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Karen S. Schmidt is an independent CPA whose practice focuses on estate, gift and generation-skipping transfer tax, estate planning and probate, wealth transfer and succession planning, family limited partnership formation and operation, and trust administration.

Estate & Gift Tax Compliance

Estate and gift tax compliance is an ever-changing area of the law which must be continuously monitored. Whether documenting a sophisticated estate planning transaction on a gift tax return or filing a decedent’s federal estate tax return, solid technical proficiency, attention to documentation and detail, accompanied by prompt, personalized service are key factors.

Estate and gift planning is a highly customized process centered on each client’s unique goals and objectives. An appropriate strategy involves careful planning to minimize potential income and estate taxes and ensures an orderly transfer of assets. A review of current estate planning documents may result in suggestions regarding implementation of sophisticated estate planning strategies. Estate and gift tax projections, entity structure modeling, and liquidity analysis are provided to support suggested strategies.

Estate & Gift Planning

Planning for Closely Held Businesses

Planning for closely-held businesses requires an understanding of family dynamics and related objectives regarding future ownership and management. Strategic succession planning which ensures a seamless future transfer of leadership may include close examination of the entity’s legal structure, capitalization, cash flow, valuation, methods for asset preservation, creditor protection and estate and gift tax efficiency.

Estate and trust administration may include coordination related to transfer of assets and funding entities created by a decedent’s will or other sophisticated estate planning transactions. The firm may assist attorneys and fiduciaries with additional accounting coordination and assistance as desired.

Estate & Trust Administration

Philanthropic Planning

Philanthropic planning can benefit clients and their selected charity or private foundation in many ways. The firm can help analyze a client’s options and offer planning suggestions ranging from timing of a contribution to establishment of a charitable trust.

The firm strives to work closely with the client’s advisory team, including attorneys, other CPAs, financial consultants, trust officers, and family office personnel.