Estate Planning - Kotz, Sangster, Wysocki and Berg, P.C.

Overview
Kotz, Sangster, Wysocki and Berg, P.C.’s goal is to help our clients achieve their testamentary objectives (including business succession, retirement planning and charitable objectives) and to minimize taxes in achieving those objectives.
The commencement of the estate planning process begins with an initial discussion of our clients’ estate planning objectives and an analysis of present and future assets, liabilities, income, and expenses. Detailed consideration is given to tax and probate ramifications, including a calculation of the projected federal and state estate taxes, generation-skipping transfer taxes, gift taxes.

The following is a non-exhaustive list of matters Kotz, Sangster, Wysocki and Berg, P.C. routinely handles for our clients:

Arranging for the transfer of assets at death through a Last Will and Testament and/or revocable living trust including assisting with retirement plans and IRA beneficiary designations and related tax issues.
Assisting with the creation of a long term gifting strategy without the loss of control in order to reduce the overall value of an individual’s estate.
Long-term trust and other arrangements designed to control property and reduce transfer taxes over several generations by utilizing Irrevocable Life Insurance Trusts and other mechanisms.
Estate Plans involving structuring of businesses and related arrangements to reduce transfer taxation of family business interests and assure their future control within the family or to key employees.
Estate Planning designed to assure adequate liquidity for an estate, after a principal owner's death, to support a surviving spouse or other family members and defray estate taxes. Such plans, for example, anticipate utilization of the tax deferral and reduced valuation provisions of federal tax law and employ sophisticated life insurance arrangements.
In general, devices designed to mitigate the transfer tax problem presented by rapidly appreciating property through the formation of family limited liability companies and partnerships and qualified personal residence trusts.
Structuring of arrangements designed to protect assets from prospective creditors. Such situations involve, for example, entrepreneurs concerned about business creditors, professionals concerned about malpractice potential, and families with elderly or disabled persons concerned about the costs of medical care.
Charitable planning for families, designed to accomplish both charitable and tax objectives. Such plans include, for example, family foundations and trusts benefiting both family members and charities.
Completion and filing of Estate and Gift Tax Returns with the Internal Revenue Service and Sate of Michigan.

Kotz, Sangster, Wysocki and Berg, P.C.’s estate planning advice takes into account applicable provisions of state and federal tax law, including the federal gift tax, estate tax and generation-skipping transfer tax. Furthermore, the increasingly complex non-tax considerations of planning are fully addressed, including, for example, revocable trusts (i.e. living trusts) designed to provide a management vehicle in the event of incapacity and to facilitate and avoid probate proceedings; durable powers of attorney designed to facilitate property management, particularly in the event of incapacity; designation of patient advocates designed to anticipate the possibility of a terminal accident or illness and which a designated individual or individuals will make health care decisions, where necessary, for an incapacitated individual.

The Basic Estate Plan
Kotz, Sangster, Wysocki and Berg, P.C.’s estate planning lawyers work with individuals, executives, retirees, and closely-held business owners to design an estate plan which will carry out their wealth transfer objectives while minimizing the transfer tax costs associated with wealth transfer.

Kotz, Sangster, Wysocki and Berg, P.C. makes a deliberate effort to draft our Last Will and Testaments, Revocable Living Trust Agreements, Durable Powers of Attorney, Designations of Patient Advocate and other estate planning documents so they are understandable to our clients while remaining effective in implementing the tax and personal planning strategies we have formulated.

The basic estate plan will typically include the following documents:

Kotz, Sangster, Wysocki and Berg, P.C.’s estate planning lawyers assist with our clients in creating trust arrangements to shelter as many assets as possible from federal estate and gift tax. These arrangements often allow our clients to protect assets for family members while leveraging tax exemptions to transfer assets at the lowest overall tax cost. This planning often requires an analysis of the wealth transfer objectives and goals of multiple generations and typically include:
Generation-skipping trusts;
Education trusts for children or grandchildren;
Life insurance trusts;
Qualified Personal Residence Trusts (QPRTs); and
Grantor Retained Annuity Trusts (GRATs).

Charitable Planning
Kotz, Sangster, Wysocki and Berg, P.C.’s estate planning lawyers also assist our clients who wish to benefit charities by reviewing with them the various charitable giving techniques. We advise our clients about the income and estate tax ramifications and benefits of different types of charitable giving arrangements. The charitable giving techniques on which we typically rely upon to tailor a charitable giving plan to our client's desires and needs typically includes:
Charitable Remainder Trusts;
Charitable Lead Trusts;
Gift Annuities;
Pooled income funds; and
Private foundations.

Other
Kotz, Sangster, Wysocki and Berg, P.C. has a wealth of experience in probate and trust administration. We take an active role in the administration process, including the commencement of trust or estate administration, collection of assets and discharge of liabilities, reporting financial data to beneficiaries, preparation, calculation and payment of federal and state estate tax, generation-skipping transfer tax, and gift tax returns, preparation of all necessary state and federal income tax returns for the decedent and estate or trust, distribution of trust or estate assets according to our clients’ wishes, and closing the trust or estate. Kotz, Sangster, Wysocki and Berg, P.C. is also experienced with the use of guardianships and conservatorships for legally incapacitated persons, minors, and others who are incapable of handling their financial affairs.