Advanced Estate Planning

Advanced Estate Planning

From their offices in Los Gatos and San Luis Obispo, the attorneys at the Law Offices of Douglas P. Barnes assist clients throughout California with advanced estate planning strategies.  We have extensive experience in estate planning for high net worth individuals, including but not limited to:

  • Irrevocable Trusts, including Irrevocable Life Insurance Trusts
  • Qualified Personal Residence Trusts
  • Formation of Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs)
  • Business Succession Planning
  • Charitable Planning

Irrevocable Life Insurance Trusts

Life insurance is an important component of many estate plans.  For young couples, life insurance can be used to create an estate and provide funds for the care of their young children.  For clients with substantial assets, life insurance can provide liquidity to pay debts and taxes without having to liquidate business interests or investments.  Life insurance can also be part of a comprehensive estate planning strategy designed to leverage the applicable exclusion for estate and gift taxes, replace wealth being transferred to a charity, or be an important component of a business succession plan.  We routinely advise clients regarding the advantages of an Irrevocable Life Insurance Trust (ILIT), and assist our clients in implementing an ILIT as part of their overall estate plan.

Business Succession Planning

We are frequently brought into the planning process when a closely held business is being sold or when a family member is retiring from the business and wants to explore business succession planning options.  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 estate planning attorneys also advise clients regarding the use of Limited Liability Companies (LLCs) and buy-sell agreements. 

Charitable Planning

We advise clients with charitable inclinations on ways to maximize the tax benefits of their contribution.  Our services in this area include advice regarding, and preparation of:

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

Seek Experienced Legal Representation

Advanced estate planning strategies are highly complex and require the advice of counsel with specialized knowledge.  Firm principal Douglas P. Barnes is a California State Bar Certified Specialist in Estate Planning, Trust and Probate Law.  For experienced estate planning assistance, contact the Law Offices of Douglas P. Barnes.

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