OUR TAX AND ESTATE PLANNING PRACTICE We design tax efficient strategies tailored to the specific needs of our clients. For our corporate and business clients, we often avoid significant income taxes, franchise taxes, employment taxes, sales and use taxes, excise taxes and local business taxes and fees by creating tax-advantaged pension and benefit plans, or by restructuring transactions and business entities. Similar strategies are frequently available to shelter assets from creditors.
Because of extended families and the value of California real estate, stock options and intellectual properties, California residents often have estates of substantial complexity and net worth. A typical Hick, Mims & Kaplan estate plan provides for you and your loved ones (often including your pets) while you are alive, and then pass your assets to your heirs in accordance with your wishes and their needs in a manner that minimizes taxes. Depending on your personal and financial situation, an estate plan may consist of Wills for you and your spouse, one or more trusts, life insurance, a family limited partnership or limited liability company and powers of attorney for health care and financial purposes.
Our estate plans often avoid probate, which is the Court supervised process for passing assets to heirs. Many of our clients want to avoid the delays and expense of probate, and exposing their assets, finances and heirs to public scrutiny. On the other hand, there are many situations where probate is unavoidable or is the best method for settling debts, avoiding liability or obtaining a final adjudication concerning the ownership of the estate's property; and Hicks, Mims & Kaplan can assist you with those difficult and often complex situations.
If you have any questions concerning your taxes and estate,
please contact us.