Taxation, Trusts & Estates
Potter Anderson has a sophisticated federal, state, and local tax practice that provides counsel to individuals and businesses, with the objective of maximizing the client’s tax goals. We also provide comprehensive representation to tax-exempt organizations, charitable entities and foundations and social service agencies. For individuals, we assist in developing strategies for preserving and transferring personal wealth.
Attorneys practicing in this area are skilled in representing clients before the Internal Revenue Service as well as local and state departments of revenue in the State of Delaware and the Commonwealth of Pennsylvania and in matters related to guardianships, will contests, and other probate and trust disputes.
- Protest procedures available to taxpayers contesting tax assessments as well as formal and informal procedures available to taxpayers who wish to obtain binding rulings regarding specific tax issues.
- Issues related to income taxes, franchise taxes, licensing taxes, excise taxes, transfer taxes, utilities and telecommunications taxes, and property taxes.
- Advice on traditional planning and analytical services and rendering third-party legal opinions.
- Nonprofit organization formation, compliance with tax laws, filing and disclosure of tax returns, substantiating and/or reporting of tax-deductible contributions, compliance with restrictions on lobbying and political activities, unrelated business income tax, excess benefit transactions, fiduciary obligations of directors and trustees, and special benefit plans and compensation arrangements applicable in the nonprofit area.
Trusts and Estates
- Tax, property and fiduciary assistance in preserving and transferring wealth, including providing for the family, reducing transfer taxes, ensuring minimal disruption in the transfer of closely-held businesses and protecting assets for minor beneficiaries and others who may have special needs.
- Impact of tax laws and the advantages of different strategies, including, the establishment of revocable living trusts, insurance trusts, qualified personal residence trusts, family limited partnerships and generation-skipping trusts.
- Sophisticated planning strategies, including charitable lead and charitable remainder trusts and private foundations.
- Representation of executors and trustees in the settlement of estates and administration of trusts, including the use of qualified disclaimers and renunciations.