One of our clients owned a number of commercial properties as well as his personal residence and numerous interests in other partnerships. While he had done a lot of planning in connection with his commercial properties and his business interests, he believed that his estate plan was complete because he and his wife each had a will.
Our client was the owner of multiple properties, including her personal residence and two vacation properties as well as multiple interests in various partnerships. The net value of her estate was estimated to be approximately $5,000,000. Due to her poor health, we were asked what we could do to help our client minimize the amount of estate taxes that would be due at her death in order to avoid a liquidation of her assets in order to generate the funds that would be necessary to pay the tax.
Our client owned a number of rental properties in a major U.S. city. These rental properties consisted of residential as well as commercial properties. Due to the litigious nature of our society, our client was concerned about becoming a target for a lawsuit if the extent of his real estate holdings were made public.