Estate Planning & Administration
The tax and property laws affecting the transfer of wealth are complicated and constantly changing. A thorough understanding of these laws and a focus on family harmony is necessary to take advantage of the opportunities available to enhance tax savings, preserve family wealth, and promote good family relationships.
KKLL’s estate planning and administration lawyers have both the technical knowledge and practical experience necessary to guide and counsel families through all aspects of estate and gift planning. We counsel our clients on the development, implementation, and administration of comprehensive estate plans that carefully balance personal, tax, and administrative concerns. Our lawyers devote themselves to providing quality legal work and creative solutions for the planning process.
Our estate and administration practice is divided into four basic areas:
- Estate Planning
- Estate Administration
- Business Succession Planning
Every family situation is different. Successful estate planning requires the careful consideration of the unique aspects of each family, and of each client’s wishes with respect to the transfer of assets. Our lawyers focus on creating carefully tailored estate plans to carry out the client’s wishes in an effective and efficient manner.
Estate planning varies from family to family and may include simple or complex wills, revocable living trusts, irrevocable trusts, private foundations, donor-advised funds, charitable trusts, durable powers of attorney, living wills, pre-nuptial agreements, and other documents necessary to carry out the client’s wishes and protect families. Such documents are typically designed to preserve family wealth, minimize federal estate, federal generation-skipping, state inheritance, and transfer taxes, and implement desired charitable giving.
In addition to preparing the necessary estate planning documents, we work closely with our clients on properly titling assets and advising on beneficiary designations to make sure that our clients’ wishes will be fulfilled. We also counsel our clients on the options available through pension, profit sharing, and other benefit plans.
Estate and trust administration can be as important as estate planning in the transfer of family wealth and the preservation of family harmony. We work closely with executors and trustees on all areas of estate administration, including collecting, valuing, accounting, and distribution of assets, record keeping, federal and state tax filing and reporting, and complying with probate court requirements. We also focus on the benefits of creative post-mortem tax planning with the use of disclaimers, tax elections, and other tax planning tools.
Business Succession Planning
For owners of closely-held businesses, proper tax and transfer planning is imperative. Failure to properly plan for long-term business succession can be fatal to the future of the business. We work closely with our clients to develop creative long-term business succession plans to ensure the continuation of the business and the preservation of family wealth. Depending on the situation, such plans may involve complex buy-sell agreements, partnership agreements, irrevocable trusts, life insurance planning, and other shareholder agreements.
KKLL’s attorneys seek to avoid but, when necessary, aggressively handle estate related litigation matters, including controversies with the Internal Revenue Service and Pennsylvania Department of Revenue, will contests, distribution disputes, and fiduciary liability actions.
KEGEL KELIN LITTS & LORD LLP
24 North Lime Street, Lancaster, PA 17602-2913
Phone: 717-392-1100 Fax: 717-392-4385