Estate Planning Attorneys in Camden Maine

Minimize the tax consequences of transferring property from one generation to another

Our clients obtain their objectives, and enjoy peace of mind all with a predictable cost

Minimize Estate Taxes, Insure Your Intentions Are Carried Out

Our attorneys have saved our clients millions of dollars in estate taxes

Enjoy Peace of Mind with a Predictable Cost

Predictable fees and flat fees encourage efficient completion of your estate plan…

Experienced estate planning lawyers

Estate Planning Attorneys in Camden Maine

Penbaylaw Estate Planning

The Continuity of Tradition, and the Efficiency of Innovation.

Our attorneys have saved our clients millions of dollars in estate taxes through the use of legitimate legal tax avoidance estate planning techniques. Jesse Bifulco has over 20 years of experience in Estate Planning. Applying that experience using innovative law office technology allows us to offer sophisticated Estate Planning at reasonable fees. With most estates typically qualifying for our flat rate fee, our clients obtain their objectives, and enjoy peace of mind all with a predictable cost. Penbaylaw are Camden Maine Estate Planning attorneys.

What is Estate Planning?

Effective Wealth Transfer That’s Meaningful to Our Clients And Their Heirs

Estate Planning generally deals with two main issues: 1. Minimizing the tax consequences of transferring property from one generation to another; and 2. Making sure that property goes where you want it to after you die.

Is [Estate Planning] Tax Avoidance Legal?

Yes. When presented with options for limiting gift taxes many of our clients are skeptical. However, it has been clearly established in the law that the individual is permitted, even expected, to try and use the rules to limit their tax exposure. This is called legitimate Tax Avoidance.

The IRS considers permissible tax avoidance to include attempts to “reduce, avoid, minimize, or alleviate taxes by legitimate means,”

The IRS Talks About Tax Avoidance

26 USC §7201 – Avoidance Distinguished from Evasion Avoidance of taxes is not a criminal offense. Any attempt to reduce, avoid, minimize, or alleviate taxes by legitimate means is permissible. The distinction between avoidance and evasion is fine, yet definite. One who avoids tax does not conceal or misrepresent. He/she shapes events to reduce or eliminate tax liability and, upon the happening of the events, makes a complete disclosure. Evasion, on the other hand, involves deceit, subterfuge, camouflage, concealment, some attempt to color or obscure events or to make things seem other than they are. For example, the creation of a bona fide partnership to reduce the tax liability of a business by dividing the income among several individual partners is tax avoidance. However, the facts of a particular investigation may show that an alleged partnership was not, in fact, established and that one or more of the alleged partners secretly returned his/her share of the profits to the real owner of the business, who, in turn, did not report this income. This would be an instance of attempted evasion. IRC 9.1.3.3.2.1 (05-15-2008)

Some of the Tools of Estate Planning

The tools used to reduce estate taxes vary according to the estate. The tools used will depend on a number of factors: the size of the estate; the willingness of the client to reduce personal control over a portion of her or his wealth; the age of the client; the marital status of the client. All of these factors and more are examined as part of our estate planning interview process to determine what the best possible estate planning solution is for the particular person. Depending upon the individual an Estate Plan may utilize legal tools as complex as trusts, limited liability companies, charitable trusts, charitable foundations, powers of appointment, disclaimers, or as simple as a will or joint will, selling or transferring title to real estate, and or a plan of gifting.
There is a wealth of information available online about Estate Planning. It is always advisable to learn as much as you can about the issues that effect your property. However, ultimately, these are complex issues in an area of law that changes rapidly. Before you act you should seek the advice of qualified counsel who you trust. A note of caution about estate planning and tax avoidance: there are planners out there who utilize estate planning methods that may be illegal.

Can Younger People Use Estate Planning?

It is absolutely advisable for young or working life aged people to do some estate planning. Even though Elderlaw and Estate Planning are related they are different. The fact is, many people do not do any estate planning until they’re in the Elderlaw category. But you can, and should do some estate planning while you’re in the building stage of your life. The reasons are fairly obvious. A prime one is that some of the best Estate Planning strategies work over time. These are sometimes referred to as the “acorn into a tree” tools. A transfer of something that is presently worth very little (the acorn) but that may be added to and or appreciate over time. After time has passed, it is now a large gift (the tree) that has passed tax free or tax reduced to the next generation. The benefit is, of course, that if it is done right, the “tree” is not included in the gross taxable estate when the gift giver dies. Another reason younger people might wish to do Estate Planning, is to plan for the unplanned. If something unexpected happens, and you don’t have a will or a trust or some other instrument to communicate your wishes, the law will do it for you. And you may not like how it’s done. These are just a couple of examples of issues and strategies that Estate Planning attorneys address.
Estate Planning Attorneys in Camden Maine

Clear & Reasonable Fees

predictable and flat fees in many matters promotes efficiency & expeditious resolution
Estate Planning Attorneys in Camden Maine

Experience & Tradition

a law practice informed by tradition and rooted in the local community
Estate Planning Attorneys in Camden Maine

Personal Representation

utilizing the latest technology and limiting our practice to provide personal service

Contact the law firm at 207.236.4888

to retain experienced, efficient lawyers in Camden Maine