Tax And Estate Planning Attorney
Your Estate Plan: The Basics
If you do not have an estate plan in place, the State of Texas will provide you with one –and will decide how your assets will be distributed. In other words, you will not be able to direct how your family members are provided for once you are gone, and it is highly unlikely that the state’s plans for your estate will coincide with your own. Further, without an estate plan, your estate is nearly guaranteed increased vulnerability to heightened taxation.
You are a unique individual with a unique estate that reflects your lifetime of effort and achievement, and no template from the internet can fully address your unique estate planning needs. Estate planning is an exceptionally complex and nuanced subsection of the law, and creating an estate plan with a trusted tax and estate planning attorney can provide you with the kind of peace of mind you are unlikely to achieve with a DIY weekend will-writing project. Protect your estate and your loved one’s futures by crafting the right estate plan for you –with professional legal counsel on your side. Some of the types of estate planning documents that may impact our legacy can include the following:
Last Will and Testament
Your Last Will and Testament (will) serves as your instructions to the court regarding how your assets will be distributed upon your death and also appoints the personal representative (executor) who will administer your estate plan. Probate is the process by which your estate is settled through the court (as guided by your will).
Your living trust directs how your assets should be managed in the event that you are unable to manage them yourself. In it, you will appoint a trustee who will manage your assets in accordance with your detailed instructions. Your trust is a private document –and if all of your assets are retitled into it– and it can allow you to bypass the probate process entirely.
Durable Financial Power of Attorney
Your durable financial power of attorney determines who will make financial decisions on your behalf in the event that you are unable to do so for any reason. Durable here means that the power you grant to the person making your financial decisions will survive your incapacitation (which is when you are most likely to need someone with the financial power of attorney to act on your behalf).
Advance Healthcare Directive
Your advance healthcare directive –also called a medical power of attorney– determines who will make important healthcare and personal decisions on your behalf in the event that you are unable to do so for yourself.
Your Estate Plan and Taxation
Taxation and your estate irrevocably dovetail together, and a strategic approach to taxation is foundational to every well-considered estate plan. The dedicated tax and estate planning attorneys at Ibekwe Law, PLLC in Texas tackle the complicated task of preserving your wealth and estate through effective and efficient tax strategies that focus on helping you navigate the labyrinth of state and federal tax laws; helping you implement sophisticated mechanisms for transferring assets; and helping you carefully manage the estate, gift, and income tax component.
Your Estate Administration
While having a well-crafted estate plan is critical to your peace of mind and to your family’s continued prosperity, there is also the administration of your estate to consider. When the time to execute your estate plan comes, an experienced tax and estate planning attorney will work in close tandem with the administrators, executors, guardians, and trustees involved in order to help them carry out your wishes in accordance with federal and state laws. Properly distributing estate assets –while helping to ensure tax efficiency– through the channels of probate proceedings or trust administration is key. And because there is also the hurdle of the final income tax return and preparation of the estate tax return to clear, it is in your best interest to consider reaching out to a tax and estate planning attorney.
Taxation: Planning and Structuring
For businesses large and small, corporations, and individuals with considerable wealth, tax planning and structuring is key to maximizing growth potential while ensuring ongoing stability. An experienced Texas tax and estate planning attorney can help you with all of the following complex tax-related endeavors:
- Forming and structuring or restructuring your corporation, partnership, limited liability company, or any other form of enterprise
- Crafting plans for executive compensation and stock options
- Honing careful systems for taxed and tax-free mergers, acquisitions, and spin-offs
- Guiding real estate investments, development, sales, and like-kind exchanges
- Managing tax credit transactions
- Guiding international efforts, including transactions, operations, and transfer pricing
Taxes are a fact of life, and tax controversies arise. Once you face such a controversy, moving forward without a dedicated tax and estate planning attorney can prove challenging. From assisting you through an audit to preparing your protest negotiations with the Texas Comptroller, the IRS Office of Appeals, or any other administrative appeals venue, your attorney can help to ensure that your rights and financial goals are well protected throughout. If your case proceeds to litigation, your well-informed and well-prepared tax and estate planning attorney will be at your side skillfully advocating for your case’s most favorable resolution.
An Experienced Texas Tax and Estate Planning Attorney Can Help
If you have tax structuring and/or estate planning concerns, the practiced tax and estate planning attorneys at Ibekwe Law, PLLC in Texas understand the gravity of your concerns and have the experience, legal insight, and strength of purpose to help you find the right answers for you. Your legacy matters, so please do not wait to reach out by contacting us on our website or calling us at 512-505-2753 today.