Estate and Tax Planning
The law firm of Michael A. Neufeld & Assoc., LLC engages in the design and implementation of comprehensive estate plans that effectuate the wishes of each client regarding the preservation and disposition of assets, while at the same time minimizing estate taxes, gift taxes, and generation-skipping transfer taxes.
The firm prepares fundamental estate planning documents, such as wills, revocable living trusts, durable powers of attorney, and health care directives, as well as more sophisticated estate planning documents, such as irrevocable trusts for minor children, irrevocable life insurance trusts, charitable trusts, grantor retained annuity trusts ("GRAT's"), qualified personal residence trusts ("QPRT's"), dynasty trusts, and family limited liability companies.
As part of the estate planning process, the firm routinely advises clients on strategies to minimize transfer taxes and income taxes, including the use of lifetime gifts, the use of "bypass" or "credit shelter" trusts, the use of disclaimers, the optimal method to hold title to assets, the designation of beneficiaries for life insurance contracts, and the designation of beneficiaries for individual retirement accounts and other tax-qualified retirement benefits in order to minimize the required distributions and thereby maximize the tax-free growth of these accounts and benefits. The firm also provides advice where appropriate with respect to asset-protection planning and with respect to the minimization of family disputes that may otherwise occur in connection with the transfer and management of assets.
return to top
Business Planning
The firm engages in all facets of business entity planning, including the formation and operation of corporations, limited liability companies, and limited partnerships. The firm also advises clients with respect to the purchase and sale of businesses, as well as the dissolution of businesses. In addition, the firm counsels clients with respect to business succession planning, which typically involves the design and drafting of shareholder agreements, the inclusion of transfer restrictions in partnership agreements or limited liability company operating agreements, and the use of life insurance to provide sufficient liquid assets to purchase the business interest of a retiring or deceased owner. Finally, the firm assists closely-held business entities in their tax planning and tax compliance.
return to top
Charitable Planning
The firm assists clients in achieving their charitable objectives in a tax-efficient manner. The firm advises clients with respect to the use of outright gifts, conservation easements, charitable remainder trusts, charitable lead trusts, private foundations, and donor-advised funds. The firm also currently counsels clients with respect to the use of individual retirement accounts to make charitable contributions.
return to top
Estate and Trust Administration
The firm provides all legal services that are necessary and appropriate to administer an estate under Connecticut law, including the following: (1) the preparation of all required probate documents; (2) the determination of whether the estate is required to file a federal and/or Connecticut estate tax return, and, if so, the preparation of the required returns; (3) advice with respect to post-mortem estate tax planning opportunities, such as alternative asset valuation options, the use of disclaimers, and other estate and income tax elections that may benefit the estate and the beneficiaries of the estate; (4) advice with respect to the payment of all estate obligations, including the deferred payment of estate taxes, and with respect to the distribution of estate assets; and (5) the representation of the estate in any estate tax audits, appeals or litigation.
In addition, the firm counsels trustees and trust beneficiaries with respect to the interpretation of trust agreements, the legal obligations of trustees and the legal rights of trust beneficiaries under trust agreements and Connecticut law, and the income taxation of trusts and trust beneficiaries.
return to top
Tax-Related Controversies
The firm regularly represents taxpayers in audits and appeals before the Connecticut Department of Revenue Services and the Internal Revenue Service. The firm also represents taxpayers before the United State Tax Court.
return to top
phone 203.783.6460
fax 203.783.6461
Office Location:
Merritt Crossing Building
440 Wheelers Farms Road
Suite 205
Milford, CT 06461-9133
Mailing Address:
P.O. Box 72
Milford, CT 06460-0072