Wealth Protection is essentially about empowering clients to preserve their wealth. There are a multitude of tools clients can use to accomplish this goal. Our job is to meet with you and understand your unique set of circumstances and craft a plan that suits your situation. Essentially, our job is to put you and your family in control of your property and financial affairs.
In the Estate Planning context we address the followings issues to aid and assist in wealth protection:
In the Elder Law context, we are intent on preserving wealth in the face of looming long-term care expenses. We will take a look at your sources of monthly income (including any Long-Term Care Insurance resources) and determine if you are at risk for losing assets in the face of these kinds of expenses. We hope our clients plan NOW, but if they wait until they are in the nursing home there are still things that can be done to preserve some of your assets.
In the Business Law context we examine how to protect business-related property (businesses, rental real estate, etc.). Choosing the right state to form a Limited Liability Company is a crucial decision. Involving your family in your legitimate business dealings is also an option that deserves consideration. Buy-Sell Agreements, Corporate Formalities, Contracts, and other tools are available to make sure the business side of your estate is properly managed and protected.
In the Estate, Probate, and Trust Administration context our goal is to design, implement, and maintain a plan that avoids the expenses of probate, minimize attorneys fee and other final expenses, and minimize (and hopefully eliminate) the exposure to the following taxes:
Avoiding these expenses obviously serves to keep resources in the control of the family, instead of in the pocket of Uncle Sam.
In the 1031 Exchanges context we assist clients in being able to consolidate or diversify their real estate holdings in such a way that they avoid the capital gains tax when they are making these changes. In the end, we want clients to do as they please with their real estate so when they pass the real estate qualifies for the step-up in basis, which means capital gains taxes are virtually eliminated for their beneficiaries.
Parks & Jones, Attorneys at Law is a full service Estate Planning and Elder Law practice that provides comprehensive planning in the areas of wills, trusts, powers of attorney, probate and trust administration, probate avoidance planning, revocable trusts, Elder Law, long-term care planning, nursing home care, wealth protection, Veterans Benefits, special needs trusts, business law and business succession, charitable planning, and estate tax planning. Parks & Jones, Attorneys at Law serves clients and their families all throughout Springfield, MO and the surrounding areas of Branson and the Ozarks.
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