT couple. (For those either contemplating marriage or already married, the Firm also prepares pre-nuptial and post-nuptial agreements as vehicles to protect the assets of a member of the lesbian or gay married couple; such may be particularly critical if one member had children prior to the current marriage.)
Federal and state estate tax rates can reach over 50%. Accordingly, although we take a personalized approach to each client and project, we also make use of paralegals and other legal support staff members to avoid all unnecessary legal costs. The Firm’s clients appreciate that the staffing of each matter is tailored to address particular client needs and designed to promote cost efficiency, while ensuring the establishment of a one-on-one relationship between attorney and client.
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While Mr. Glinsky’s primary focus is trusts and estates and personal planning, he is affiliated with other attorneys who have expertise in the legal practice areas of real estate, corporate, bankruptcy, employment, general tax, and litigation. Accordingly, the Firm is able to provide clients with access to the highest quality of legal services in virtually all areas of legal expertise.
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