Estate and tax planning

McLaughlin Legal counsels a wide range of clients, including individuals, entrepreneurs, families, and owners of closely held businesses, on all types of tax and estate planning issues. Because we know that each client’s goals and objectives are unique, we pride ourselves on a personalized approach to counseling each client who entrusts us with their matter.

Tax and estate planning services available

There is a misconception that estate planning involves simply writing a will. Although a will is part of an estate plan, McLaughlin Legal advises clients on the other critical components of a comprehensive plan. Only through this process can clients adequately plan for how and to whom their assets will pass, who will make decisions in the case of incapacity, minimize the effects of estate taxes, and achieve other important goals. McLaughlin Legal offers various tax and estate planning services, including:

Wills

McLaughlin Legal advises a variety of individuals, families, businesses, and entrepreneurs on tax and estate planning issues, including drafting wills. Below is some information you may find helpful, and if you have any questions or concerns about wills or other estate planning matters, please feel free to contact us today.LEARN MORE

Trusts

Trusts are instruments used in an estate plan to accomplish any number of goals. A trust can create guidelines for the distribution of assets to designated beneficiaries, help avoid probate, and minimizes potential tax burdens. McLaughlin Legal counsels individuals and families on various estate planning matters, including drafting wills and trusts.LEARN MORE

Powers of attorney

As part of basic documents for estate planning and planning for possible incapacity, most individuals should have a durable power of attorney. A durable power of attorney works only during lifetime and relates only to the management of assets, and it does not address your health care decisions.LEARN MORE

Advanced healthcare directives

McLaughlin Legal counsels individuals and families with all types of estate planning matters. As part a complete estate plan, you should include an advanced directive, which can provide instructions to others regarding your health care and other decisions when/if you are unable to communicate those decisions yourself.LEARN MORE

Our approach to estate and tax planning

McLaughlin Legal’s boutique tax law practice can offer you quality services in our areas of expertise not found elsewhere. Our tax and estate planning practice is also complementary to our tax litigation and controversy practice. All too often boutique tax litigation firms are hired to fix an immediate tax problem, but never address the underlying issue(s) that gave rise to the dilemma. By understanding the cause of the tax controversy, a client is equipped to address it and avoid future tax problems. Conversely, McLaughlin Legal can advise individuals, families, and businesses on tax and estate planning matters with a perspective not found elsewhere by drawing on our depth of experience in resolving tax disputes.

Because estate planning is planning for incapacity and death, and for easing the burdens on your family, it is important to know each client’s goals and objectives in great detail. McLaughlin Legal can provide strategies to direct the disposition of your assets at death and designate person(s) to be in charge of your estate, avoid probate proceedings, and more.

Commonly asked questions about planning an estate. Answered

  • What is an estate plan? — A properly drafted trust, in conjunction with a valid will and nomination of guardians, will ensure that your children are cared for in the manner of your choosing, and by the people you trust.
  • Why do I want to avoid probate? — Probate is the court-supervised distribution of a decedent’s assets, and may become necessary if there is no (or poor) planning. The typical probate of an estate can draw out anywhere between 6 to 18 months because every action must be overseen and approved by the court. There is a mandatory fee based off the total value of the assets in the estate. Finally, probate is a matter of public record; therefore, all information regarding assets, debts, and property distributions is available to the public.
  • If I have a will, why do I need a trust? — Like a will, a trust creates guidelines for the distribution of your assets. However, unlike a will, a trust avoids probate, as long as the trust is properly executed and funded. Trusts can also be utilized to minimize potential tax burdens. Among all of the documents in your estate plan, the trust is the master document.
  • How do I protect my children? — A properly drafted trust, in conjunction with a valid will and nomination of guardians, will ensure that your children are cared for in the manner of your choosing, and by the people you trust.

If you are interested in learning more about McLaughlin Legal’s tax and estate planning services, please feel free to contact us today for a free consultation.