Vern Adkins works with high net worth individuals and families on their wealth transfer planning, including everything from basic estate planning with a revocable trust, to advanced tax planning techniques including grantor retained annuity trusts (GRATs), sales to intentionally defective grantor trusts (IDGTs) and multi-generational trusts which are exempt from the generation skipping transfer (GST) tax. Vern begins the process by gaining an understanding of his client’s overall wealth transfer philosophy and tolerance for risk and complexity. He then crafts solutions uniquely tailored to each family’s situation.
The best laid wealth transfer plans can fall apart without proper administration. Therefore, Vern’s practice extends to administration of trusts and estates after a death. Prior to joining Lathrop GPM, Vern gained hands-on experience administering trusts as a trust officer for a boutique private bank. He takes a practical yet thorough approach to advising his trustee clients and settling estates. Vern handles preparation of both gift tax (Form 709) and estate tax (Form 706) returns, as well as IRS audit defense for both.
Wealth transfer is about much more than just money. I love getting to know families as a whole to customize plans that fit with their particular philosophy and circumstances.