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Practice Areas
Estate
Planning
Drafting
of Wills, Trusts and Powers of Attorney. It is our
goal to draft documents that are appropriate to your
particular estate planning needs to ensure that your
assets are managed and passed on according to your
intent, without court interference, and in the most
expeditious and tax advantageous manner. If you have
a disabled family member, we can establish a Special
Needs Trust to supplement their benefits. We will
assess your particular situation and design an
estate plan that will fit the requirements of your
financial and family needs.
In
addition we prepare Advance Medical Directives to
ensure that in the event you are unable to make a
medical decision for yourself, a person that you
designate will be able to act on your behalf without
the necessity of court intervention for the
appointment of a guardian. The Medical Power of
Attorney is compliant with both Michigan law and the
federal Health Insurance Portability and
Accountability Act (HIPPA).
Probate
and Trust Administration
We
provide assistance with the post death
administration of the decedent’s Will and/or Trust.
If assets are held in your individual name, they are
administered through the probate court following the
directives of the Will with regard to the person who
will be handling the administration (personal
representative), the appointment of guardians for
minor children, and the distribution of the assets
to the individuals named in the Will. If there is no
Will, the probate court will appoint a personal
representative, name a guardian for minor children,
and your assets will pass according to Michigan
statute to your heirs-at-law.
If assets
are held in the name of a trustee, no court
intervention is necessary unless the trustee or a
beneficiary requests the assistance of the probate
court to settle a dispute or resolve an ambiguity in
the trust document. The successor trustee will
collect and preserve the assets, handle the payment
of expenses and the filing of the requisite tax
returns, and ultimately distribute the trust assets
to the individuals named in the trust agreement.
We
provide assistance to the personal representative
and/or trustee in all aspects of the administration
to assure an expeditious administration with the
optimum tax advantage.
Guardianships and Conservatorships
We
provide assistance in the appointment of guardians
or conservators for both adults and minors, as well
as assistance in complying with their future
fiduciary duties. The guardian must report to the
court on an annual basis as to the condition of the
ward. A conservator must file an inventory itemizing
all of the assets under their control, and file an
annual account reflecting all receipts and
disbursements and the assets on hand at the end of
the accounting year. Interested parties must be
provided with a copy of all documents, and court
approval of the annual account of the conservator
must be obtained.
Elder Law
When a
spouse or family member faces physical or mental
health issues, the focus should be on the loved one,
not legal technicalities or obstacles. We can help
with issues uniquely affecting older adults and
their families, including Medicare and Medicaid
counseling, preservation of assets to avoid spousal
impoverishment, and locating and evaluating home
health or long-term care options. When life brings
inevitable changes, we can advocate for families and
help them navigate an increasingly complicated
system. We understand the challenges facing older
adults, and we strive to balance our clients’ legal,
financial, and medical concerns to help preserve the
highest quality of life possible.
Estate
and Trust Litigation
Jim
LoPrete and Mary Lyneis have extensive experience in
all aspects of estate and trust litigation. Disputes
often arise concerning the validity of a Will or
Trust - did the decedent lack capacity to sign the
document, or was the decedent unduly influenced?
Often the fiduciary fails to 1) follow the terms of
the Will or Trust; 2) keep the beneficiaries
informed; 3) act in the best interest of the
beneficiaries; 4) follow the Michigan Prudent
Investor Rule; or 5) keep estate or trust assets
segregated from personal assets (commingling of
funds). There are also situations when an individual
is acting under a Power of Attorney during lifetime,
and refuses to account to the beneficiaries after
the death of the principal. We can assist either the
beneficiaries or fiduciary in resolving any
controversy that arises through probate court
proceedings or mediation.
Taxation
Even on
death, we cannot avoid taxes. We are knowledgeable
of the tax laws affecting estates and trusts, and
experienced in the preparation of the appropriate
returns, including estate and gift and fiduciary
income tax. It is important that you consult a tax
advisor on death to be assured that the necessary
tax returns are filed in a timely manner. The
federal estate tax return is due nine months after
death. In order to simplify our clients’ needs, we
also prepare individual income tax returns.
Tax
Exempt Organizations
We have
extensive experience in forming tax exempt
organizations and in obtaining tax exempt status
from the Internal Revenue Service. In addition we
assist organizations with the day to day
administration and compliance with the applicable
laws to maintain their tax exempt status. We prepare
the annual federal tax return as well as the
required reports to the appropriate state authority.
Residential Real Estate Transactions
We can
provide assistance in preparing an Offer to
Purchase, reviewing an Offer to Purchase, reviewing
closing documents and attending the closing to
assure that the terms of the offer are complied with
and that the tax and other credits are correctly
calculated.
Corporate, Limited Liability Companies and
Partnerships
We have
assisted many of our entrepreneur clients with
choosing the right entity for their business, from
both a legal and tax perspective. Factors that weigh
into the decision as to what type of entity to form
include the number of owners, avoiding double
taxation, the succession of the business on
disability or death of a principal, and the
avoidance of personal liability. We will help you
weigh all of these factors and prepare the
appropriate documents, including Buy-Sell
Agreements, Partnership Agreements, Operating
Agreements and Articles of Incorporation or
Organization.
Often
families form limited liability companies or
partnerships to manage family assets and to
thereafter pass those assets on to future
generations. This provides protection from assets
being included in a divorce, and provides an
effective means of gifting assets prior to death.
