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Estates and Trusts
The term “estate” refers to all the property under ownership or control. The property can be in possession of an individual, joint arrangements, or a trust and may include various monetary proceeds (such as through life insurance) upon the owner’s demise. An estate may consist of:
- Real property, attachments to it, and other intangibles.
- All personal property (bank accounts, investment vehicles, collectible items, art, jewelry, personal transportation, etc.).
- Businesses and business interests (sole proprietorships, partnerships, corporations, joint ventures, goodwill, inventory, tools and equipment, accounts receivable, and other business property).
- Life insurance, dividends, pension benefits and plans.
- All claims against others for which an indemnity is reasonably expected.
Estate planning is one of the many specialties of Leonid Murashkovskiy’, PLLC. Due to fairly complicated, frequently changing legal regulations and taxation aspects of estate management, it is generally recommended to seek professional guidance for the majority of estate-related transactions. The primary objective of estate planning is to help individuals and legal entities to retain wealth while minimizing tax liability and other related expenses. Our firm’s services pertinent to estate planning include:
- Tax planning – to reduce income, estate, gift, capital gain tax, etc.
- Living will and power of attorney preparation.
- Asset protection – to protect assets of individuals and business entities from civil judgments.
- Establishment of custodianship and guardianship.
- Life insurance and retirement planning.
- Deeds and assignments – to address issues concerning property transfers.
- Going concern planning – in the event of demise of the owner.
- Preparation of buy-sell agreements – legal proceedings in the event of demise, disability, retirement, or departure of the owner.
- Special needs trusts – based on the uniqueness and/or special circumstances of estate.
Trust, due to their complexity and importance, often constitute a stand-alone category of estate planning. Trust is an arrangement by which property is legally owned and managed by individual or corporate fiduciary as trustee for the benefit of another, called a beneficiary, who is the equitable owner of the property. Trusts may be established for tax avoidance or property control in the event of the owner’s incapacitation or demise. Trusts are frequently created in wills to govern the procedures of property and financial instruments transfers to heirs and beneficiaries. In our firm, we assist our clients with setting up trusts, drafting all necessary documents, making modifications to the trust and providing legal representation in the event of litigation or trust asset distribution.
We represent and provide legal advice for individuals, families, trustees, beneficiaries and executors of estates. Our proven record allows our existing clients confidently rely on our guidance, exceptional professionalism and impeccable level of services in all legal aspects of estate planning. Contact us today to learn more about it!
For your convenience, we offer several options to contact us: you may call our main phone number, (972)380-5630, to receive a free 15-minute legal consultation; you may also submit your inquiry via this web site (please fill out our contact form on the home page and your inquiry will be addressed within one business day); last, but not least, we would recommend that you schedule an appointment to receive an exhaustive and comprehensive legal advice. Don’t delay! You may find a feasible solution to your long-lasting issues today!