The Guide to Good Estate Planning

Almost all individuals or corporates can benefit by investing in an estate planning lawyer. Hiring a lawyer will ensure that they get the best value from their land and other fixed assets during their lifetime and after it. While almost all of us buy homes, offices and other pieces of land with some specific purpose in mind, there are various considerations apart from the present use that need to be considered. These considerations may include the rate at which the property will escalate, the taxes to be paid, whose name it should be registered in and the best way to gift it. Estate Planning companies help answer such questions and many more. It is therefore important to hire a reputed law firm or a real estate attorney to guide and advise you at every step when it concerns large investments or gifts. It is not common for these companies to also provide advice and support in related legal matters so be sure to ask for all the expertise areas.

Some of the common areas of consultation within estate planning and related areas include the below:

Business Law: This typically deals with creating a business enterprise, buying or selling businesses, corporate governance, mergers and acquisitions, succession planning, employee related contracts as well as all shareholder related transactions. Any businessman, large or small needs to ensure that his business interests as well as those of his shareholders stay protected. It is also important to understand the various laws that govern salaries, employee holidays, firing, hiring and suchlike.

Wills And Trusts: As the category name suggests, this is about the creation of any kind of will, trust, probate, beneficiary disputes, and trust administration as well as estate and gift taxation. All individuals should create a will to ensure minimum disputes after they are gone amongst the people they loved. Without a clear statement of intent through a will, anybody can lay a claim to the deceased’s fortunes.

Real Estate: This area covers all aspects related directly to the estate planning namely, construction contracts, commercial purchase and sale, leases, evictions, liens, residential transactions, permits, licenses and easements.

Legal Disputes: This includes all kinds of disputes namely construction disputes, personal injury, business disputes, creditor rights, appeals, meditation and arbitration, civil litigation in both state and federal courts, malpractice claims, large divorce settlements among others.

It is important to hire a real estate attorney or estate planning firm with a good reputation and experienced lawyers. A high rating from Martindale-Hubbell is usually a good indicator of the firm’s credentials. It is also a good idea to seek references from friends or past clients of the company. A visit to the website is a must as is a personal meeting with the team that will be handling your case.

In matters of estate planning, one should be very careful as you are in effect handing over your financial planning to another. People will large fortunes would do well to have a dedicated real estate attorney working around the clock to watch out for their interests. The smallest change in legislation can impact your financial interest in a big way and need to be lobbied for or against.

Powers, McCulloch & Bennett, LLP, is a Portland based law firm representing clients in a diverse range of matters pertaining to estate planning, business law, wills and trusts, and real estate.