Most people spend their adult lives working hard, saving, investing, raising and educating their children, and providing financial security for their families. It is so easy to properly provide for your family after your death by having an updated Last Will and Testament, and, if appropriate, trusts. We have made it our mission to provide a comprehensive, complete and thoughtful Last Will and Testament to each client in a very efficient, time-saving and relatively inexpensive manner. In addition to updated and current Last Wills and Testaments, we prepare Advance Medical Directives and Durable General Powers of Attorney and Trusts for our clients.
Unfortunately, we also are called to work on estates of people who did not have a Last Will and Testament or had an outdated and incomplete Last Will and Testament. In addition to unintended results, the expense of the legal work that is required to “fix” the estate of a person who did not plan for his/her loved ones greatly exceeds the money that could have been spent on a proper and thoughtful Last Will and Testament.
Transferring ownership and operational control of a business from parent to child raises a number of issues. For example, when a substantial part of a family’s net worth is attributable to a business, and one child works in the business but other children do not, issues of “equality” and “fairness” between the children come into play. We have experience with these often complicated issues and the know how to craft meaningful solutions.
While income taxes, payroll taxes and Medicare taxes continue to rise, estate and gift tax laws have recently been reduced. While the vast majority of people will no longer be subject to estate and gift taxes, a significant number of our clients are still subject to these taxes. We provide solutions that minimize or eliminate estate and gift taxes.