Our firm believes that education is the key to a well-designed estate plan. Our process begins by you educating us. We want to find out about you, your family, your loved ones, and charitable causes you care about. During this first step we will spend the time necessary to learn about your goals, hopes and dreams, as well as your fears and concerns. The second step is for us to educate you. We will inform you on the options to structure your estate plan in a way that will minimize taxes, protect your loved ones, and plan for your own incapacity. Once we fully understand you, and you have a firm grasp on your options, we can work together to truly design an estate plan that is just right for you and for your family. Your plan will be expressly tailored to fit your goals and objectives. We don’t have “cookie cutter” or “one size fits all” solutions. Such planning, or “so called” solutions, won’t work.
Our estate planning services may include the following:
- Testamentary trusts
- Revocable trusts
- Irrevocable trusts
- IRA inheritance trusts
- Special needs trusts
- Grantor retained trusts
- Charitable remainder trusts
- Charitable lead trust
- Qualified personal residence trusts
- Powers of attorney
- Medical powers of attorney and appointments of health care representatives
- Living wills
- HIPAA medical authorizations
- Asset protection planning and asset protection trusts
- Family limited partnerships
- Family limited liability companies
- Estate tax planning
- Generation skipping tax planning
- Elder law
- Long-term care planning
- VA benefits planning (Wartime Veterans Aid & Attendance Planning)
- Estate administration
- Trust administration
- Business succession planning
An all-encompassing estate plan can give you much needed peace of mind. While no one wants to consider their own mortality, a proactive approach can ensure that your loved ones are financially cared for in the future.
ASSET PROTECTION PLANNING
Asset protection is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. Technically, asset protection planning is the debtor’s side of creditor-debtor law. While creditors are concerned about the strategies and techniques of collection, debtors are interested in the strategies and techniques for protecting their most valuable assets from potential creditors.
Asset protection planning is a significant part of our firms law practice. Absolute Law Group represents many doctors, dentists and other health care professionals. Absolute Law Group also represents many high-net worth individuals and entrepreneurs. The tools we use are legal, ethical, and customary in this type of planning. We do not use tools that are not sanctioned by the Internal Revenue Service or that would be seen objectively as seeking to defraud a creditor.
Asset protection planning should be based on the presumption that the entirety of the planning and its purpose will eventually become known to creditors, because one way or another it usually does. Asset protection plans that require secrecy will face a plethora of problems, from how not to disclose the structure or activity on tax returns, to how to keep a mad ex-spouse or disgruntled employee from talking to creditors. In order for asset protection to be effective, it must be done before a lawsuit happens. However, if the lawsuit is already underway, or even if you anticipate one coming, it may be too late to do anything that protects you from any future judgment in that instance.
Most importantly, not all asset protection tools are the same. For example, where you form an entity can be as important as forming the entity itself, because not all jurisdictions are the same. Some jurisdictions where you form an entity provide better protection than other jurisdictions. The primary purpose of entity-based tools for asset protection planning is to provide multiple layers of defense, protecting your personal assets from the creditor seeking to seize those assets in a judgment. A secondary purpose is to allow an opportunity for early settlement at significantly less cost in the event a lawsuit does occur.
Absolute Law Group can assist you in your business planning and business contract needs. Whether you are forming, purchasing or selling a business, we can counsel you on the various ways to structure the transaction. We can act as your advocate to make sure your interests are protected.
Once the business is up and running, we will provide you with effectual counsel on the issues that may arise daily, including drafting and reviewing contracts, assisting with employment contracts and independent contractor agreements, and many other business contracts.
An often overlooked area of business planning is developing a plan to exit your business if need be. We can work with you and your other professional advisors to develop a sound exit plan. Whether act includes sale to a third party, sale to one or more key employees, or the transfer of the business to a family member, we can help you design a strategy that will contemplate the variety of issues needed to put a comprehensive plan in place. This includes helping you identify the objectives you are trying to accomplish and choosing the plan that will minimize both income and estate tax implications.
As our loved ones age, it can be a challenge to find resources to fund the costs of long term care, whether it be in the home, at an assisted living facility or a nursing home. We counsel our clients on the options available to them and their families when faced with the issue of how to pay for long-term care. The VA benefit rules and the Medicaid rules are complex and always changing, but we can guide you through the options and help you with a plan to protect and preserve your hard earned assets. We work with our clients and their families to locate funding resources for the care they need, which may include long term care insurance, Medicaid and other government benefits. Once we locate the source of the funding, we help our clients implement a plan to secure these benefits.