Wealth Preservation and Estate Planning
Wealth preservation is more than simply preparing a will, revocable trust, etc. It is the transfer of assets from an older generation to a younger generation. It requires knowledge and experience in working with the assets to be transferred, investment of assets, tax laws, and on and on. In other words, in order to effectively represent a client, the lawyer must have comprehensive knowledge and experience of all aspects of business. It is much more than the ability to simply draft a will or a trust. It requires, for illustration, drafting a trust which permits the trustee to invest assets using modern concepts of investment management while at the same time protecting all beneficiaries.
The Wealth Preservation practice group at Baylard, Billington, Dempsey & Jensen has the broad range of experience needed to assist clients in effectively transferring assets from generation to generation at the least tax cost possible.
After careful study is made of a client’s individual needs and coordinating those needs with applicable law, Baylard, Billington, Dempsey & Jensen professionals help clients meet legal requirements through proper counsel and preparation of appropriate wills, trusts, limited partnerships, powers of attorney, living wills, business agreements and other related documents. Clients are further assisted in the sometimes difficult periods associated with death or incapacity and the ensuing probate, guardianship or trust administration. Our attorneys also possess a working understanding of the special IRS rules for farmers and small business owners, which is essential for a successful estate planning practice in Mid-Missouri.
To accomplish the client’s objectives while minimizing the tax cost, Baylard, Billington, Dempsey & Jensen attorneys provide personalized counsel on estate tax, gift tax, generation skipping tax and income tax. When possible, both pre-death and post-death tax planning consequences are considered. Similarly, counsel is provided in the areas of charitable giving, retirement planning, and under the special valuation rules of the Internal Revenue Code, dealing with intergenerational transfers of certain interests in corporations, partnerships, trusts and other agreements.