Bio

David Dejarnett practices in the area of private client services, with a concentration in estate and trust planning, estate and trust administration, business and tax planning and tax controversies. David’s estate and trust planning practice includes counseling clients with regard to the basic components of an estate plan including last wills, revocable living trusts, medical and financial powers of attorney and appropriate retirement account and life insurance policy beneficiary designations, in order to achieve their family and financial objectives. This planning may also include additional steps to satisfy a client’s needs such as spousal support trusts, spendthrift trusts, special needs trusts and trusts for minors. His estate and trust planning practice also includes federal estate, gift and generation-skipping transfer tax planning and state estate and inheritance tax planning utilizing basic tax planning tools such as credit shelter trusts, Qualified Terminable Interest Property trusts, and dynasty trusts, as well as more advanced techniques such as life insurance trusts and grantor retained annuity trusts. David helps clients understand what taxes affect them, how to determine if their estates will be subject to these taxes, and how to reduce or even eliminate their “death” tax bill while achieving their family and financial objectives. Another component of David’s private client services practice is asset protection planning designed to protect the client’s assets from potential liability arising in both his or her professional and personal lives by structuring the client’s affairs in order to have the best chance of preserving financial standing. The steps taken often include limited liability companies, trusts and prenuptial agreements. For clients with closely-held businesses, David’s practice encompasses business succession counseling, using various tools such as family companies, buy-sell agreements, deferred compensation agreements and stock sales and gifts. If the client’s assets include significant real estate, then a land succession plan is a vital element of an estate plan, using techniques such as like-kind exchanges, conservation easements and family limited partnerships. Many clients have philanthropic wishes. David advises clients in how best to achieve their charitable goals and objectives while realizing income, estate and gift tax savings and financial goals. Steps taken often include gifts of appreciated or tax-deferred assets, donor advised funds, private foundations, charitable remainder trusts, charitable lead trusts and charitable gift annuities. David’s estate and trust administration practice includes advising executors, trustees, agents under powers of attorney and conservators. David guides them in all aspects of their fiduciary duties, such as appraisements, inventories, accountings, interpretation of the documents, litigation defense, estate and gift tax return preparation and tax audits. His business planning services encompass forming a new business or expanding an existing business, focusing initially on the business and tax comparisons between operation as a C corporation, an S corporation, a limited liability company, a partnership, or some other entity. David's tax planning practice includes advising clients on the federal and state income tax aspects of the purchase or sale of an asset or a business, or of many other major events such as divorce, inheritance or bankruptcy. Utilizing a combination of the aforementioned areas of practice, David has represented national and state lottery winners – including multi-million dollar Powerball prize winners – in matters involving confidentiality, protection of assets, tax planning and estate and trust planning. David's tax controversies practice includes representing clients before the Internal Revenue Service, the Appeals Office and the United States Tax Court.