Completing effective estate planning documents should be part of everyone’s life plan. At its core, estate planning encompasses a will, setting forth how and to whom one wants to leave assets after death; a power of attorney, empowering another person to make financial decisions; and a medical power of attorney/living will, designating another person to make medical decisions in the event of incapacity, as well as expressing wishes for end-of-life care. That “core” estate planning expands as the situation warrants – as families grow, as assets are acquired, as new families form. To that end, the lawyers of Gawthrop Greenwood assist clients with the following:

• Simple wills
• Revocable trusts
• Contingent minor’s trusts
• Special needs trusts
• Planning for second marriages
• Asset protection trusts
• Exercise of powers of appointment over long-term trusts
• General powers of attorney
• Advance health care directives

Planning to minimize the impact of the federal estate tax is an important component of estate planning for individuals and couples with a higher net worth. In the current tax climate, in which sometimes the only constant is change, detailed knowledge in the area of federal estate, gift and generation-skipping taxes is key to crafting an effective estate plan. The lawyers of Gawthrop Greenwood can help clients implement plans that make the most effective use of all tax credits and deductions, including the following:

• Credit shelter/marital trusts
• Qualified personal residence trusts
• Grantor retained interest trusts
• Charitable lead/remainder trusts
• Life insurance trusts
• Dynasty trusts

The disposition of certain assets, such as real estate and family-owned businesses, poses a two-pronged challenge. Such assets can be valuable but illiquid, and they may carry with them more than financial value. They are also legacies of a family’s heritage or of an individual’s lifetime of hard work. Effective planning requires knowledge of the ways of passing such assets in the most effective manner, as well as the ability to develop the personal relationships with clients necessary to deal with familial dynamics that may arise. The lawyers of Gawthrop Greenwood excel in all these areas, and we pride ourselves on client relationships that span several generations. Our legal expertise extends to the following:

• Closely held corporations, partnerships and limited liability companies
• Family limited partnerships
• Conservation easements

No event affects a family as much as the death of a loved one. At Gawthrop Greenwood, we aid clients at this difficult time through our sophisticated estate planning services. Our lawyers, backed by experienced paralegals, can handle all necessary tasks, from probating a will and marshalling assets, to analyzing post-mortem income tax options and overseeing the distribution of assets. We can assist clients with:

• Final income tax returns for the decedent
• Inheritance and federal estate tax returns
• Fiduciary income tax returns
• Family settlement agreements
• Formal court accountings

The lawyers of Gawthrop Greenwood work with trust grantors, individual and corporate trustees, and trust beneficiaries to advise and assist them on the proper administration of a trust. For a grantor, we draft trust documents to implement the desired plan for the disposition of assets, be it merely a means to hold assets while a beneficiary is a minor, or a vehicle to pass wealth to successive generations. For trustees, we counsel on best practices and fiduciary obligations, as well as complete necessary tax filings, file formal court accountings, and draft non-judicial settlement agreements to resolve issues concerning the administration of the trust or to modify irrevocable trusts. We also advise beneficiaries on their rights under a trust and help them enforce those rights as needed.

Gawthrop Greenwood’s lawyers are well prepared to assist clients with an estate or trust matter that cannot be settled. Working at times in conjunction with the firm’s Litigation Department, we handle wills contests, actions to remove executors or trustees, disputes concerning powers of attorney, claims of fraud or misuse of an individual’s funds, and questions concerning investments. We also handle legal guardianships for minors or persons who are incapacitated.

The lawyers of Gawthrop Greenwood represent clients in estate and trust matters that are brought before the Delaware Court of Chancery. We handle routine petitions, will contests, actions to remove executors or trustees, disputes concerning powers of attorney, disputes concerning the interpretation of a will or trust, claims of fraud or misuse of an individual’s funds, and legal guardianships for adults who are incapacitated.