Estate Planning and Wealth Preservation
Attorneys in Friedman Schuman’s Estate Planning and Wealth Preservation practice help clients secure and preserve a lasting legacy. Whatever the assignment, our goal is to minimize costs while optimizing the value to the client.
Our services extend from the preparation of simple wills and trusts to sophisticated succession plans for high net-worth individuals and businesses. The wealth preservation and estate planning process includes expert advice on structuring of trusts, charitable bequests, and business succession plans.
Working closely with individuals, professionals, and businesses, Friedman Schuman attorneys employ a number of tailored, cutting-edge tax planning techniques to create options for increasing value and reducing exposure for the client.
Young families must select guardians for their minor children, and employ simple trusts to help secure their future. Established families must transfer their wealth strategically, or incur shocking levels of estate tax, gift tax or other transfer taxes. Friedman Schuman’s attorneys carefully tailor their estate plans to achieve these goals.
Our attorneys continuously monitor the ever-changing legal and economic landscape, and adapt to improve value and reduce risk for our clients. We employ sophisticated, well-tested techniques to minimize death taxes, and to enable our clients to pass wealth on to the next generation
Friedman Schuman attorneys are recognized for empowering their clients to make proactive, effective, and timely decisions with respect to their most valued assets.
Areas of Focus:
- Estate Plan Development
- Use of Wills and Trusts
- Business Succession Plans
- Insurance Planning
- Charitable Giving
- Tax Planning
- Gifting Strategies
Representative Transactions
- Implemented an installment purchase of limited partnership interests by creating an Intentionally Defective Grantor Trust to protect appreciated assets from exposure to the federal estate tax
- Designed and implemented an estate plan for a high net-worth real estate developer, including wills, revocable trusts, an irrevocable life insurance trust, charitable bequests, and a long-term succession plan
- Completed a Charitable Lead Trust for the benefit of a local university, resulting in income and estate tax savings for the donor and a transfer of $1 million to the university
