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Business, Estate &

Tax Planning

Business Formation and Planning

The American economy moves through business.  It is the constant flow of goods and services that provides for a more prosperous and vibrant economy and a better life for us and our kids.

Unfortunately, trying to run a business without proper planning can be a DISASTER.  The average lay person cannot hope to read the entire Internal Revenue Code, let alone understand it, so they can’t be sure if they are making the right decisions to minimize their taxes.

Also, in an increasingly litigious society, the specter of LIABILITY looms over every business transaction.  Even when you’ve done nothing wrong, the cost of defending yourself against frivolous lawsuits can quickly bankrupt the average American.

That’s why you need an attorney who understands these issues, and is prepared to help you with them.  From minimizing taxes, to avoiding personal liability for your business and its employees through the use of Limited Liability Companies and Corporations, the decisions you make at the outset of your new venture will play an enormous role in your future success.  Remember that an ounce of prevention is worth a pound of cure.

If you are leaving a job to start a business in a similar industry, have you considered that you may inadvertently violate the Uniform Trade Secrets Act?  Did you know that the negligence and intentional wrong-doing of your employees can make you liable?  Have you considered how decisions will be made when you and your 50/50 partner disagree?  (No one seems to have the deciding vote, eh?). 

While proper business planning can’t guarantee that your business will be a success, it can greatly reduce the chances that you’ll face unexpected obstacles.

Call us to find out how you can create an LLC, a Corporation, or a Limited Liability Partnership and have the protection that you need.

Estate Planning

Your Estate includes everything you own, from your house and cars to your bank account, stocks and mutual funds, plus all of your personal assets like clothing, jewelry, and electronics.  Many people believe that because their Estate is not that large that Estate Planning is unnecessary for them.  That’s simply not true.  No one can afford to leave their family facing the prospect of probate court, legal fees, and fights over assets.  Worst of all is when children are involved, and the decision of who should be their guardian is left up to the Court.  Remember, it doesn’t matter how many people you tell your wishes to.  Unless you’ve put those wishes into writing in a LEGALLY ENFORCEABLE DOCUMENT, the Court will not be certain if those are really your wishes or not, and therefore must disregard them.

The simplest form of Estate Planning is a will.  A Will is a legal document that states definitively what you want done with your Estate, and who should be a guardian for your children should the need arise.  While a Will does not avoid probate entirely, it does make the process much simpler, as the Court simply instructs the “Personal Representative” or “Executor,” whom you’ve named in your will, to distribute assets and arrange for guardianship in accordance with your wishes as outlined in the will.

Any assets that change hands will still need to be re-titled, and the costs and frustrations involved can be large, but for some people, a stand-alone Will is a good place to start.

 

The most popular approach to Estate Planning today is through the use of a Revocable Trust.  A Revocable Trust is really just a contract between you and yourself.  (Unless you name someone else as the Trustee).  But the easiest way to think of a Revocable Trust is that it’s like a business entity.  You place your assets into the Trust, the same way that you would if you were putting them into a business, and when you die, the Trust continues.  That means that there is no probate, no transfers of assets, and no re-titling.  Best of all, a Trust gives you the power to make your assets available to others without handing them over directly.  This is especially important in the case of minor children who are not prepared to own property.

Our Advanced Estate Plan includes a Revocable Trust, Powers of Attorney for Financial and Health Care Decisions, a Health Care Directive, HIPAA Authorizations, and a pour-over will.  (The pour over will is a special will that puts any “leftovers” into your Trust when you die.  These are the items that you didn’t officially title in the name of the Trust while you were alive.)

Tax Planning

Tax Planning is a complicated issue, and difficult to summarize for the purposes of this webpage.  Your individual Tax Planning issues may involve the purchase or sale of rental-income producing properties, Estate Taxes, or Business Taxes.

We can assist you with Real Estate Investment Trusts (REITs), Irrevocable Life Insurance Trusts, Family Limited Partnerships and more.

Call us today to learn more about this area of law.