Estate Planning With Limited Liability Companies: Transfers of Business Interests as a Planning Opportunity
May 19, 2023
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Matthew W. Thompson
North Carolina Board Certified Specialist in Estate Planning and Probate Law
Matt Thompson has significant experience advising and counseling the firm's clients on estate planning, business succession, asset protection, charitable planning, and fiduciary matters. He listens to understand each client's unique needs, focuses on uncovering true goals and objectives, and works to find practical, effective solutions for the client's situation and problems.
Matt is a North Carolina Board Certified Specialist in Estate Planning and Probate Law. While his practice is focused in general on helping to protect, transfer, and preserve wealth, he does more than that for many clients – acting more as a trusted advisor and family counselor. He enjoys working with multiple generations to build and protect family legacies, which consist of more than just dollars.
Education
- J.D., College of William & Mary Law School, 2004
- B.A., cum laude, Phi Beta Kappa, University of Delaware, 2000
Representative Experience
Matt's work frequently involves:
- Preparation of core estate planning documents, such as Wills, Durable Powers of Attorney, Health Care Powers of Attorney, and Advanced Directives;
- Creation and funding of Revocable Trusts for private, efficient, and cost-effective administration upon death;
- Development of strategies for eliminating or mitigating estate and gift taxes;
- Design and implementation of sophisticated wealth transfer techniques, including gifts and sales to grantor trusts, Irrevocable Life Insurance Trusts (ILITs), and Grantor Retained Annuity Trusts (GRATs);
- Development of charitable giving strategies through outright gifts, Charitable Lead Trusts, Charitable Remainder Trusts, donor-advised funds, and charitable foundations;
- Advice on and coordination of the transition of ownership and control of closely-held businesses to the next generation of family or leadership;
- Formation of closely-held business entities;
- Income tax planning;
- Trust Decanting and Trust Modifications;
- Guardianship matters;
- Special Needs Trusts for disabled beneficiaries;
- Long terms care planning issues; and
- Representation of Executors and Trustees in the administration of Estates and Trusts.
Matt also works with numerous plaintiff's attorneys across state to create Special Needs Trusts for funds received after settlement or verdict, which can preserve needs-based government benefits for their clients and provide for professional, long-term management.
Matt has enjoyed speaking and writing on a number of topics relevant to his field of practice, including essential, everyday estate planning issues, sophisticated estate planning techniques, estate and trust administration issues, fiduciary representation, and fiduciary income tax issues.
Honors and Distinctions*
- "Legal Elite," Business North Carolina, Tax and Estate Planning, 2022 -2023
Professional and Community Affiliations
- Lakeside Partners of Wilmington (Vice-Chair, Board Member)
- Good Shepherd Center (Board Member; past Chairman)
- New Hanover County Estate Planning Council
- North Carolina Bar Association — Sections: Estate Planning & Fiduciary Law; Elder & Special Needs Law
- North Carolina State Bar — Specialization Committee Member
Admitted to Practice
- North Carolina, 2004
- All state courts in North Carolina
- United States District Court for the Eastern District of North Carolina
About Me
When he is not working, Matt enjoys coaching his son's baseball, soccer, and flag football teams and attending his daughter's frequent ballet and theater performances. He, his wife, and the kids attend St. James Episcopal Church and love sneaking off on their boat to a sandbar on summer afternoons.
* Please see the following websites for an explanation of the membership standards for the following recognitions: www.bestlawyers.com; businessnc.com/special-sections/legal-elite/; and www.superlawyers.com/north-carolina.
