- Divorce
- GuardianshipYes. Transfer tax laws are different for non-US Citizens and individuals who are not domiciled in the United States. In addition, these individuals often have property, family, and friends in multiple jurisdictions. As a result, different strategies are used to minimize transfer taxes, plan for guardianship of children, and keep assets in the family.
- Assault
- Business Formation
- Limited Liability Companies
- Employment Contract
- Personal InjuryPhysicians, lawyers, dentists, and businesses owners are particularly vulnerable to suit because of the risks associated with conducting their business. Physicians are constant targets of malpractice lawsuits. Professionals and business owners are increasingly subject to other legal actions, including employee lawsuits breach of contract claims, manager / director actions, and other business-related lawsuits. In addition, individuals are vulnerable to actions from personal injury claims, such as slip and fall actions, and litigation related to car accidents.
- Estate PlanningAt the Law Offices of John C. Martin in Menlo Park, California, our attorneys have consistently advised clients to think twice about leaving an inheritance to children (or others) outright and free of trust. Granted, an outright inheritance is the simplest and the least expensive (in terms of initial administrative cost) way to gift assets to beneficiaries at death. Yet, as with all estate planning decisions, the goals of simplicity and low cost may be outweighed by other goals, including the desire to provide asset protection or third party management.
- Wills“Attorney John Martin has worked on several issues for me and my company over the past 2 years. Some of the legal issues addressed by John: contractual issues, a condominium contract, wills and trusts, and state requirements for a corporate entity. I have found him to be thorough, diligent, and highly skilled. He has demonstrated a willingness to go the “extra mile” to ensure that every legal issue has been addressed and that I have been informed of the particulars behind his recommendations. I feel confident that John has provided me and my company with the best legal advice available.”
- TrustsT rust administration is very similar to probate, except that a trustee oversees the appraisal, estate accounting, and distribution of assets without significant court oversight. However, this does not mean that the courts will be completely uninvolved during trust administration, particularly if the trust has not been fully funded. Fees are based on the instructions in the trust or by law. Our office advises successor trustees on all aspects of trust administration.
- Power of AttorneyFinally, many estate planning documents lose their applicability and validity over time. Most notably, financial institutions frequently refuse to honor durable powers of attorney which are over one year old.
- ProbateAs always, everyone’s life circumstances are unique. The law also may not go the direction we predict in this article. That’s why it’s always important to consult with an attorney before acting on the contents of this article. If you take anything away, let it be that there are no guarantees when it comes to asset protection planning. It’s better to think of asset protection planning in terms of “enhancing” the protections afforded to our beneficiaries through trusts and other legal strategies. To help anticipate these and the other changes that are sure to come down the road, consult with a certified specialist in estate planning, trust, and probate law, as well as competent financial and tax advisors.
- BankruptcyRecent court decisions like Carmack and Harris might make it appear that California is the most creditor-friendly state in the Union at the moment. That may be a fair statement. However, there still exists an often ignored asset protection strategy that is available in California: the use of private retirement plans to shield assets from creditors, including during bankruptcy. Indeed, bankruptcy law practitioners would likely be committing malpractice if they did not inform their clients of this important asset protection tool.
- Tax LawWith respect to estate, gift, and generation-skipping transfer tax planning, we know that it is extremely unlikely that Congress will be able to pass tax reform as a long term deficit-increasing measure, since Republicans do not have the required votes in the Senate. Instead, pursuant to the so-called Byrd Rule, made part of the Congressional Budget Act, a majority of 60 in the Senate is required to pass any deficit increasing measure that does not contain a sunset provision. A sunset provision would require the measure to expire after a five or ten year period. Accordingly, similar to estate tax repeal in 2001, estate tax repeal in 2017 will likely be accompanied by a 10-year sunset provision, requiring Congress to act at the end of such time. As we know, however, there are no guarantees when it comes to living and dying. 90-year old’s might live another 10 years. 50-year old’s might not. As such, an estate tax repeal that phases out in 10 years is not something that should be relied upon when making major tax planning decisions. This makes planning ahead very frustrating!