If you have substantial assets, a closely held business, valuable real estate, or multigenerational planning goals, a basic will or living trust may not address all your concerns. Biddle Law represents San Mateo families who need advanced estate planning strategies designed to manage federal transfer tax exposure, preserve family control, and establish thoughtful terms for inherited wealth.
We help you evaluate your options and create a coordinated plan based on what you own, whom you want to benefit, and how much control you wish to retain. We work with your financial and tax advisors to make sure each part of your estate plan supports the same goals.
Why Choose Biddle Law for Advanced Estate Planning?
Advanced planning can affect taxes, ownership rights, investment management, and your beneficiaries’ financial futures. Each strategy should be selected for a clear reason and implemented correctly.
Biddle Law offers:
- Guidance from a founding attorney who holds an LL.M. in estate planning
- Planning tailored to your assets, family relationships, and long-term objectives
- Coordination with your CPA, financial advisor, and insurance professional
- Hands-on assistance with trust funding and ownership changes
- Flat-fee billing for many estate planning matters
We explain the benefits, obligations, and possible drawbacks of each recommendation so you can make informed decisions.
Who May Benefit From Advanced Estate Planning?
Advanced planning is often associated with federal estate taxes, but it can serve broader purposes. It may be appropriate if you:
- Own a business, investment properties, or highly appreciated assets
- Want to transfer wealth during your lifetime
- Have a blended family or beneficiaries with different financial needs
- Hold a substantial life insurance policy
- Want to support charitable organizations
- Need a plan for assets passing to children or grandchildren
California currently has no separate estate or inheritance tax. Federal estate, gift, and generation-skipping transfer taxes may still apply. Income tax, capital gains, and California property tax consequences should also be evaluated before transferring assets.
How Can a Family Limited Partnership Support Wealth Transfers?
A Family Limited Partnership, or FLP, can place family investments or business interests under a centralized management structure. Parents may retain management authority while gradually transferring limited partnership interests to children or other relatives.
An FLP may support lifetime gifting and continued family management of the underlying assets. Legitimate restrictions on control and marketability may also affect the appraised value of transferred interests. These valuation adjustments are not automatic. The partnership must have a valid purpose, maintain accurate records, and operate as a genuine entity.
What Does a Qualified Personal Residence Trust Do?
A Qualified Personal Residence Trust, or QPRT, allows you to transfer a primary residence or qualifying vacation home to an irrevocable trust while retaining the right to use it for a specified term. If you survive that term, the property passes to the beneficiaries, and later appreciation may be excluded from your taxable estate.
A QPRT requires careful consideration. If you die during the retained term, the property is generally included in your estate. To remain in the home after the term ends, you ordinarily must pay fair-market rent. The transfer may also affect capital gains and California property taxes.
How Can an Irrevocable Life Insurance Trust Help?
Life insurance proceeds are generally received free of federal income tax, but they may be included in the insured person’s taxable estate. An Irrevocable Life Insurance Trust, commonly called an ILIT, can own a policy and control how its proceeds are used.
An ILIT may provide funds for estate expenses or continuing family support. It can also stagger distributions rather than giving a beneficiary a large amount at once. Because the insured gives up ownership rights, an ILIT must be carefully structured and administered. Transferring an existing policy may also trigger the federal three-year inclusion rule.
Can Charitable Giving Be Part of the Plan?
Charitable planning can support organizations you value while advancing certain income, estate, or capital gains tax objectives. Options may include direct gifts, donor-advised funds, or charitable trusts.
The appropriate strategy depends on the asset being transferred and whether you want to retain income or benefit family members. We can evaluate charitable giving as part of your broader estate tax plan.
Create an Advanced Plan Built Around Your Priorities
Biddle Law helps families in San Mateo, Burlingame, Foster City, San Carlos, Redwood City, Belmont, and surrounding communities plan for significant assets and complex transfers. We work with you and your other advisors to create and implement a plan suited to your family.
Contact Biddle Law to schedule a consultation with a San Mateo advanced estate planning attorney.
Frequently Asked Questions
What is the federal estate tax exemption for 2026?
The federal basic exclusion amount is $15 million per individual. A married couple may be able to protect up to $30 million through coordinated planning and a timely portability election. Lifetime taxable gifts can reduce the exemption remaining at death.
Does a gift above the annual exclusion cause immediate gift tax?
Not necessarily. The amount may instead be applied against your lifetime federal exemption. However, you may need to file a federal gift tax return.
When should an advanced estate plan be reviewed?
Review your plan after a marriage, divorce, death, business transaction, substantial change in asset value, or change in tax law. Periodic reviews can also identify trusts or entities that have not been properly funded.