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Services > Estate Planning and Estate Tax Services
The firm is very active and experienced in estate tax
planning and compliance issues. The firm is also active in
assisting clients with non tax issues in regard to estate
planning services. While estate tax saving prospects are frequently the
initial driving force in initiating an estate plan, it is
usually the non tax issues that must be resolved prior to the
implementation of a plan that is satisfactory to the client.
The firm frequently is engaged by law firms, and other CPA
firms, to prepare returns and resolve income tax issues
concerning estates. The firm has client relationships with some
of the largest law firms in the States of North Carolina and
South Carolina. Some of these firms have national exposure with
its estate legal services. Such services include the preparation
of fiduciary income tax returns for both trusts and estates.
Preparation of Estate and Gift tax returns. The firm is very
active in the preparation of annual income tax returns for
Family Limited Partnerships (FLP) and Limited Liability
Companies (LLC). Many of these involve transfer of units of
ownership to other generations through annual gifting programs
and the inherent problems of constant ownership changes required
on the client’s books and tax returns. The firm is very
experienced in reconciling book versus tax reporting. The firm
has been involved in numerous situations where substantial
discounts are involved in both the gifting phase, as well as,
the estate tax return phase. The firm has handled numerous
situations involving retained interests, both charitable and non
charitable cases.
The firm has been involved in successful defense of numerous
valuation and discount issues before the Internal Revenue
Service.
The firm’s personnel are very experienced in designing
creative estate plans that accomplish both the clients non-tax
needs and yet saved substantial estate and gift taxes. Very few
plans look alike, even though some of the same techniques are
very similar. The firm is experienced in counseling with a
business owner to determine the owner’s wishes as to the
succession of the management of their closely held business to
the next generations.
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