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Experience
Personal Planning
Administering Large Estate
A client died leaving a large estate for us to administer for the benefit of family members as well as charities. Although the estate is entitled to marital and charitable deductions, a majority of the estate is subject to federal estate taxes. Given the uncertainty in the stock market, we have worked closely with the executor and trustee to liquidate and preserve the assets in order to fund the specific bequests and tax obligations. The estate owns a residence and extensive real estate on a remote island. Maintaining and marketing the properties has presented various legal challenges given the uniqueness of the property and the current real estate market. The decedent also had ownership interests in entities which required special attention due to varying interests of the other owners and beneficiaries. Working with international beneficiaries to unwind entities, satisfy tax liabilities and liquidate and preserve the assets of the estate has offered us the opportunity to address a variety of interesting legal issues.
Estate Planning Documents in Context of Family Dynamics
Assisting clients in the preparation of their wills, trusts, powers of attorneys and healthcare documents with an eye to internal family dynamics and the family members' abilities to handle fiduciary and business decisions. This process often includes consideration as to whether non-family executors and trustees may benefit the estate or trust administration. These documents include: revocable living trusts for lifetime management of assets or out-of-state real property to avoid probate, as well as durable powers of attorney for financial and healthcare decisions, Durable Powers of Attorney (DPA), healthcare directives and living wills, Health Insurance Portability and Accountability Act (HIPAA) authorizations for release of protected healthcare information, and premarital and postnuptial property status agreements that clarify status of community and separate property.
Family Office Planning
Providing ongoing consultation with active multi-functional family offices on a wide range of tax, investment management, estate planning and governance matters.
Gift Planning
Providing advice on tax efficient gifting to children and grandchildren, including drafting and implementing "Crummey" Trusts, Generation-Skipping Trusts, Residence Trusts (QPRTs), Grantor Retained Annuity Trusts (GRATs) and Irrevocable Life Insurance Trusts (ILITs). We also assisted clients with education savings planning, including tax effects of 529 Plans, and provided advice on tax efficient giving to charities, including Charitable Lead Trusts and Charitable Remainder Trusts (CLATs, CLUTs, CRATs and CRUTs). In addition, we prepared estate and gift tax forecasts and plans for payment of estate taxes for business succession.
Limited Liability Companies and Family Limited Partnerships
Established limited liability companies (LLCs) and family limited partnerships (FLPs) for the management of family real estate and other assets among multiple generations of the same family.
Maintaining the Privacy of Recognizable Individuals
Working with well-known clients and families to develop and implement a variety of strategies, including title-holding and fictitious name trusts, to enable them to buy, sell and hold real estate and other assets without the risk of being identified and located through searchable public records.
Mediation
Representing clients in the negotiation of mediated agreements covering a wide variety of trust and estate disputes.
Probate and Trust Administration
Advising clients on estate and trust administration, probate, estate and trust dispute resolution matters and the preparation of gift and estate tax returns, including:
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Representing executors or administrators (a.k.a. personal representatives) of estates and trustees of trusts in the fulfillment of fiduciary duties,
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Representing beneficiaries regarding their interests in estates and trusts, and
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Advising and drafting nonjudicial binding agreements to modify will or trust terms or to settle fiduciary disputes
Tax Representation
Preparing gift tax returns to report taxable gifts and federal and Washington estate tax returns and represented taxpayers on estate and gift tax audits.
