Advanced Estate Planning

Advanced Estate Planning in California

The estate planning attorneys at Penrose Chun & Gorman LLP have extensive experience in estate planning for high net worth individuals. We utilize advanced estate planning strategies to eliminate or minimize the impact of transfer taxes, including estate, gift, and generation-skipping transfer taxes. Our services in this area include, but are not limited to:

  • Irrevocable Trusts, including Irrevocable Life Insurance Trusts
  • Formation of Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs)
  • Sales to Defective Grantor Trusts
  • Business Succession Planning
  • Charitable Planning

Irrevocable Life Insurance Trusts

We often prepare irrevocable trusts as part of our client’s estate planning strategy, including irrevocable life insurance trusts. Life insurance is an important component of many estate plans. Life insurance can be used to create an estate and provide funds for the care of young children, or provide liquidity to pay debts and taxes without having to liquidate business interests or investments. Life insurance is often part of a comprehensive estate planning strategy designed to replace wealth being transferred to a charity, leverage the applicable exclusion for estate and gift taxes, or be an important component of a business succession plan.

Business Succession Planning

Our Santa Cruz attorneys are frequently consulted when a family member is retiring from a business or a closely held business is being sold. We structure tax saving strategies to facilitate the orderly transfer of control and wealth to successive generations, including family limited partnerships, which are designed to keep family assets in the family, provide for management of family assets, and to transfer family assets on a tax-favorable basis.

Our attorneys also advise clients regarding the use of Limited Liability Companies (LLCs), buy-sell agreements, and gifts of fractionalized interests, including sales to intentionally defective grantor trusts.

Charitable Planning

Clients sometimes come to us for advice on how to maximize the tax benefits of a contribution to a charity. Our services in this area include advice regarding, as well as preparation of:

  • Charitable Remainder Trusts
  • Charitable Lead Trusts
  • Charitable Gift Annuities
  • Forming and representing charitable organizations
  • Private Foundations
  • Community Foundations

Contact Experienced Estate Planning Attorneys Serving San Jose and Santa Cruz

Advanced estate planning strategies are highly tax intensive and require the advice of counsel with specialized knowledge. Firm principal Steven Penrose is a California State Bar Certified Specialist in Estate Planning, Trust and Probate Law. We serve clients in San Jose, Santa Cruz, and throughout the Monterey Peninsula. For experienced estate planning assistance, contact Penrose Chun & Gorman LLP.

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