Adams Law is adept at formulating estate planning solutions based on our clients’ particular and individualized needs. We draft comprehensive probate-avoidance revocable trusts, as well as specialized asset protection, special needs, and wealth management irrevocable trusts. We assist our clients in the trust funding process, and we are equipped to handle trust administrations for pre-existing trusts.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law. Lack of proper planning can cause costly expenses, court supervision of your estate, unnecessary taxes, delays, higher probability that your wishes will not be adhered to, and so forth. On the other hand, proper estate planning produces your desired results and has a much more positive outcome upon a death or disability.
Some of the documents you may need to prepare in your estate plan are Wills, Trusts, Advanced Health Care Directives, Durable Powers of Attorney, Special Needs Trusts, and funding documents.
Below please find some of the issues that you should think about prior to a proper estate planning consultation with your lawyer that would assist an estate planning attorney in advising you regarding your estate planning concerns:
- Who do intend will receive your assets upon your death?
- Will you give your assets to your beneficiaries in a lump-sum or will you prefer that it be distributed over time?
- Who do you want to manage your assets and personal affairs if you become disabled or pass away?
- To whom do you want to give the power to make healthcare decisions for you if you become disabled?
- What types of medical care do you want if you are incapacitated or terminally ill?
- Who will be the legal guardian of your minor children in the event something happens to you?
- How can you minimize taxes, expenses, court supervision, problems or delays for your family if you become disabled or die?
Should you have any further questions, or if you would like to schedule an appointment with Kevin Adams, Attorney at Law and Certified Public Accountant I would be happy to help you and your family with your estate planning needs.
Our team includes two CPA’s, and two of our attorneys are qualified tax preparers and are eligible to practice in U.S. Tax Court. Every tax year, we prepare over 500 tax returns for our individual, partnership, corporate, trust and estate clients. We can recommend advance tax planning based on individual needs as well as mitigate and resolve outstanding liability for our clients. We regularly engage with the IRS in tax audits and can help understand IRS correspondence regarding compliance issues.
Our tax practice staff has over thirty years of experience in the tax areas listed below.
- Failure to File Problems and Strategies
- Delinquent Employment (Payroll) Tax Issues
- Representation Before the IRS in Audit and Collection Matters
- Offers in Compromise
- IRS Liens, Levies and Seizures
- Business and Individual Tax Return Preparation
- Stock Option Planning
- Alternative Minimum Tax Issues
- Estate and Gift Tax Return Preparation (Forms 706 and 709)
- Estate and Trust Income Tax Returns (Form 1041)
Our business services run the gamut; we advise in all matters from planning to formation, and merger & acquisition to dissolution. Business planning involves everything from filing articles of formation with Michigan’s Department of Licensing and Regulatory Affairs, to drafting customized operating agreements, bylaws, and partnership agreements to accommodate each respective business structure. We are also able to discuss with proficiency the various available taxation structures and elections from which to choose.
- Organization of corporations
- Partnerships and limited liability companies (LLC’s)
- Managing the purchase or sale of a business
- Tax planning and compliance
- Create, merge, sell or dissolve business interests
- Prepare corporate records
- Prepare and review loan documents for commercial transactions
- Prepare operating and shareholder agreements for LLCs and corporations
- Draft and review commercial contracts for the sale or purchase of goods and services
Contract law is varied and covers many facets of business and personal affairs. We commonly draft, interpret and negotiate contracts, and we often advise our clients on their rights and available remedies.
- Business agreements
- Intellectual property licensing
- Commercial transactions
- Employment agreements
- Loan agreements
In commercial real estate transactions, we handle both simple and complex transactions. We manage the purchase, sale or leasing of commercial, industrial, rental and personal property and we can help a client develop asset protect plans and streamline those into your family succession plan.