Wealth Preservation Practice Overview

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What is Wealth Preservation? 

You have worked hard for your assets.  You want to see those assets and values passed to the people and organizations you care about.  Wealth preservation planning is the process of becoming educated and then making decisions about the issues and laws that impact how you use your wealth.  At Porzio, we partner with you to create and implement strategies that reduce taxes, protect your assets, enforce your rights, and distribute your wealth and values. 

Why “Wealth Preservation”? 

Our attorneys find that we help clients in so many ways that describing our services becomes a mouthful.  We offer much more than tax or estate planning.  Our services involve protecting your wealth during your lifetime, not just at death.  We give planning advice to business owners whose company can be their largest asset.  We zealously represent families in court in will contests, trust disputes and guardianships.  We not only create traditional and cutting edge tax minimization strategies, but help you comply with tax reporting requirements.  What do all these services have in common?  Each activity is focused on helping you maintain the wealth you have built.  

Why Porzio? 

At Porzio, we value our relationships with our clients.  Our representation is an ongoing process that provides you with expert planning and compliance guidance throughout the year—year after year. We listen closely to gauge the best individual course of action for each of our clients. As your financial needs evolve, we work together to make well informed decisions and suggestions that consider a client’s overall income tax, asset protection and estate planning objectives. 

Who needs “Wealth Preservation” planning? 

Anyone who wants to make “better” decisions about how their wealth will be used can benefit from wealth preservation planning. 

  • Beneficiaries want to understand how wealth is being distributed to them and to evaluate the fiduciaries’ actions.
  • Business owners need knowledge and plans to pull the wealth from their business at sale, retirement, or to pass the business to their family. 
  • Disabled individuals need guidance to protect wealth from dimunation or evaporation
  • Executives desire to not only understand but to maximize benefit packages. 
  • Executors, trustees and other fiduciaries need guidance so that the wealth with which they are entrusted  is distributed properly. 
  • High net worth individuals benefit from strategies that reduce taxes and preserve the family assets.
  • Parents want to ensure that their wealth supports their children if they are no longer here. 
  • Seniors seek the security to ensure their wealth is available for their long-term care needs. 

What does “Wealth Preservation” encompass? 

At Porzio, our service areas have grown according to the needs of our clients.  As the tax laws become more complicated, tax planning evolves to new levels of sophistication and tax compliance grows in importance.  As the population ages, estate planning at death expands into asset protection planning during life.  As the economy changes, there is more pressure on family assets and parties may need to enforce their rights in court.  If you have a question about your wealth, your family or your business, we will educate ourselves about your issue and develop a plan of action towards resolution. 

The Wealth Preservation Planning Groups services include: 

  • Asset Protection Planning – Reduce the risk of creditors and predators to your assets and any inheritance that you design.
  • Beneficiaries’ Rights – Enforce a beneficiary’s interest in an estate or trust.
  • Business Planning – Create the business infrastructure to maximize value, reduce taxes, minimize liabilities and facilitate an exit strategy.
  • Business Succession Planning – Design buy-sell agreements, employee incentive agreements, stock options or other strategies to successfully transition the business to a new generation of owners.
  • Charitable Formation and Administration – Give life to  philanthropic goals  by creating public charities, private foundations, and assisting charities in complying with tax laws and procedures to maintain tax exempt status.
  • Conservatorship – Represent or defend actions for a court-appointed conservator to make financial decisions for an incompetent individual.
  • Education Planning – Explore  methods of saving for education including the use of appreciated employer stock and tax-efficient approaches to funding 529 education plans.
  • Elder Law – Assist seniors and their families with issues of aging and long-term care.
  • Estate Administration – Represent executors in the process of carrying out the terms of a Will, including probate, gathering asset and liability information, preparing tax returns (estate tax, inheritance tax, income tax), and distributing assets to beneficiaries.
  • Estate Litigation – Enforce the wishes and intent of a decedent in court.
  • Estate Planning – Enable families to preserve the wealth they’ve earned to achieve the greatest benefit for themselves and their loved ones.
  • Executor Representation – Advise executors of their role and responsibilities and create and implement plans of action to assist them in satisfying those responsibilities and minimizing personal liability.
  • Exit Strategies – Counsel business owners on strategies to liquidate the value of their business during life and upon death.
  • Family Office Services – Coordinate distributions, bill payment and family communication among inter-related companies and trusts for high net worth individuals.
  • Fiduciary Representation – Advise executors, trustees, guardians, attorney-in-facts and healthcare representatives about their roles and responsibilities and representing them to carry out those roles before private individuals, entities, governmental authorities and in court.
  • Fiduciary Services – Serve as executors, trustees, guardians, attorneys-in-fact and healthcare representatives.
  • Foreign Asset Disclosure – Assist individual taxpayers in voluntary disclosure of foreign assets in compliance with US tax laws.
  • Gifting – Transfer assets to family members or trusts to achieve tax planning and asset protection goals.
  • Guardianships – Represent or defend actions for a court-appointed guardian to make personal and financial decisions for an incompetent individual.
  • Health Care Directives – Preparing and enforcing documents to allow an agent to make medical decisions on  a person's behalf without court intervention.
  • Powers of Attorney - Create and enforce documents to allow an agent to make financial decisions on  a person's behalf during their lifetime without court intervention.
  • Probate – Assist families who have recently lost a loved one in the process of enforcing the Will.
  • Retirement Planning – Offer tax-related retirement counseling to manage wealth through tax-efficient strategies such as payroll contributions to an employer-sponsored 401(k) plan.
  • Tax Compliance and Planning – Ensure that clients make wise income tax decisions that have positive impacts on your wealth preservation objectives.
  • Tax Controversy – Help prevent or manage an audit or appeal before the Internal Revenue Service (IRS) or a state tax department challenge your tax compliance.
  • Trust Administration – Advise and prepare documentation related to trust distributions and annual accountings.
  • Trust Litigation – Represent trustees to enforce or defend the terms of a trust before a court.
  • Trustee Representation – Educate and advocate for trustees with regard to the fiduciary responsibilities and assist them to carry out their duties.
  • Trusts – Design, implement and manage trusts (revocable trust and irrevocable trusts) to meet tax minimization, asset protection and wealth preservation goals.
  • Wills – Counsel clients on will terms and designs to meet their tax minimization, asset protection and wealth preservation goals.