Tax, Estate and Asset Protection Planning Lawyers in Los Angeles & Encino

Givner & Kaye

12100 Wilshire Blvd.
Suite 445
Los Angeles, California 90025
USA

(310) 207-8008 or (818) 785-7579

(310) 207-8708

www.givnerkaye.com

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Law Firm Overview

Givner & Kaye is an experienced law firm based in Los Angeles, California. Accountants, lawyers and financial professionals refer their clients to our firm for sophisticated tax, estate and asset protection planning.

Bruce Givner, Esq. has been practicing tax law for over three decades. During that time his practice has focused on estate tax planning, retirement planning, asset protection planning, charitable planning and capital gain planning. His practice focuses on the representation of high net worth and high income families and individuals and their closely held corporations. Clients are primarily referred to this firm by CPAs (80%), who are the primary advisors to these wealthy families and individuals. The rest of the referrals come from other attorneys (often other tax attorneys), insurance professionals, third party administrators and clients.

Owen Kaye, Esq. has been with the firm for fourteen years. During that time he has prepared hundreds of family limited partnerships, qualified personal residence trusts, grantor retained annuity trusts, irrevocable life insurance trusts, private annuities and related sophisticated structures. He is also actively representing clients in controversies with the California Franchise Tax Board involving $100,000,000 of taxable income.

Kathleen Givner, Esq. advises regarding estate tax planning, retirement planning, income tax planning and asset protection planning. She focuses on estate tax planning.

In addition to the core areas mentioned above, the firm's practice includes (i) representing taxpayers in IRS and Franchise Tax Board audits and appeals; (ii) post-mortem planning; (iii) entity formation and maintenance, e.g., LLCs, partnerships and corporations; (iv) purchases and sales of businesses; and (v) asset protection planning.

Practice Areas

Practice Areas Description

Our areas of practice include:

- Estate Planning

Estate Planning is generally considered the process by which people develop a plan that ensures that the assets they have worked so hard accumulating during their lifetime are protected and distributed to those they love. We help clients prepare their estates using the following: Living Trusts; Wills; Blanket Assignment of Assets To The Living Trust; Trust Certificate; Durable Power of Attorney For Asset Management; Durable Power of Attorney For Healthcare (Living Wills); Life Insurance Trusts; Dynasty Trusts; Educational Trusts; IRA Beneficiary Trusts; Pet Trusts; Family Limited Partnership; Charitable Remainder Trust; Charitable Lead Trust; Private Foundations; Medical Research Organizations; and, Business Succession and Insurance Planning.

- Asset Protection Planning

The most important element in constructing a strong creditor protection plan may be timing. You should establish the structures years in advance of need. Most of the techniques we recommend are relatively conventional techniques used in estate tax planning. However, sometimes the conventional estate tax planning structures are modified for asset protection planning purposes. For example, a family limited partnership with a corporate GP wholly owned by a trust for your heirs is a powerful technique. The same is true for a QPRT (qualified personal residence trust) for your principal residence.

- Entity Formation and Maintenance

Our firm helps clients form corporations, limited liability companies, general and limited partnerships and business trusts. We work with the clients' CPAs to (i) determine whether the corporations should be "S" or "C" corporations and (ii) file the appropriate elections. We also address the question of domicile - should the corporation or LLC be a California corporation, or should it be formed under the laws of Delaware, Nevada, Wyoming, or Nevis? Our excellent business paralegal, Ellen Rothenberg, who has been with Bruce for three decades, works with the client's CPA to maintain the entities annually. We also help the clients and their CPAs to liquidate and dissolve the entities when appropriate.

- Business Agreements

We work with the owners of closely held businesses to prepare important contracts such as employment agreements for the owner-employees and key employees; non-qualified plans of deferred compensation; and buy-sell agreements between and among the owners. We also counsel the owners who are considering the sale of the assets of the business or of the stock or membership interests of the business. The tax consequences of the purchase of the shares of another owner in the event of death, disability or disagreement, are significant. The same is true of the purchase or sale of a business or real estate. We try to provide practical and innovative solutions, whether the client is the sale of his or her company or real estate, or the purchase of the company or real estate belonging to someone else. We bring special expertise to the counseling, combining sophisticated tax planning with practical business advice.

- IRS/Franchise Tax Board Audits & Appeals

We initially stay in the background and work with the client's CPA during the early stages of IRS and California Franchise Tax Board audits. If and when the audit passes to the point where direct intervention by a tax lawyer is needed, we will take the matter over completely and directly with the Government. With the IRS that is usually when the matter goes to the Appeals Division. Sometimes that requires filing a petition in the United States Tax Court so that the matter can be referred back to the Appeals Division. If needed, we will prosecute the matter in Tax Court. With the California Franchise Tax Board that is usually once the NPA (Notice of Proposed Assessment) is issued. We will file the Protest and handle the matter with the Protest Unit. If that proves unsatisfactory, we will file and argue the Appeal with the State Board of Equalization.

- Income Tax Planning

We work with the client's CPA to determine if there are permissible techniques to reduce the otherwise taxable income of an individual or other type of taxpayer. Some of these are forms of techniques in common usage, e.g., retirement plans, but with sophisticated modifications. A few of these techniques are quite unusual and only available in selected situations. For example, a 38 year-old might be able to contribute $40,000 to a conventional defined benefit plan, and a 61 year-old might be able to contribute $150,000. With special techniques those deductions can be increased to $150,000 and $600,000, respectively (or even more). Timing is critical in planning to reduce ordinary income taxes. Unfortunately, too many people wait to consult with us until the last three months of the year. We strongly advise you to talk to us about your potential planning at the beginning of the year.

- Retirement Plans

We advise on every aspect of retirement tax planning. First, we help identify situations in which clients should be using one or more retirement plans, including pension and non-pension plans. Second, we provide advice on the proper beneficiary designation, which may allow your heirs to enjoy the benefits of a tax deferred accumulation for decades. The thoughtful selection of trust assets may allow you to withdraw the funds at a significantly lower income tax cost. The proper trust investments and coverage of at least one rank and file employee should make your plan protected from future creditors under both Federal and State law. Thoughtful structuring may dramatically reduce the cost of covering the rank and file employees. Thoughtful planning may allow you to deduct 3 to 5 times as much as you were told by someone else. Third, we help clients take funds out of their tax qualified retirement plans in ways designed to minimize the income and estate taxes. Finally, we assist clients undergoing audits by a governmental agency.

- Post-Mortem Planning

When someone has died, we work with the surviving spouse or other family members and the client's CPA to finalize the estate. This includes, on a first spouse's death, helping to establish and fund the required subtrusts (marital, bypass and survivor's); and on a surviving spouse's death, preparing a schedule to show the allocation of estate taxes and expenses among the beneficiaries. We encourage the client's CPA to prepare the income tax returns for the estate, and any required estate tax returns (IRS Form 706). However, we review them to ensure they are consistent with the plan. (If the CPA is uncomfortable doing so, we will prepare the Form 706.)