Private Wealth Services From Molosky & Co.
Molosky & Co.’s private wealth services practice encompasses much more than a traditional “trusts and estates” group. Our law firm provides a full range of services to high net worth individuals, families, and closely held businesses, as well as foundations and charities.
Our attorneys have counseled some of the wealthiest individuals in the country, including business founders and executives, professional sports executives, and those who have inherited substantial wealth.
How We Can Serve You
Our team has the education, training and experience you would expect from a top-tier law firm with the responsiveness, promptness, and compassion of a small, well-knit team of professionals devoted to your personal legal matters.
- Probate, trust, and estate planning, administration and litigation
- Tax planning (estate, gift, and generation-skipping transfer taxation; income taxation of individuals, trusts, and estates; etc.)
- Family business planning, succession planning, and buy-sell agreements
- Residential real estate matters
- The formation of private foundations, public charities, and split-interest trusts
- Prenuptial agreements and marital property matters
- Complex international matters
- Multigenerational/dynasty planning
Whether you are just starting a family, nearing the end of your life, or somewhere in between, we can help you build and preserve your family legacy. Connect with us to learn more about our estate planning and private wealth services.
Basic Estate Planning
We offer clients a complete range of services with respect to the following:
- Wills and estate planning
- Lady bird deeds
- Probate avoidance
- Business succession planning
- Real estate and cottage planning
- Estate administration
- Trust administration
- Guardianships and conservatorships
- Disabilities and special needs planning
- Probate disputes and litigation
Complex Estate Planning And Other Private Wealth Services
Wealth Transfer Tax Planning
The wealth transfer (estate, gift, and generation-skipping transfers) tax rate as of 2022 is 40%. Most people find it hard to stomach the idea of nearly half their lifetime accumulation of wealth being lost to taxes and would prefer their assets be preserved for the benefit of their family, friends or community.
Sophisticated wealth transfer planning tools and techniques can reduce or eliminate wealth transfer taxes and ensure that 100% of your estate is preserved for uses you approve of. Our team advises on the use of grantor trusts, irrevocable trusts, charitable trusts, private foundations, family limited partnerships and family limited liability companies, among other asset protection, succession, and tax planning strategies.
Income Taxation Of Trusts And Estates
Trusts are characterized as grantor trusts, simple trusts, or complex trusts for income tax purposes. The characterization determines whether the income tax burden is shouldered by the person who created the trust, the trust itself, the trust beneficiaries, or some combination of the trust and its beneficiaries. We can help you navigate the confusing labyrinth of tax issues related to the use of trusts and the administration of trusts and estates.
Multinational families and individuals (including non-U.S. clients with assets in the U.S. and U.S. clients with assets overseas) have unique taxation, wealth transfer, and legacy planning needs. Our team advises on cross-border transactions to help international clients achieve their tax, wealth preservation, and succession planning objectives.
Tax-Exempt Organizations And Charitable Giving
Many high net worth individuals and families have strong civic and philanthropic interests. Our attorneys counsel clients on the use of private foundations, public charities, and donor-advised funds, and the income tax and wealth transfer tax consequences of making such contributions.
Multigenerational Planning And Administration
Our team advises families at each generation and counsels them through changes in family circumstances. We synthesize trust and estate planning and administration across generations to ensure family legacies are realized and preserved.
Our close relationship with clients allows us to create and implement succession plans for assets such as closely held businesses in a tax-efficient manner, contemplating the transmission of wealth from generation to generation. This may involve the creation and maintenance of family offices or private foundations.
Probate, Trust And Estate Litigation
Our attorneys have extensive experience with probate, trust and estate administration and litigation. We represent beneficiaries, wards, and fiduciaries in dispute resolution involving trusts, estates, guardianships, conservatorships and other matters related to incapacity.