Elder Law
Estate Planning
Feel free to contact the Tax Law Practice, LLC for an initial consultation and determine whether you need an estate plan or whether circumstances changed to merit a revision. You probably heard many marketers discuss Revocable Living Trusts. These marketers may not be lawyers, and are simply providing you with the necessary documents for a fee. But are you sure that you understand the documents you are signing? Are you sure that they will carry out your wishes? Did anyone sit with you to discuss your circumstances? You must meet with a lawyer who is knowledgeable in estate planning and tax law. Remember, these documents guide your loved ones at a time when you are either deceased or incapable of handling your own affairs.
So many times attorneys meet with children that cannot beleive what their parents planned. But in most cases, the documents did not accurately carry out their wishes. At The Tax Law Practice, LLC, we understand the temptation to buy these documents from a marketer and save money. As a result, we are willing to provide you with a one-on-one consulation. You will learn how to create an estate plan that meets your needs. We recommend that you bring deeds, partnership agreement, tax returns, Wills, Trusts, Living Will, Life Insurance Policies, and all other related documents.
Elder Law
Not only does The Tax Law Practice, LLC provide information regarding property law, estates & trusts, and creditor law; it also provides very important tax advise surrounding various transactions. It is imperative that the professional that you choose to work with understands the tax law. Almost all transactions and planning in this area have tax implications that may cost you thousands.
Probate
Medicaid (Title XIX) Planning
Many clients have often asked whether their assets were fully protected from creditors when dealing with Title XIX (Medicaid) issues. Did you know that when you or your parents find it necessary to seek assistance for nursing homes and the like, the majority of your assets are spent down before qualifying for assistance? Furthermore, although the Federal Law trumps in this area, in some cases the State of Connecticut is acting under it’s own laws without regard to Federal Law. It clearly makes sense to prepare for that event since more and more elderly individuals are realizing the realty of losing everything you worked so hard for is a practical scenario.
Asset Protection
Asset protection involves figuring out and applying a series of techniques that protect your assets from claims of future creditors. The techniques are designed to deter potential creditors from going after you, and frustrate them if they do, generally by making it difficult or impossible for future creditors to grab hold of your assets or collect judgment against you.
In cases where significant sums are involved, asset protection often includes setting up a series of trusts, partnerships and/or offshore entities to hold legal title to your assets. A future creditor who recognizes how difficult it would be to collect on any judgment, might decide not to pursue a claim, or be willing to settle for pennies on the dollar.
There is a very sharp dividing line between “legal” asset protection on the one hand, and actions to defraud creditors, which are criminal, on the other. For that reason, it is essential to have an attorney guide you through the process.