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Complex and Simple Wills / Family Trusts

Wills & Family Trusts Lawyers Haverhill

Massachusetts Estate Planning Attorneys

Each year, changes to the law and the tax code impact how assets can be reallocated or set aside through a trust, charitable remainder or complex will. At Phillips, Gerstein & Channen, LLP, our attorneys consult tax experts, CPAs, and financial planners when creating complex estate plans designed to protect high net-worth estates and closely held businesses from unwanted tax liability.

Unfortunately, so-called "financial experts" who encourage people to open offshore bank accounts or self insure as a way of reducing tax liability, don’t always understand the intricacies of the tax code or the law. What sounds like a loophole or creative planning is often illegal or ill-advised. Our attorneys explain how trusts, charitable remainders and annuities allow you to reallocate assets and keep them exempt from certain kinds of taxes.

There are legally sound, dependable estate planning options available for reducing the tax liability of high net-worth estates. To schedule a consultation to learn how we can help you, contact Phillips, Gerstein & Channen, LLP today.

Simple and Complex Wills

A will is an effective way to divide assets among heirs, establish end of life medical care instructions, and lessen the burden on family members during probate. Our attorneys can help you establish a simple or complex will, including powers of attorney, healthcare directives, and instructions for dividing your property. In healthcare directives, you can specify under what conditions to you want to be taken off life support and who you want to make medical decisions for you in the event you become incapacitated.

Estate Planning Options for High Net-Worth Estates

Phillips, Gerstein & Channen, LLP advises and represents clients regarding the following estate planning tools:

  • Living trusts
  • Special needs trusts
  • Revocable / irrevocable trusts
  • Testamentary trusts
  • Charitable remainders
  • Complex wills
  • Business continuity plan

Charitable Giving – Reducing the Tax Liability of High Net-Worth Estates

Provisions within the federal tax code allow large estates to exempt certain sums through charitable gift giving. Our attorneys can help clients with the various methods of establishing a gift, including:

  • Creating a grant
  • Establishing a trust for a cherished cause
  • Making a one-time gift to a 501(c)3 nonprofit charitable organization
  • Establishing a trust for a charitable cause
  • Funding a university chair
  • Creating an education or scholarship grant
  • Deeding property to a charitable cause or university
  • Donating funds for medical research

Protecting Your Business

Business continuity is important for purely financial reasons: a prolonged dispute among family members and business owners can lead to economic loss and ultimately company failure. A business continuity plan clearly establishes the manner in which certain kinds of assets and authority are to be transferred. Most importantly, a business continuity plan facilitates a stable and smooth transition. Our attorneys can review your company’s bylaws and articles of incorporation in order to determine how best to structure a business continuity plan.

Contact Our Estate Planning Attorneys Today

An estate plan is about more than just leaving a financial legacy to your family – it’s also about wealth management and wealth protection. Once we evaluate your financial situation and long-term goals, we can identify estate planning tools that allow you to set aside assets, protect a closely held business, and fund cherished causes while reducing tax liability.

To learn more about how we can help you, contact the estate planning lawyers at Phillips, Gerstein & Channen, LLP today.

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Phillips, Gerstein & Channen, L.L.P.
25 Kenoza Avenue
Haverhill, MA 01830

Tel: (978) 374-1131
Fax: (978) 372-3086
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