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Private Wealth Services

The attorneys on LeClairRyan’s Private Wealth Services team are committed to helping clients create and implement plans for transferring family wealth that fulfill their personal and family objectives, while also working to minimize the impact of gift, estate and generation skipping transfer taxes. We enjoy working closely with our clients to provide for the financial security of cherished family members and ensure the careful administration and transfer of homes, businesses, savings, and other assets acquired through years of diligent labor and careful investment.

Our services include:

  • Estate planning
  • Estate administration
  • Trust administration
  • Tax return preparation
  • Tax controversy
  • Charitable entity formation

Planning and Administration Services

We work closely with our clients’ accountants, insurance representatives and other financial advisors to obtain, review and understand our clients’ relevant financial and personal information, and then recommend incisive planning strategies and documents to implement our client’s objectives. We have extensive experience in drafting wills, all manner of revocable and irrevocable trusts, powers of attorney, and medical directives. We routinely prepare documents for high net worth clients who have significant tax planning goals, including wills and trusts designed to fully utilize the client’s estate tax exemption and generation skipping transfer tax exemption.

We also help our clients take advantage of more sophisticated and specialized tax planning vehicles designed to provide additional tax savings during our client’s lifetime and at death. These vehicles include irrevocable life insurance trusts, family partnerships and LLCs, qualified personal residence trusts, grantor retained annuity trusts (GRATs), charitable remainder and lead trusts, and trusts for children or other family members with special needs.

Many of our clients own closely held businesses, and we work closely with those clients to develop plans for the effective and efficient transfer of the business to family or non-family members. This planning might involve: (1) restructuring or recapitalizing the business; (2) developing agreements among existing shareholders to provide for the effective transfer of ownership and control of the business; (3) creating buy-sell arrangements to provide for the prearranged sale of an interest upon death of an owner; and (4) evaluating alternatives for funding the purchase of an interest, including creative uses of life insurance where appropriate.

Our team represents executors and heirs in the proper administration of decedents’ estates and trusts, including tax planning, governmental filings, and compliance with state and local tax agencies, the IRS, and local clerks and commissioners of accounts. We routinely advise and represent clients with respect to tax appeals, litigation and audits.