In our estate planning practice we tailor estate plans to ensure the orderly and tax-efficient transfer of assets for clients whose needs vary from simple wills and trusts to sophisticated wealth preservation structures. Regardless of the scope of the client’s needs, every client is given individualized attention as we develop an estate plan that will implement the client’s wishes while remaining flexible enough to adapt to a change in the client’s circumstances. We cultivate ongoing, collaborative relationships with clients and their other professional advisors – such as trust officers, investment advisors, accountants and insurance planners – to design wealth planning strategies based on the client’s current financial situation and asset allocation, investment objectives, family dynamic, and changes in circumstances. Because we work closely with clients and their advisors we are able to ensure that clients’ wealth planning techniques are implemented properly and updated when necessary to address changing needs and objectives or legal developments.

Minimizing transfer taxes is a critical component of every wealth transfer and estate plan. Our attorneys work closely with clients to make sure that the tax planning structures associated with those plans are fully implemented. To ensure proper tax reporting, we prepare individual and fiduciary income tax returns, gift tax returns, and estate tax returns or offer clients’ other tax preparers assistance in preparation and review of those returns. When a client’s tax planning is affected by changes in federal or state tax law, we act promptly to take the steps necessary to maintain the client’s tax-minimization strategy.

Our Private Client group is well-versed in the many issues surrounding family-owned businesses and is experienced in structuring succession plans that ease the transition to the next generation. Techniques commonly used include buy-sell agreements and long-term trusts. Our attorneys assist clients in shaping succession plans that minimize taxes while implementing the desired transition plan.

We counsel senior executives wishing to plan for retirement and structure compensation packages with optimal tax consequences. In conjunction with our Corporate & Securities practice, we advise businesses on compensation issues that arise in transactional matters, and our attorneys are experienced in drafting employment contracts, compensation arrangements, and stock option and other equity-based compensation agreements.

We represent individuals in the negotiation and preparation of prenuptial and antenuptial agreements, as well as domestic partnership and cohabitation agreements. Attorneys in the group are experienced in handling all aspects of planning for unmarried couples and non-traditional families. We also work with other firms to review their clients’ property division and separation agreements for tax-efficiency and consistency with our clients’ wealth transfer and estate plans.

We assist clients with the management and transfer of assets held in trust or by an estate following the death of a client. For clients who serve as fiduciaries, we provide advice concerning their responsibilities, the nature of their fiduciary duties, and the practicalities associated with administering a trust or estate. We prepare fiduciary accountings, fiduciary income tax returns, and estate tax returns. We represent estates in probate proceedings, preparing necessary filings and coordinating the disposition of estate assets. When necessary, our attorneys team up with members of the firm’s litigation group to handle related litigation matters, such as will contests and contested accountings.

Our attorneys serve as professional trustees of family trusts and as personal representatives of estates. As professional fiduciaries they carry out the client’s wealth management and transfer objectives in an impartial and efficient manner and work closely with financial advisors and other professionals to ensure wealth preservation. Our attorneys are experienced in handling matters involving multigenerational family situations and family businesses and counsel trustees and estate representatives in strategies to balance the conflicting interests and priorities of different family members in accordance with the terms of the trust instrument or will.

We advise foundations and tax-exempt organizations on their operations, including investment transactions, grants, and financing transactions. We advise clients of the state and federal law and regulations governing the structure of charitable organizations, and we prepare required state and federal filings (such as Massachusetts Form PC and Federal Forms in the 990 series). We also structure planned-giving arrangements in connection with our wealth transfer and estate planning practice.

We advise family-owned and other closely-held businesses on the issues unique to those companies, from formation through maturity. Our attorneys in the Corporate & Securities and Trusts & Estates, Tax and Private Client practice groups work together in structuring the organization of a new business, reorganizing existing businesses to meet changing realities, and planning for future developments with proper succession planning. Among the techniques we regularly employ are buy-sell and cross-purchase agreements, voting trust agreements, stock restriction agreements, and other agreements among the owners. In each instance we provide personalized solutions to the needs of each client, bringing together our expertise in serving closely-held companies across multiple generations.

