What We Do
Estate Planning:
Estate planning is a lifetime process whereby:
You control your property while you are alive and well;
You take care of yourself and your loved ones if you become disabled;
You give what you want to whom you want, when you want and the way you want; and
You do so with the lowest possible amount of taxes, professional fees, and court costs.
It is about peace of mind for you and for your family. In estate planning there is always a lot of talk about tax issues. While tax issues can spur people to action, it really isn’t the reason we plan. Whether planning involves a will, trust, or other documents, the real reason we do estate planning is to take care of ourselves and our families the way we want and to minimize the likelihood of disputes or other problems. Estate planning is for everyone who is concerned about providing responsibly for their own well being and for the well being of those they love.
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Business Formation:
Whether it is for estate planning, asset protection planning, tax planning, or family business succession planning, the formation of an entity for your business is often the right choice. But tax issues and owner dynamics can make business formation challenging. This is particularly true if the business is family owned or if you receive farm program payments. LLC, PLLC, S Corp, S Corp, General Partnership, Limited Partnership, something else. Which one is right for you? At Hallock & Hallock, we will counsel with you to come up with solutions for the right form of entity for your circumstances and draft customized agreements to meet the needs of your unique ownership situation, including partnership agreements, operating agreements and buy-sell agreements.
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Family Business Succession Planning:
Planning for how you will exit from your business should be an integral part of your estate planning and retirement planning. Lack of planning can result in substantial income taxes and estate taxes. You could be forced to sell the business or its assets at “fire sale” prices. Worst of all, the transition may cause irreparable damage to family relationships. At Hallock & Hallock, we will counsel with you about what will happen with your family business upon your retirement, death, or disability. Proper planning can provide you with retirement income, reduced income taxes and estate taxes, and even let you benefit a charity. Proper planning will allow the transition to occur in manner that minimizes the likelihood of family strife. Planning now to exit your company will result in you and your family receiving the best possible results.
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Asset Protection:
Asset protection planning is the process of analyzing ownership of assets and re-arranging ownership of those assets as needed to ensure maximum protection, maximum use of exemptions and to minimize risk of loss in future litigation. Whether you are involved in a high risk occupation such as a physician, attorney, CPA, business owner or real estate developer or you simply see the increasingly litigious nature of our society, the attorneys at Hallock & Hallock can help you navigate the complex asset protection planning strategies that are available to you. You have worked hard for what you have. You should work hard to protect it from frivolous litigation.
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Farm and Ranch Succession Planning:
Farm and ranch succession is a unique subset of family business succession planning. More than any other business, the farm or ranch relies heavily on succession from one generation to the next. It is more than just business – it is a legacy, a heritage passed down over many generations. It is family. Successful farm or ranch succession planning involves an interrelationship and balancing of business planning and estate planning. The objective of succession planning for farmers and ranchers is to create a plan for the farm or ranch business that will allow it to endure successfully beyond the current generation while still caring for the needs of the preceding generation. Hallock & Hallock has a Certified Farm Succession Coordinator to help create your road map and walk you through the four phases of farm succession:
Phase 1 – Determine where the farm is now;
Phase 2 – Determine where you want the farm to be in the future;
Phase 3 – Create a road map or game plan to get the farm there; and
Phase 4 – Implement the plan.
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Charitable Planning:
We are a nation of givers. By some estimates, we give over $300 Billion each year to charity. We give for emotional reasons and sometimes we give for tax reasons. Whatever may be the driving force for your philanthropic desires, the attorneys at Hallock & Hallock can provide the advice needed to navigate the many decisions to be made in charitable giving. Whether it is a private foundation, a donor advised fund, a charitable remainder trust, charitable lead trust, or any other charitable giving strategy, the attorneys at Hallock & Hallock have the experience to recommend and create the right vehicle for your planned giving.
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Special Needs Planning:
Planning for a person with special needs involves planning so that the special needs individual does not become ineligible for essential government benefits. A Special Needs Trust is a Trust designed to receive and manage assets for a person with a disability, while maintaining eligibility for governmental benefits. The Trustee will have full control and discretion over distributions.
A key benefit of a Special Needs Trust is that family and friends can make gifts to the Trust. Proper funding, implementation and periodic reviews of the Special Needs Trust are critical because it may have to last a lifetime and often cannot be replaced. At Hallock & Hallock, we are prepared to work with you and your team of advisors to establish a plan that will be designed to provide for the special needs beneficiary without rendering him or her ineligible for essential government assistance and that will enhance their quality of life.
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Trust Administration & Probate:
Whether you have a Will, a Trust, or nothing at all, there will come a time when our affairs must be administered. If you die without planning or with a Will, a court proceeding known as “Probate” will need to be started. Probate is a court-supervised process for appointing a personal representative (executor) to pay creditors and distribute the individually owned assets of a deceased person. Even with a Trust, administration will become necessary. If estate planning is the process of designing a playbook, Trust Administration occurs when the playbook is put into action.
Probate and Trust Administration can be complex and the people you have designated must have competent and experienced counsel to guide them through the process. The estate administration process carries a lot of responsibilities and risks. At Hallock & Hallock, we can help guide your loved ones through the process in a sensitive and competent manner.
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Trust Funding & Maintenance:
While completing a trust can come with a big sigh of relief, there is more to do if the trust is going to work properly. After signing all of the estate plan documents, the next step is to “fund” the trust. “Funding” a trust means the transfer of ownership of assets into the name of the trust – or more accurately the trustee of the trust. Each asset should be evaluated individually to determine the approach necessary to coordinate ownership or beneficiary designations with the goals and objectives of the estate plan. In addition to funding, just like a car needs regular maintenance and upkeep to keep it running well, an estate plan also needs regular maintenance to ensure that it will work effectively when called upon.
At Hallock & Hallock, we can assist you in funding your trust initially and in keeping it up to date going forward. Talk to us about enrolling in our Estate Plan Advantage ™ program to ensure that regular funding and maintenance occurs. The goal is peace of mind and peace in the family with no surprises.
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