Tax Matters

Bartsch Law offers tax planning and preparation services to all estate planning clients.  Types of returns include individual, partnership, fiduciary (trusts and estates), S-Corp and small corporate returns, exempt organization, gift and estate tax returns.

Tax advice is usually, but not always, a part of the estate planning process and can include advanced estate planning for larger, taxable estates. It may also include special planning for disabled or financially challenged beneficiaries. Some of the tools utilized for advanced planning purposes are as follows:

• Family Limited Partnerships and LLCs
  Succession planning or gifting tools to pass shares of a family business or assets to the next generation and possibly involve them in management and change of control of the family held business or assets.
  
• Grantor Retained Interest Trusts and Qualified Personal Residence Trusts
  Used to transfer the residence to children at a discounted amount due to the delay of receipt of ownership.
  
• Charitable Remainder Trusts and Private Foundations
  Helpful to reduce taxes, provide an income stream and ultimately benefit charity.
  
• Special Needs Trusts
  Allows families to provide for disabled beneficiaries without jeopardizing their access to public benefits.
  
• Life Insurance Trusts
  These are irrevocable Trusts that can serve a variety of purposes such as: providing tax free funds to beneficiaries that they can use to help pay estate taxes on illiquid assets, helping to fund a college fund for children should the parents pass away before they had accumulated sufficient assets for this purpose, use of annual exclusion gifts to fund life insurance.

This is a limited selection of the tools available to help with family succession and tax planning. 

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