The law firm of Norris McLaughlin, P.A., is pleased to announce that R. Nicholas Nanovic, a Member of the Firm, has been named President of the Estate Planning Council of the Lehigh Valley for 2017-2018.
The Council, founded in 1967, is affiliated with the National Association of Estate Planners & Councils, offering continuing education and networking opportunities to assist members in best serving their clients through estate planning strategies and engaged client interaction within a multi-disciplined approach, while adapting to the ever-changing tax, technology, trends, and deliverables applicable to estate planning services.
The President, elected at the Annual Meeting, serves as chief executive officer of the Council for a one-year term. The Council votes based on representative diversity from each of the member categories, including Attorneys, Accountants, Insurance or Financial Advisors, Trust Officers, and Planned Giving or Development Professionals.
A resident of Allentown, Nanovic focuses his practice on taxation, estate planning and administration, and business law. His practice is focused in Pennsylvania, although he is also licensed to practice in New Jersey and Florida. He has extensive experience in drafting estate planning documents including wills, powers of attorney, health care directives, revocable trusts, grantor retained annuity trusts (GRATs), intentionally defective grantor trusts (IDGTs), charitable lead trusts (CLATs and CLUTs), charitable remainder trusts (CRATs and CRUTs), qualified personal residence trusts (QPRTs), and irrevocable life insurance trusts (ILITs). Nanovic advises clients on asset protection planning through the proper titling of property and establishment of limited partnerships and limited liability companies (LLCs). He handles all aspects of estate administration including probate, obtaining an inventory of the assets, management of estate assets, distributions to beneficiaries, protection of executor when making decisions on handling estate debts and assets, preparation of estate fiduciary income tax returns, and preparation of the Pennsylvania inheritance tax return.
Nanovic’s tax practice is focused on personal income taxes, business taxes, and gift and estate taxes. He also helps individuals and businesses negotiate their tax liabilities with the IRS and Pennsylvania Department of Revenue. He also assists in the formation of business entities including corporations, S corporations, LLCs, and partnerships; advises clients on how to properly structure the governing documents; and interprets pre-existing governing documents to help clients understand their rights and obligations for their roles in the business.
Nanovic has been recognized in Philadelphia Magazine as a Rising Star, a distinction for lawyers aged 40 and under or who have been practicing for less than 10 years, reserved for no more than 2.5% of all attorneys in Pennsylvania. He is currently a board member and Immediate Past Vice President of the Estate Planning Council of the Lehigh Valley. He is President of the Notre Dame Club of Lehigh Valley. While in law school, he interned for the Small Business/ Self-Employed division of the Internal Revenue Service in the Miami, Florida, office and was actively involved with the Volunteer Income Tax Assistance program, serving as one of the project’s leaders for two years. Nanovic earned his LL.M. in Taxation in 2008 and his J.D. in 2007 from the University of Miami School of Law. He earned his B.B.A. in Accounting from the University of Notre Dame in 2004.
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