Trusts and Estates

From his office in midtown Manhattan, Jonathan S. Berck assists clients with planning for their future needs and those of their loved ones.

Estate Planning. Mr. Berck believes that effective estate planning can only be done in the context of an on-going dialogue with the client, to establish goals to be met over time.

Near Term: Does the client need to take immediate steps to avoid excess taxes on currently held assets? Does the client anticipate or wish to guard against potential claims from creditors? How soon does the client wish to retire? What lifestyle does the client wish to enjoy in retirement?

Medium Term: What steps need to be taken to increase the size of the estate between now and retirement? What vehicles should be established to legally shelter assets from current and future taxes? What instruments should be considered for investment to yield income in the retirement years?

Long Term: What will be the sources of income in retirement? How can existing assets be monetized in a tax-efficient way? What provisions are to be made for loved ones? How can estate taxes be minimized?

There are a variety of tools in the arsenal of an estate planning attorney, from the use of different vehicles -- such as family corporations, life insurance trusts and asset protection trusts -- to the utilization of different tax structures. The judicious use of life insurance and annuities are also important planning tools. There is no standard template; all plans must be individually tailored, and then monitored and adjusted as circumstances -- and changes in applicable regulations -- dictate.