Estate & Tax Planning
Ours is an integrated view. It is an approach to estate and tax planning that is comprehensive, comprising an understanding of a client's financial situation, family, goals, values, risk tolerance and more.
Since families are unique, so too are the estate and tax-planning services they seek from us. For some, this might be a straightforward plan involving a will, healthcare proxy, durable power of attorney or revocable trust. For other families, it might require more sophisticated approaches, such as split interest trusts, limited liability companies, private foundations, creditor protection techniques, and more. Over time, needs will ebb and flow.
In addition to flexibility, sound estate planning requires a thorough understanding of many different types of specialized assets. These might include...
- Partnership interests
- Valuable works of art and other tangible property
- Real estate
- Privately held businesses
- Investment vehicles
- Retirement assets, and
- Intellectual property
Our advisors constantly assess new planning techniques and the ever-changing tax landscape.
Hemenway & Barnes serves a wide range of estate and tax-planning clients. These include young families, professionals, individuals, and family groups.
We often work with multiple generations, especially where there is shared ownership of a valuable asset, such as a family-owned business or real estate. Preserving these assets for future generations involves many complex legal, family and emotional factors, as does the decision to divest assets.
First and foremost, we seek to understand our clients' appetites for risk and complexity for themselves and their family. Our goal is to put a holistic plan in place that aligns with our clients' needs and values.
How can we help you?
Trust & Estate Planning
Tax Planning & Reporting
2023 Personal Tax Planning Update
The new year brings with it new tax-savings opportunities, including opportunities for tax-free gifts and extra time for tax-free growth of assets in retirement accounts. Continue reading to see the larger gift and estate tax figures, as well as this year’s federal income tax brackets. Certain strategies and tips to consider in your tax planning this year are also discussed, including new opportunities created by the passage of the SECURE Act of 2022.