Much like the specialization in in medicine, the legal industry is trending toward practices and teams focused on specific areas of the law. This allows an attorney to bring a higher level of knowledge and experience to clients through a boutique practice. Rice & Rice Attorney, a boutique law practice in the areas of
Estate Planning Tools for Individuals and Families including:
A Revocable Living Trust has become the centerpiece of estate planning in recent years. Though sometimes thought of as “only” a means to manage taxes, a well-crafted Living Trust can provide essential guidance, protection, and asset protection.
IRA Preservation Trusts
The June, 2014, Supreme Court ruling (Clark v. Rameker) showed how quickly a lifetime of savings can be evaporated by an heir with a different perspective on money. You can provide for your beneficiaries and protect your savings, even after you are gone with an IRA Preservation Trust.
Supplemental/Special Needs Trusts
Many parents and families have children or siblings who need a higher level of care. In some situations, the individual may receive government support to help. To protect these support programs and to provide the level of care needed, special planning should be completed to address the specific needs, financial limitations, and empowering proper oversights.
Pet Care Trusts
For many people, pets are a key member of the family. It is important to ensure there is a plan to take care of a family household pet or maybe a show animal like a horse. Plans can be made to appoint a person(s) in charge, set aside funds to care, directions for care, and key veterinarians.
Protective (Spendthrift-provisioned) Trusts
Not everyone is ready to be in charge of a lump sum of money. Arrangements can be made to allow an inheritance to take care of needs, provide some funds for use, and protection from bad decisions that happen before or after your passing.
Education Expense Trusts
You may want to set specific funds to be used for educational purposes. It seems easy enough, but there are some key things that need to be considered when creating these plans. It may be as key as what should be considered “education.”
Last Wills and Testament
For many years, the cornerstone of most people’s thoughts about planning for dieing was to have a Will. A Will can still be a key part of a plan, it may be all someone needs, or in some cases may not be needed at all.
Pour-Over Will Provisions
One of the key goals of a Living Trust is to avoid Probate. In case something happens that causes a portion of the estate to be Probated, a Pour-Over Will can provide continuity in the overall estate plan. As referenced above, there are some things that a Pour-Over Will may need to do to help round-out an estate plan.
Business Ownership, Interest, Asset, & Succession Planning
Whether a single-owner entity or sophisticated business structure, there is a need to protect the interest you have created and the assets you have developed. Depending upon the long-term need, your plan can be developed to meet your desire. It needs to be uniquely designed to protect your interest and provide a means to pass it along or gradually phase-out in a controlled manner.
Long-Term Care Planning
Transitioning from Medicare-covered Skilled Facility (Rehab) to a Non-Skilled Facility (Nursing Home)
Medicaid Application Representation
Medicaid Spend-Down Planning
Guidance for using Payable/Transferable on Death provisions
Health Care, Funding, and General Powers-of-Attorney