Everyone needs to plan ahead for what happens when they can no longer call the shots. Too many people only become concerned with estate planning near the end of their lives, but the truth is that it’s something they should be thinking about long before it may be needed.
Estate planning allows you to determine how your medical decisions will be made in the event that you can’t voice your wants and needs. It also uses different techniques to facilitate the transfer of your assets after you pass away. It is essential to begin planning for the future, and there’s no time to do so like the present.
Each and every situation is unique, so your plan must be, as well. Here are some of the ways that The Vermillion Law Firm, LLC can help you secure your future and the futures of the ones you love most.
Asset Protection and Business Planning
As more Americans become entrepreneurs, they discover that wise business planning is essential to their success today and their financial security tomorrow. Our law firm can help you achieve your goals, whether your business is a one-person operation or one striving for a place on the Fortune 500 list.
Elder Law and Medicaid
Confused about Medicaid? You’re not alone! The complexity surrounding this constantly changing area of the law can sometimes feel overwhelming… it doesn’t need to be.
Caring for the elderly and ensuring their assets are protected are some of the primary services offered by our law firm.
Estate planning is the creation of a definite plan for managing your wealth while you’re alive and distributing it after your death. These assets may be owned by you separately or jointly with others.
Family-Owned Businesses and Farms
Family business owners, farmers, ranchers and landowners face unique challenges surrounding how to preserve the family business or farm—a symbol of their heritage. Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem.
Financial Planning Assistance
Our law firm’s philosophy has always been to help families preserve their wealth and achieve their long-term financial goals. The coordination of the estate plan and financial plan is vital.
Incapacity planning is a broad area of law that covers how you are cared for if you become physically or mentally unable to care for yourself. The type of care could range from simple tasks like buying groceries, paying bills, and handling financial matters to more important decisions such as selling real estate, gifting assets to your children, or making critical medical decisions.
IRA and Retirement Planning
At first glance, the concept of Individual Retirement Accounts (IRA), 401(k)’s and other retirement plans seems simple enough: A structured way to save for your golden years while deferring taxes on your growing nest egg. Unfortunately, that simple idea becomes one of the most complex areas of estate planning once IRS rules are applied.
The best things in life aren’t things. Such a simple statement, but it holds so much meaning and intent. We know there is value in our financial assets, but more importantly, there is even greater value in our family treasures like family history, morals, beliefs and heirlooms. These treasured assets are the ones that are most often overlooked in traditional estate planning.
LGBT Estate Planning
Will you be shut out when your partner really needs you? Without proper planning, you may be.
If a member of the LGBT community fails to properly plan, the result can be devastating to his or her partner and family. Having no estate plan, or relying upon a Will, Joint Tenancy, or Tenancy in Common as an estate plan, is tantamount to giving up control of one’s estate and management of one’s well-being in times of incapacity.
Today, more people than ever before have made pets a part of their family. When you brought a pet into your life, you know you made a commitment for the lifetime of the animal – even if that lifetime extends beyond your own. If you become incapacitated or if you pass away while you are caring for an animal, you may wish to make provisions to ensure your beloved pet can continue to receive the best of loving care.
Special Needs Planning
Families who have a family member with a disability must plan for the future very carefully. How assets are left after your death can have a tremendous impact on the quality of life for that person. In the past, a Will may have been enough, but times have changed. To protect a person with special needs, a well-defined estate plan is vital.
Trust Administration and Probate
If your family has experienced the loss of a family member, our law firm can assist you with the legal process that occurs when a loved one passes away. Our law firm strongly believes that a wisely drafted, carefully executed estate plan is the critical component of a family’s wealth management. Our firm’s guiding principle is to provide families with quality Trust Administration and Probate services tailored to each client’s specific needs and goals.
The VA provides monthly aid to wartime veterans, as well as surviving spouses of deceased veterans who require personal assistance in their activities of daily living, but some people have been misinformed—told that they do not qualify for benefits because their income and/or assets exceed the allowed thresholds. Our office is dedicated to helping clients preserve their assets by guiding them through the maze of legal issues, then setting a plan in motion for obtaining these long-term care benefits.