"Anyone may arrange his affairs so that his taxes shall be as low as possible,” federal appeals court Judge Hand famously wrote in 1934. “[H]e is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes.”
Proper estate planning does exactly what Judge Hand promises. It allows you to take personal control over your estate, determining how your assets are handled during your life and distributed after your death.
A sound estate plan eliminates unwanted government involvement and minimizes the potential for disputes among heirs and beneficiaries. In short, it provides peace of mind.
Experience as trusted advisors
Foster Swift’s estate planning attorneys have decades of experience drafting estate plans, including:
- Foundational Estate plans, consisting of a will, revocable trust, and powers of attorney for medical and financial decisions
- Estate Tax Planning Trusts
- Marital Deduction and Qualified Terminable Interest Property Trusts
- Irrevocable Life Insurance Trusts
- Grantor Retained Annuity Trusts
- Special Needs Trusts
- Charitable Trusts
- Pet Trusts
- Family LLC’s , Intentionally Defective Irrevocable Trusts and other Gift Leveraging Tools
- Business Succession Planning
- Estate and Trust Administration
Each plan is tailored to the individual needs of our diverse clientele. This includes the young family just beginning their life together to the affluent, well-established business executive concerned with the succession of the family business.
Whether the estate is simple or complex, the goal of the estate plan is the same: to achieve personal and family objectives and to minimize tax liability.
Recent Blog Posts
- Legal-Ease: Common Questions Surrounding Durable Powers of Attorney
- Holiday Talks: Essential Estate Planning and Tech Safety for Aging Family Members
- Legal-Ease: Are There Ways to Avoid Probate After Death?
- Legal-Ease: What Happens When You Are Sole Beneficiary of a Trust?
- Going Back to School: A Guide to Balancing Careers, Schedules & Divorce
- Digital Dupe: How to Protect Against Identity Theft After Death
- Legal-Ease: What Happens to a Family Member's Bank Account After Death?
- Elder Financial Abuse: What to do if it's in the Family?
- Legal-Ease: Steps for When a Loved One Passes Away - Part Three
- Legal-Ease: Steps for When a Loved One Passes Away - Part Two
Publications & Alerts
- 2023 Legal and Regulatory Developments for Agribusinesses, Foster Swift Agricultural Law News, August 30, 2023
- Using Low-Cost DIY Legal Services: Risks Far Outweigh Benefits, Foster Swift Business & Tax Law News, January 24, 2023
- Your Initial Estate Planning Meeting: What to Keep in Mind, Foster Swift Agricultural Law News, November 10, 2021
- Changes to Income Tax May Make for Favorable Roth IRA Conversions, Foster Swift Trust & Estates Law News, February 3, 2021
- Decrease in Federal Gift and Estate Tax Exclusion Amount: No Time To Wait, Foster Swift Trust & Estates Law News, February 2, 2021
- Loss of Basis Step-Up at Death and Increase in Capital Gains Tax, Foster Swift Trust & Estates Law News, February 2, 2021
Events
- Holiday Talks: Essential Estate Planning and Tech Safety for Aging Family Members, Second Wednesday Sessions, November 13, 2024
- Back to School: Balancing Careers, Schedules and Divorce, Legal Strategies for Women Leaders, August 7, 2024
- Best Practices to Avoid Legal Consequences for Parents & College Bound Students, Second Wednesday Sessions, July 10, 2024
- Navigating Legal Challenges for Parents & College Bound Students - Part Two, Michigan Business Network, July 9, 2024
- Navigating Legal Challenges for Parents & College Bound Students - Part One, Michigan Business Network, July 4, 2024
- Modifying Trusts, ICLE’s 64th Annual Probate and Estate Planning Institute, May 18, 2024
- Estate Planning Essentials for Agriculture, 2024 Take Root Farm Succession & Estate Planning Conference: Presented by Michigan Farm Bureau, February 27, 2024
News
- Foster Swift Attorneys Named 2025 Best Lawyers in America, Best Lawyers in America, August 15, 2024
- 17 Attorneys Selected to 2024 Michigan Super Lawyers and “Rising Stars”, Michigan Super Lawyers, August 12, 2024
- Prepare Your College Student for a Smooth School Year Free of Legal Challenges, Meltwater Global Newswire, July 22, 2024
- Be Proactive: Jumpstart Planning with Elder Law Month Resources, Meltwater Newswire, May 1, 2024
- Foster Swift Elects EC Officers for 2024, Ingham County Legal News, February 21, 2024
- Preparing Women Business Leaders for 2024 Legal Challenges, Meltwater Newswire, February 20, 2024
- Foster Swift Swears in Four New Associates in Lansing, November 16, 2023
Media
2nd Wednesday Lunch Break
Are You Prepared? Legal Strategies for College Students & Families
Legal Strategies for Women Leaders
- Legal Services Overview
- View All Services by Alpha
- Cybersecurity Hotline
- Corporate Transparency Act (CTA)
Tax Adjustments 2025
On October 22, 2024, the Internal Revenue Service released the annual inflation adjustments for tax year 2025. Relevant adjustments regarding estate and gift planning, the transfer tax exemption levels for 2025 are:
- Estate tax credits. Estates of decedents who die during 2025 have a basic exclusion amount of $13,990,000, increased from $13,610,000 for estates of decedents who died in 2024.
- Annual exclusion for gifts increases to $19,000 for calendar year 2025, rising from $18,000 for calendar year 2024.
More information is available here: IRS releases tax inflation adjustments for tax year 2025 | Internal Revenue Service
The scheduled sunset for the Tax Cuts and Jobs Act remains in place. The current lifetime transfer tax exemption levels will be reduced to ½ of their amount as of January 1, 2026, absent legislative action.