You may feel like everything is going well right now. You have a nice job (or business), your house is (or almost) paid-off and you bought a small vacation home in a “warm state,” you saved some money for your retirement nest egg, your kids are moving-on with their lives and are successful, and your grandchildren make all the sacrifices that you made while raising your own children worth it. Everything seems fine at the moment…. But what happens if you run into an unfortunate event or a health problem on your life journey? Will you be able to weather the storm? Or, will you have to shift the burden to your own children?
Comprehensive Estate Planning
Comprehensive estate planning is more than just a process of preparing a will and power of attorney to be used in the event of death or disability. The proper estate planning process involves an evaluation of the individual’s and family’s entire financial situation, unique objectives, health conditions and financial concerns, a careful analysis of the asset preservation opportunities, and a consideration of the family’s dynamics and relationships among the beneficiaries. Each of these aspects plays an important role in the creation of a comprehensive estate plan.
Once an estate plan is created, it allows the family to avoid a costly probate, protect family’s privacy, and maintain control over its legacy. A plan must be periodically reviewed and updated. Too often, people think that their job is done once their estate plans have been executed. It’s not. In fact, the proper estate plan shall be properly funded, evaluated, and amended on a periodic basis to reflect the major changes in the family situation (such as marriages or divorces), changes in tax laws, or health condition.
We provide our clients with a comprehensive and full range of estate planning services, including the post-execution guidance with the trust administration and communication of the relevant information among the family members.
During the estate planning process, we will discuss your financial situation and family dynamics, your objectives, and concerns; we will explain the issues relevant to your particular situation and discuss the options available to you to formulate your plan. We will guide you through every step of the process to create, execute, and effectuate your plan. This may include assisting you with obtaining the proper life or long-term care insurance, retitling assets, changing beneficiary designations on various accounts, setting up LLCs, drafting wills, trusts, health and financial powers of attorney, and drafting any other estate planning documents necessary to achieve your objectives.
So, if you are looking for an attorney, someone who can offer you an honest, fresh, and incisive estate planning advice, then call Lexern Law Group for a confidential consultation.
Asset Protection Planning
Lawsuits, divorces, disability, health issues, creditors, employee claims, malpractice lawsuits, sexual harassment claims, and disputes among business partners are just a few events that can have the devastating effects on the business owners and their hard-earned assets. Business owners who have signed personal guarantees of business loans or long-term leases have the highest risks. Just list professionals such as attorneys, physicians, and chiropractors who have the high risk of being sued while their malpractice insurance coverages may not be sufficient to cover the damages sought. Do you have children from a prior marriage? Smart asset-ownership structures can protect you and your business against subsequent creditor enforcement actions.
Many members of “blended families” (members of families who have been in prior marriages) do not realize that their assets may also be subject to claims of children from their prior marriages, or worth, former spouses’ claims if their children from prior marriages are minor. A good asset-protection plan, however, can protect your assets and business ownership against claims of former spouses, children from previous marriages, and their creditors.
Therefore, we help our clients to determine the appropriate level of asset protection for their particular situation. We will consider current assets and business needs, insurance coverages, prenuptial agreements, asset segregation, gifting, forms of business ownership (such as LLCs, partnerships, or corporations), and asset protection trusts. Typically, a good asset protection plan represents a combination of various estate planning tools designed to address the clients’ long-term asset protection goals and immediate needs.
There are many different strategies to address our clients’ need for asset protection. To find out which strategies may be right for you, please contact Lexern Law Group or ask about them during your initial meeting.