From formation to merger, acquisition or dissolution, we assist clients in all aspects of the business lifecycle. We offer guidance concerning the formation of the business entity, including entity choice, capitalization alternatives, and management structure. Our corporate attorneys have extensive experience drafting a wide variety of organizational documents, such as corporate charters and bylaws, Massachusetts business trusts, partnership agreements, limited liability company agreements, and stockholders; agreements. We coordinate the necessary filings with federal, state and local regulatory agencies.

After formation, we provide ongoing services as outside general counsel ranging from reviewing third-party commercial contracts; drafting and negotiating employee contracts, including executive compensation arrangements of all kinds; preparing and reviewing distribution and licensing agreements; maintaining the company’s corporate records and regulatory filings; and advising on day-to-day operational matters. We advise clients on a variety of corporate governance matters, such as fiduciary duties, liability risks, and reporting and disclosure issues under federal and state securities laws.

Our tax practice encompasses strategic planning, return preparation and review, and representation of taxpayers before the IRS and Tax Court in matters involving income, gift, and estate tax issues. We also provide advice in connection with corporate, real estate and other transactions. We advise non-U.S. clients concerning U.S. tax issues and planning considerations.

We counsel individuals, businesses, trusts and estates in connection with the full spectrum of income tax issues. We offer practical solutions to our high net worth clients seeking to minimize the tax consequences of executive compensation arrangements (including deferred compensation arrangements) and retirement planning, purchases and sales of real estate and other property, and balancing their investment portfolio to maximize after-tax returns. By serving as corporate counsel for clients with family companies, we provide comprehensive oversight of the business’s tax strategies, including ensuring that the business’s objectives are consistent with the family’s wealth transfer objectives, drafting any agreements and other documents which may be necessary for the desired tax treatment, and properly reporting matters on the company’s income tax returns. We advise fiduciaries regarding income tax considerations unique to those entity types, such as the tax consequences of trustee actions and the interplay between the income and estate tax regimes.

We prepare federal and state income tax returns for individuals, entities and fiduciaries, including federal Forms 1040 (individual income tax return), 1065 (partnership income tax return), 1020S (S corporation income tax return), and 1041 (income tax return for estates and trusts).

Wealth transfer planning invariably incorporates lifetime gifting strategies that require a sophisticated understanding of the federal (and in some cases, state) gift tax laws. Strategies include annual exclusion gifts, “Crummey” trusts for the benefit of family members, grantor retained annuity trusts, qualified personal residence trusts, irrevocable life insurance trusts, and gifts of assets to intentionally defective grantor trusts. These planning techniques are subject to complex laws, regulations and reporting requirements. To be fully effective, they must be implemented with the clients’ larger wealth transfer and estate plan in mind. We identify the strategies best suited to our clients’ particular circumstances and objectives, draft trust instruments and other documents and handle other steps necessary for implementation of the strategy, and prepare gift tax returns to properly report the transaction.

During a client’s lifetime we bring our extensive knowledge and experience in handling estate tax matters to the planning process. As with lifetime gifting strategies, estate planning strategies can provide significant tax benefits so long as they are carried out properly. After the decedent’s death, we assist with identifying professionals qualified to undertake valuation of the taxable estate, marshaling estate assets for the payment of estate taxes, and preparing estate tax returns.

We offer tax advice in connection with a variety of transactions, such as corporate organizations and financings, compensation arrangements, real estate acquisitions and transfers, asset purchase agreements, equity purchase agreements, and litigation settlement agreements.

We advise non-U.S. clients regarding U.S. tax planning considerations in connection with the purchase and sale of U.S. real property, compensation for services provided in the U.S., and ownership of beneficial interests in U.S. estates and trusts. We also represent U.S. citizens living abroad or having foreign interests.