Domestic Taxation, Estate Planning and Wealth Preservation

Larry has 20 years experience in advising clients on estate planning and taxes. He also served as attorney-advisor to the U.S. Tax Court, as an editor of the ABA's "The Tax Lawyer"and has authored numerous articles for estate planning publications. Larry's mastery of the highly complex federal estate and gift tax laws enables him to provide sophisticated advice to our clients with regard to the most tax effective manner in which to carry out their intentions, while preserving their ultimate family objectives. Contact Lawrence Peck

Lawrence Peck Marquette University Catholic University Law School Georgetown University Law School (Masters in Taxation), cum laude

• In addition to experience in the traditional areas of will and trust drafting and estate administration, our group excels in the use of the latest techniques to implement effective plans for business succession while minimizing taxes to the greatest extent possible.
• Some of our group's estate planning tools are the revocable or "living" trust to provide for continuity of management of assets; the irrevocable life insurance trust to reduce the size of the insured's estate; the qualified personal residence trust to transfer a personal residence to heirs at reduced tax rates; the family limited partnership to reduce the size of the estate; and the grantor retained annuity trust to transfer ownership of a closely held business to younger generations at reduced gift tax rates.
• We create dynasty trusts for individuals who want to establish a truly perpetual, tax-favored source of income and capital for future generations of family members. These advantages are especially unique under the laws of certain states.
• For clients who wish to advance their philanthropic activities, we assist in creating tax qualified charitable trusts and private foundations.
• We have a long history of representing and advising executors of substantial estates, including handling will probate; the collection of assets; the preparation of the federal and state estate tax returns; the representation of the estate in tax audits; the compilation of the executor's accounting and attendant releases; the preparation of the fiduciary income tax returns; and the distribution of the estate assets to beneficiaries.
• In addition to estate tax minimization, our group is well versed in the techniques available to preserve our clients' wealth from the risks of divorce, litigation and future creditors. Such techniques may include the use of dynasty trusts, children's trusts and trusts established in debtor-friendly states such as Alaska and Delaware as well as certain offshore jurisdictions.
• As our clients expand their investments into the global arena, multi-jurisdictional planning takes on greater importance. We advise and establish appropriate structures for nonresident clients investing in United States property to avoid or minimize U.S. tax implications.
• We also establish offshore trusts and other offshore structures for nonresident clients to escape forced heirship provisions in their home countries, to defeat creditors, to protect assets in the event of unforseen circumstances arising in the jurisdiction of their domicile, to obtain favorable tax benefits, to provide for the testamentary disposition of property, to escape exchange controls, to provide an umbrella for investment in multiple jurisdictions and to invest in anonymity.

Authored Articles

"Making a Charitable Remainder Trust act like a Pension," CCH FEDERAL TAX WEEKLY, February 8, 2001

"Private Split Dollar Survivorship Insurance Is Attractive Tax Leveraging Technique," CCH FEDERAL TAX WEEKLY, April 23, 1998

"Using Family Limited Partnerships To Create Gift and Estate Tax Discounts," CCH FEDERAL TAX WEEKLY, Feb. 13, 1997

"Irrevocable Life Insurance Trusts and the GST Tax," RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 25,301

"Planning with Intentionally Tax Defective Trusts," RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 33,301

"General Trust Drafting Considerations to Minimize the Effect of the Generation-Skipping Transfer Tax," RIA's ESTATE PLANNING AND TAXATION COORDINATOR Vol.2, Para. 20,101

"Converting Generation-Skipping Transfer Tax to Estate Tax with General Testamentary Powers of Appointment," RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 20,201

"GST Planning for Annual Exclusion Gifts in Trust for Grandchildren," RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 15,461

"Drafting Safe Grantor and Beneficiary Irrevocable Trust Powers," RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 33,351

"Generation-Skipping Transfer Tax Planning with Grandfathered Trusts," RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 20,151

"How To Use Qualified Disclaimers," RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 61,251

Draftsman of "Grantor Retained Annuity Trust" and commentary, RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 39,142

Draftsman of "Qualified Personal Residence Trust" and commentary, RIA's ESTATE PLANNING & TAXATION COORDINATOR Vol. 2, Para. 39,163

"Pitfalls of Exchanging Annuity or Life Insurance Policies Under Section 1035," 39 VIRGINIA ACCOUNTANT QUARTERLY 27 (Dec. 1986)