Estate Planning
The estate planning team at Wiggin and Dana helps high-net-worth individuals and families develop and implement comprehensive estate planning strategies. With decades of combined experience and an approach that merges the professional with the personal, our lawyers are valued advisors who see the big picture while still attending to the smallest details.
Our size allows us to have the broad-based experience and sophistication to rival the largest law firms, yet we are lean enough to be as adaptable and accessible as our high-net-worth clients require. Each of our estate planning lawyers brings extensive experience and diverse perspectives, providing you with personalized attention backed by the collective insights of our exceptional team.
We know discussing family matters and end-of-life decisions can be uncomfortable, so we take the time to learn about you and your family, listen to your concerns, and clearly answer all your questions.
How Our Estate Planning Attorneys Can Help
The term โestate planningโ may sound abstract and evoke feelings of mortality, when in reality, it encompasses the hopes, dreams, care, and responsibility you have for your loved ones. It is about planning for life โ yours and those you care about the most.
When done properly, estate planning protects your assets and provides financial security for you and your family. Our clients gain peace of mind working with experienced lawyers who tailor effective strategies to ensure their wishes are honored and their loved ones are provided for, now and in the future. Contact us today to get started on your estate plan.
Our Suite of Legal Services
Partner with Wiggin and Dana for a comprehensive suite of estate planning services tailored to the unique needs of high-net-worth individuals and families. We provide personalized guidance to help you protect your substantial assets, ensure your legacy, and achieve your long-term financial goals. With a deep understanding of the sophisticated and complex nature of estate planning for high-net-worth clients, we design plans with your values and aspirations in mind, providing financial and emotional security for you and your loved ones.
Phase I Planning
Wills
Revocable Trusts
Power of Attorney (POA)
Health Care Documents
Phase II Planningย
Irrevocable Trusts
Irrevocable trusts are a type of trust where the creator (the “grantor”) relinquishes control over the property transferred into the trust, and the terms cannot be changed. This lack of revocability comes with significant benefits, including moving assets outside of the grantorโs taxable estate and protecting them from creditors of both the grantor and the beneficiaries. In an irrevocable trust, the trustee maintains legal title to the property, while the beneficiaries hold equitable title. Although generally not subject to change, certain modifications can be made with the consent of the trustee and beneficiaries. Benefits of irrevocable trusts include protecting assets from judgments and creditors, removing taxable assets from the grantorโs estate to leverage estate tax exemptions, reducing taxes on appreciating assets for beneficiaries, gifting homes and other assets with fewer tax implications, retaining income from gifted assets, and avoiding probate. Irrevocable trusts are particularly advantageous for high-net-worth individuals as they provide robust asset protection, optimize estate tax strategies, and ensure the efficient transfer of wealth to future generations, safeguarding significant assets and maintaining financial stability.
Life Insurance Trusts
Irrevocable Life Insurance Trusts (ILITs) are entities created to hold life insurance policies, with the trust named as the primary beneficiary instead of an individual. Upon the insured’s death, the policy proceeds are distributed to the trust, where the trustee manages and allocates the assets according to the trust agreement. For high-net-worth individuals, an ILIT is particularly beneficial as it ensures substantial life insurance proceeds are protected from federal and state estate taxes, preserving the full value for beneficiaries. Benefits of an ILIT include minimizing or eliminating estate taxes, avoiding guardianship proceedings if minors are beneficiaries, appointing a trusted third-party trustee to manage and distribute the proceeds as specified, and avoiding probate. Depending on circumstances, the trust can also benefit a surviving spouse, allowing proceeds to pass to children or other beneficiaries without being taxed in the spouseโs estate.
Family Limited-Partnerships
A Family Limited Partnership (FLP) is a legal structure that consolidates a family’s business or investment assets into a single partnership, with family members holding ownership shares. Typically created by parents, an FLP includes general partners, who manage the partnership and face liability risks, and limited partners, who do not manage the partnership and whose liability is limited to their investment. An FLP is particularly advantageous for those with substantial assets as it provides a structured way to manage and transfer assets while minimizing tax liabilities. General partners contribute assets like investments or business ownership to the FLP, while children, grandchildren, or other relatives receive ownership interests as limited partners, either directly or through a trust. By keeping annual gifts to heirs below the gift tax threshold, the value of the general partners’ taxable estate is gradually reduced, potentially avoiding estate taxes. Income taxes can also be reduced by sharing partnership income with children, although income shifting to children under 14 is limited by tax regulations.
Limited-liability companies (LLCs)
Forming a Limited Liability Company (LLC) can be highly beneficial for an estate plan, especially for small business owners aiming to protect personal assets and minimize tax burdens. An LLC is a distinct corporate entity that operates as a hybrid between a corporation and a partnership, offering limited liability protection for its owners (members) while allowing profits to be taxed as personal income, thus avoiding double taxation. Governed by an operating agreement, an LLC provides significant flexibility in structuring member responsibilities, operating procedures, and tax elections to suit the specific needs of the business. This flexibility, along with reduced compliance requirements and paperwork, makes LLCs an attractive option for seamlessly separating personal and business assets, enhancing asset protection, and facilitating smooth business succession planning as part of an overall estate plan.
Grantor-Retained Annuity Trusts (GRATs)
Sales to Intentionally Defective Grantor-Trusts
Charitable Split-Interest Trusts
Partner with Wiggin and Dana
At Wiggin and Dana, our estate planning team recognizes that each client’s situation is unique and requires a tailored approach. We are dedicated to ensuring that your assets are protected and your wishes are honored. Even when it comes to the most complex estates, we provide personalized solutions tailored to our clientsโ individual goals, ensuring their specific needs are met and giving them peace of mind for the future.
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News
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Podcasts
In this episode, host Michael Clear is joined by a special guest, Senior Practice Manager Dan Maloney, who shares how his unique role helps shape client experience, team culture and…
In this episode of Future Focused: Sophisticated Estate Planning, hosts Michael Clear and Erin Nicholls are joined by Corporate Partners Scott McClure and Len Gray to discuss how the One…
In this episode of Future Focused: Sophisticated Estate Planning, Partner Erin Nicholls and Associate Sara Osinski examine the complexities of managing private foundations. They focus on how the 5% minimum…
Today marks a special milestone, our 50th episode! Since launching in 2023, we’ve had the privilege of engaging with thought leaders, innovators, and trusted advisors to explore the most pressing…
In the final episode of the Speaker Showcase, Partners Steve Malech and Matt Smith discuss the complexities of estate planning, particularly in the context of divorce and family disputes. They…
In the second episode of Future Focused: Sophisticated Estate Planning Speaker Showcase, Private Client Services Partner Vanessa Maczko and Corporate Partner Jack Sousa discuss estate planning strategies, with a focus…
In the premiere episode of our Speaker Showcase, Partners Michael Clear and Erin Nicholls explore the evolving landscape of estate planning, with a special focus on strategies for middle and…
Digital Assets may be poised to revolutionize the financial world and the velocity of moving money across the economy. On this episode of Future Focused: Sophisticated Estate Planning, host Erin…
The disposition of unique assets like art collections requires proper planning. On this episode, Partner Michael Clear and Associate Kaitlyn Pacelli speak with Deborah Robinson, Partner at Art Market Advisors….
When families clash over control of substantial wealth, whether in connection with the testamentary wishes of a loved one or the management of assets in an estate or trust, hiring…
