Supreme Court Justice Oliver Wendell Holmes, Jr., once observed, “Taxes are what we pay for civilized society,” but no person or company should pay more than their fair share of that liability. Taxes inform every business transaction, asset purchase or sale, financing deal, succession plan, and estate planning strategy. For businesses, the burden imposed by taxes may determine the difference between profit and loss. For individuals, it may define an estate plan’s success or failure.
Lawrence Kamin attorneys provide sophisticated, effective tax planning strategies for businesses of all sizes and statures, as well as for the people and entities who own them. Our seasoned professionals appreciate the unique and complex tax and business planning needs of entrepreneurs and their businesses. Our knowledgeable estate planning attorneys provide tax-efficient estate plans for business owners, families who have amassed property and assets, and others who wish to preserve their wealth for their family and intended beneficiaries. We continually assess and monitor changing tax laws to ensure that our clients can take full advantage of every opportunity to exploit loopholes and maximize exemptions.
Collectively, Lawrence Kamin attorneys possess a deep understanding of the overlay and interplay of federal, state and local tax laws and how they affect businesses, business owners, and individuals. We know that effective planning and design can help limit local, state, and federal taxes and provide an efficient tax environment for businesses, business owners and their families. Most importantly, our firm is skilled in helping our clients fully exploit potential tax benefits while limiting risk and liability.
Effective tax counseling requires integration and collaboration among clients and their advisers. Lawrence Kamin attorneys are accustomed to working closely with our clients and their accountants and other trusted advisers to develop and carry out tax plans that successfully accomplish the clients’ goals and objectives. As the 2018 Tax Cuts and Jobs Act significantly altered both the income tax and estate and gift tax regimens, our firm has helped several clients take advantage of the opportunity to reduce tax liability, by restructuring their business structures and revising their estate plans.
Paying attention to taxes today and tax planning for the future are keys to the operation and growth of a business, as well as the successful transition of a business to family, key employees or third parties. Our tax professionals can help clients identify and plan for the tax consequences in their business transactions, and assist clients in reaching their legal and financial goals.
Many clients realize the need for a sophisticated tax attorney only after a question about their tax planning has already arisen—often through the client’s own internal review or following an audit by a taxing authority. In these circumstances, Lawrence Kamin attorneys have substantial experience advocating for individuals, corporations, partnerships, trusts and estates, tax exempt organizations, and other clients embroiled in tax disputes or controversies with the IRS, Illinois Department of Revenue and other state and local agencies at all levels.