Piersall Law Firm, P.C.
Estate Planning is not just for the rich.
Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan. It can often be a neglected part of financial planning.It’s easy to delay answering uncomfortable questions such as “What happens to my assets and my loved ones when I die?”
Piersall Law Firm handles a wide variety of services for clients in the areas of planning and administration of trusts and estates. We advise clients on income and estate taxes, gift taxes and generation-skipping taxes. In addition, we assist in planning with respect to unique assets, such as closely held businesses, partnerships, real estate and life insurance.
Charitable Trusts and Foundations
A charitable trust is a set of assets -- usually liquid -- that a donor signs over or uses to create a charitable foundation. The assets are held and managed by the charity for a specified period of time, with some or all interest that the assets produce going to the charity.
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Irrevocable trusts include charitable remainder trusts and charitable term trusts, insurance trusts, and generation-skipping trusts.
Retirement Benefits Planning
Retirement benefits, including pension, 401(k), deferred compensation, IRAs and other plan benefits, play an increasingly important role in the estates of many of our clients. They rely on the exceptional experience our dedicated Estate Planning attorneys have achieved over years of helping clients deal with the complex and ever-changing retirement benefits laws. We work closely with our clients to establish strategies designed to achieve their goals.
QTIP trust is a type of trust and an estate planning tool used in the United States. "QTIP" is short for "Qualified Terminable Interest Property."
This is the legally binding document that outlines who will receive each of your assets. Your beneficiaries do not have to be your relatives – you can leave assets to a charitable organization or an institution, such as your alma mater.
Marital deduction is a type of tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer.
With a trust, another party holds the legal title to a piece of your property, then transfers it to a beneficiary after you pass.
A written contract between two people who are about to marry, setting out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential division if the marriage is later dissolved.
Health Care Directives
A health care directive is a written document that informs others of your wishes about your health care. It allows you to name a person ("agent") to decide for you if you are unable to decide. It also allows you to name an agent if you want someone else to decide for you.
Power of Attorney
You can grant power of attorney, the right to make medical, financial, and personal decisions on your behalf, to a loved one you trust to act in your best interest when you cannot make decisions for yourself.
The charitable donation deduction allows you to lower your taxable income for donations or gifts to qualified, tax-exempt organizations.