What Services We Provide?
1. Estate Planning
Have you ever thought about what would happed to you legally and financially if anything happens to you? Will your spouse inherit your separate property purchased before the marriage? Will your spouse take away your marital assets and get remarried, and will the further spouse take advantage of your marital assets?
In the first Family Wealth Planning Session, we will look at state law and advise you on what will happen in terms of who will inherit your assets in what portion. Our main goal is to inform you what will happen without the estate planning, if you think the current state of affairs is unacceptable, then we will design a plan that will best suit your family’s needs.
Can I DIY my estate plan?
Yes you can BUT unfortunately most of DIY plans do not work. It’s not worth to save money and put your estate in jeopardy or leave your loved ones behind without care. The online plans are cookie cutter plans and they were drafted by software instead of experience lawyers. Only the names/addresses are simply replaced and such plans has limitations to cover multiple situations. It’s like playing chess. We are planning for several stpes, while the cookie cutter plans are only planning for one simple step.
2. Special Needs Planning
2.1 Special Needs Protection & Planning
Estate planning for a family with special needs children comes with a complex set of financial, social, and medical issues that some lawyers are ill-equipped to handle. But the experienced special needs planning attorneys with Springdale Law Group, LLC, are dedicated to ensuring your child with special needs will be well taken care of when you're no longer able to serve as the primary caregiver.
We offer a variety of estate planning tools and strategies designed to accommodate the unique circumstances presented by children with special needs and their families in Texas. We can help you pass on the financial assets needed for your child to live a rich quality of life without jeopardizing their eligibility for government benefits. We'll also assist you in finding and appointing a trusted guardian and/or trustee to look after them in the event of your death or incapacity. And we'll help with locating the best residential opportunities—as well as the means to pay for them.
2.2 Special Needs Trust
One “Catch-22-like” situation surrounding estate planning for those with special needs is leaving enough money to pay for the massive amount of care and supports these individuals typically need throughout their lifetimes. Yet, if parents leave a large lump sum of money directly to a child with special needs, they risk disqualifying him or her for government benefits like Medicaid and Supplemental Social Security Income.
Fortunately, the government allows assets to be held in what's known as a “special needs trust” to provide supplemental financial resources for the physically, mentally, or developmentally disabled child without affecting their eligibility for public healthcare and income assistance benefits. That said, the rules for such trusts are quite complicated.
For instance, funds from a special needs trust cannot be distributed directly to the disabled beneficiary and must be disbursed to a third-party who's responsible for providing the goods and services they need to maintain a comfortable lifestyle. What's more, the requirements for a child with special needs change dramatically over time, as do the laws governing public benefits.
Given this, it's vital to work with an experienced special needs attorney who can create a comprehensive special needs trust that's both properly structured and appropriate for your child's specific situation.
2.3 Special Needs Planning & Trusts for Children & Kids Protection Plan
Contact Springdale Law Group, LLC, if you need estate planning for your child with down syndrome, autism, cerebral palsy, or another developmental or intellectual disability. Our team of experienced Texas special needs planning lawyers can develop a sustainable living plan for your child with special needs that will provide them with the finances they need to live a full life, while preserving their access to government benefits.
3. Asset Protection Planning
Without comprehensive asset protection planning in place, what will happen?
-Your property is not shielded from your creditors
-Your property will be passed on to your beneficiaries outright
-Your property is not shielded from your beneficiaries’ creditors, future spouse, and bankruptcy
-Your business insurance will cover the damages but the insurance company will come after your becuase you are at fault
We provide some legal tools and resources to assist you in taking advantage of laws to make certain assets exempt from creditors. For example, homestead statuses in the State of Texas and retirement account exclusions.
4. Buseinss Entity Formation
If you have a business idea, you should consider to incorporate an entity. Do you want your home, personal bank account, and retirement savings on the line for a business liability? If the answer is no, then you do not want to be a sole proprietor.
What Type of Entity Is Best For Your Business?
Many factors come into play when deciding what type of entity is right for your business: the extent of protection from personal liability that you are seeking, the desired tax treatment of your business profits and take-home income, management structure, whether you anticipate adding future equity partners, capitalization, and more.
State laws determine how particular entities should be set up and conduct their business. These laws are very specific and set out the legal responsibility of each business form.
In addition, depending on your county and locale, other taxing authorities and regulatory agencies may also have regulations with which your business must comply.
We Turn Over Every Stone
We ask you the questions you may not even know to ask so that you do not worry that you are missing something.
And then we discuss your options with you in a way that allows you to know you are making informed decisions about the common questions that come up with proper business planning:
Where to form your entity
What type of entity to form
How to set up your bank accounts
What type of insurance you should have and how much you need
Which agreements you need immediately and which can wait
How to protect your intellectual property now and whether to own it in a separate entity from your operating assets
How to work with your CPA for maximum tax savings, and more
A Simple Comparison between Sole proprietorship v. General partnership v. Corporation v. Limited Liability Company v. Limited Partnership v. Limited Liability Partnership in the Secretary of State
5. Series LLC Establishment
6. Business Succession
Statistics Don't Lie
According to a recent national survey, 25% of family business shareholders who are entering their senior years have NOT completed any estate or succession planning other than writing a will. But succession planning for a business owner involves much more than just deciding how your assets will be split up after you pass away.
At the most basic level, a succession plan is a documented road map for partners, heirs and successors to follow in the event of your death, disability or retirement.
Your succession plan can include a valuation of your business, a program for distribution of business stock and other assets, debt retirement schedules, life insurance policies, buy-sell agreements between partners and heirs, division of responsibilities among successors, and any other elements that affect your business assets.
Where Do You Start?
In the succession planning process, you must first clearly establish your goals and objectives, along with your company’s current human and financial resources, think about who can inherit your shares/interets of your entity, consider if there is someone capable of running your business when you step down, consider if there are key employees who must be retained, and what’s your financial goals? You also need to communicate your vision with your family, business partners and key employees.
We will guide you to develop a business succession plan that ensures your business continues to grow for many generages, and make sure your family will be beneficial from the business you invested after you step dowm.