RGC Tax & Estate Solutions – Practice Areas
Our practice areas include wills, estate planning, probate & trust administration, tax planning and business planning.
INDIVIDUAL & FAMILY ESTATE PLANNING
- Will — a testamentary document to declare your wishes and to direct the disposition of your possessions at your death.
- Durable Power of Attorney for Finances — An inter vivos nomination of a trusted person to manage your finances when you are incapacitated.
- Durable Power of Attorney for Healthcare — An inter vivos nomination of a trusted person to make medical decisions on your behalf when you are incapacitated.
- Living Will — A declaration of your wishes regarding continued medical treatment when your condition is terminal or you are in a persistent vegetative state.
- Personal Property Statement – A testamentary document to transfer tangible personal property items (such as family heirlooms) to the recipients of your choosing.
- Credit Shelter Trust- A trust established to utilize a decedent’s federal (or state if applicable) estate tax exemption to reduce or eliminate estate taxes commonly referred to as “death” taxes.
- Marital Deduction Trust- A trust established to transfer assets to a surviving spouse to defer the payment of estate taxes.
- Portability Planning – an option election by a surviving spouse to claim their deceased spouse’s unused credit against estate taxes.
- Qualified Domestic Trust – A special type of marital deduction trust established to allow the transfer of assets to a surviving spouse who is a non- U.S. citizen and still qualify for the marital deduction for estate tax purposes.
- Irrevocable Life Insurance Trust- A trust established to own life insurance policies. It can be used to reduce the value of an estate for estate tax calculations and to provide a source of liquidity for the payment of estate taxes if necessary.
- Qualified Personal Residence Trust- A trust used to transfer a personal residence (and its value) out of the grantor’s estate for estate tax calculations.
- Grantor Trust- A special type of trust allowing the grantor to receive income that is created from the trust while removing the value of the assets in the trust from the grantor’s estate for estate tax calculations at the grantor’s death.
- Family Limited Partnerships- An entity structure used to manage a family business and to facilitate the transfer of management and ownership to succeeding generations.
PROBATE & POST-DEATH ADMINISTRATION
- Probate proceedings – the process whereby the court oversees the identification of the deceased person’s property, paying any debts, identifying proper heirs, and distributing the property.
- Personal Representative, Trustee & Fiduciary Responsibilities – duties of appointed persons to administer an estate, a trust or a power of attorney.
PROBATE & POST-DEATH TRUST ADMINISTRATION
- Federal and Idaho state tax liability planning, audits and repayment or settlement options
- Offers In Compromise – A program whereby the taxpayer can pay the IRS less than the total amount owed.
- Installment Agreements – An agreement with the IRS or Idaho Tax Commission whereby the taxpayer can enter into a payment plan to pay any taxes due.
- Non-collectible Status – A special status provided by the IRS for taxpayers with very limited resources from which to collect or levy.
- Innocent Spouse Relief – A method to discharge or reduce tax liability for a spouse that lacked knowledge of the improper tax reporting and it would be unfair to hold the unaware spouse responsible for payment of back taxes.
BUSINESS LAW AND PLANNING
- Business entity selection and formation (corporations, partnerships, and limited liability companies) – An in depth analysis as to the proper selection of entity considering management structure and taxation.
- Corporate governance – Assistance and counsel regarding obligations of directors, officers and shareholders.
- Buy-sell agreements – Assistance and counsel in creating an agreement amongst shareholders (corporation), partners (partnership) or members (LLC) to create a plan to account for death, disability, divorce, bankruptcy and other situations that could adversely affect the business and the relationship between or among the owners.
- Business sales (stock or assets purchases – buyer or seller), dissolution, and taxation – Assistance and counsel in negotiating the sale of a business or its assets.