Estate Planning Estate and Trust Administration Estate and Trust Litigation General Litigation Corporate and Commercial Planning Taxation Elder Law
No matter the level of your net worth, every individual should have a personalized plan for his or her estate. Whether your priority is tax planning, distribution of assets among your beneficiaries, appointing an executor, naming guardians for minor children, planning for avoidance of probate, asset protection or any other concern, estate planning is the key to ensuring that your priorities and family values are addressed to your satisfaction.
Each of the attorneys at Midgett Preti Olansen is experienced in the administration of probate estates, revocable and irrevocable trusts and taxable estates. For many individuals, acting as a fiduciary, whether it be as an Executor under a Will or a Trustee of a Trust, is an unfamiliar situation. Because of our experience in these matters, executors and administrators seek our counsel to assist them with the process of qualifying as the personal representative for an estate, determining which assets come under their control, obtaining the proper value of those assets, filing inventories and accountings with the Commissioner of Accounts, preparing individual and fiduciary income tax returns, preparing gift and estate tax returns and making timely distributions under the estate (whether by will or by statute).
The term, “fiduciary,” describes an individual (or entity) to whom the duties and obligations of managing the property or person of another have been granted by a legal instrument or by the courts. For example, an executor named under a Last Will and Testament, a trustee of a trust, an agent under and financial power of attorney or a conservator for an incapacitated adult who is appointed by a court are considered “fiduciaries” under the law. A person in such a position is said to have a “fiduciary duty” to manage the assets under their control for the benefit of the incapacitated person or the beneficiaries of the trust or estate of which they are in charge. The fiduciary standard of conduct is the highest in the law.
Regardless of how strong a relationship is or how well a business transaction has been planned, disputes happen. For those times when the challenge is too large, and the resolution of a personal or business dispute is beyond your control, the attorneys of Midgett Preti Olansen can provide the legal counsel you need to resolve disputed matters quickly, cost effectively and exhaustively.
The attorneys of Midgett Preti Olansen are experienced in handling all aspects of the representation of business clients beginning with the initial planning and start-up phase, followed by the growth of the business, and planning for the ultimate succession or sale of the business. Services commonly provided within our corporate and commercial planning department include the formation of corporations, partnerships and limited liability companies; representing clients in acquisitions and sales of business entities; commercial real estate development; tax planning;
Effective and timely advice, provided by experienced counsel, is crucial when the IRS, state or local government comes to audit your tax return, collect a delinquent tax liability or request the disclosure of a foreign bank account. Unforgiving procedural deadlines and admissions made by the taxpayer without guidance can close off opportunities to defend your position; the importance of skilled advocacy, combined with experience, cannot be understated.
The legal practice area known as “elder law” is a response to the increasing number of seniors in our society and the graying of our population. Thanks to the efforts of the healthcare community and advances in medical science, our life expectancy has improved significantly over the past several decades. As a result, our chances of becoming mentally and physically incapacitated before our demise have increased as well.