Estate Planning

Everybody needs an estate plan. Most often, estate planning is regarded as something that takes effect at death and is a vehicle for transferring money or assets out of a person’s estate. Although ensuring assets are passed properly at death is one important aspect of estate planning, a complete plan accomplishes several other important objectives. Estate planning is about taking care of oneself during his or her life and providing for loved ones after death. A well-crafted estate plan purposefully considers the creator’s wellbeing during his or her life and assists in the smooth transition of wealth after death. Additionally, a complete estate plan is thoughtful about the beneficiaries and is tailored to the anticipated recipients. Detail-oriented and forward-thinking analysis during the planning stage is invaluable to maintaining family harmony and preserving assets.

• Wills
• Revocable Trusts
• Financial Powers of Attorney
• Advance Health Care Directives and Living Wills
• Funeral Directives
• Trust Funding

Probate, Trust Administration, and Fiduciary Duties

Whether or not there is a will, upon a person’s death, it is not uncommon to need court approval to transfer money or property out of the deceased person’s name to the beneficiaries of his or her estate. A personal representative (sometimes referred to as an executor or administrator) may need to be appointed to carry out estate administration. There may be disagreement among the deceased person’s potential beneficiaries or it may be unclear who is entitled to property. Whatever the reason, seeking assistance from the probate court does not have to be scary or complex.

Many times, potential controversies can be avoided entirely with thoughtful planning. Understanding the specific duties imposed upon fiduciaries—such as personal representatives and trustees—is essential to properly implementing an estate plan. Well-qualified counsel can play an integral part in ensuring that a fiduciary is discharging his or her duties in the best interest of the beneficiaries. Unfortunately, plans aren’t always carried out as intended. In those circumstances, controversies can be resolved extra-judicially or with court assistance.

• Probate Petitions
• Personal Representative Appointments
• Guardianships and Conservatorships
• Approvals of Trust Accounting and Release of Liability
• Contested Estates
• Nonjudicial Settlement Agreements
• Trust Distribution Standards and Fiduciary Duties
• Service As Guardian Ad Litem For Minor Trust Beneficiaries

Advanced Wealth Planning

Although wills, trusts, and powers of attorney provide the foundation for a solid estate plan, sometimes advanced planning is needed. Certain trusts and business entities can provide enhanced asset protection against currently-unknown creditors or tax benefits for wealthy individuals. The longer advanced planning tools are in place, the more effective they are at achieving their purpose. Don’t wait until you have been sued to place property outside the reach of creditors. Don’t wait until you have a looming estate tax liability to take steps to pass more of your wealth to your loved ones. Identifying potential issues well before they become problems allows for inclusion of advanced planning tools to guard against unnecessarily diminishing an estate in favor of a creditor or the Internal Revenue Service.

• Intentionally Defective Irrevocable Grantor Trusts
• Grantor Retained Annuity Trusts
• Charitable Lead Trusts
• Charitable Remainder Trusts
• “Crummey” Annual Gifting Trusts
• Domestic Asset Protection Trusts
• Family LLCs and Closely-Held Companies
• Intra-Family Gifts, Sales, and Loans
• Trust Modification
• Trust Decanting

Tax

Taxes can be complicated. There are many different types of tax, each with its own purpose. Some taxes incentivize particular behavior and others punish. And yet others seek loftier goals such as redistribution of wealth. Properly navigating this specialized area of the law—where multiple types of tax are often simultaneously imposed on a single transaction—requires a specifically-trained attorney.

• Individual Income Tax
• Corporate and Partnership (LLC) Tax
• Entrepreneurial Transactions
• Estate, Gift, and GST Tax

Business

Businesses are as varied as the individuals who create them. But each unique business must adhere to certain state and federal formalities to obtain the intended benefits from forming a business entity. Corporations, limited liability companies (LLCs), and partnerships have specific requirements to obtain limited liability protection. Additionally, each type of business has tax consequences associated with it that can affect the business as well as its owners and employees. Careful consideration of the life-cycle of the business from its inception through its useful operation and potentially to its sale or termination is vital to its success. Our attorneys are uniquely suited to advise business owners on the state and federal issues a business may face, including taxes.

• LLC, Corporation, and Partnership Formation
• Operating Agreements and Bylaws
• Buy-Sell Agreements
• Annual Maintenance and Corporate Resolutions
• Sales, Mergers, Conversions, Dissolutions

Nonprofit Entities

Charitable organizations play an important role in our society to improve all of our lives. Municipalities, schools, business associations, and private foundations all contribute to our wellbeing.  Our attorneys are well-versed in the creation and operating of nonprofit entities.

• 501(c)(3) Public Charities and Private Foundations
• Tax Exempt Business Associations