Professional Estate Planning Attorney Near Westland OH
Baxter & Borowicz Can Help You With Estate Planning Attorney Services Near Westland OH
At Baxter & Borowicz our legal team offers succession & estate planning to help you create a stable future plan for your finances. We have 3 core values that our firm displays with every case: efficiency, value, and experience. These values gave us the advantage when helping you create a success plan for your family or business. If you need a plan written, we can find a practical solution!
With more than 40 years of combined experience, each of our attorneys applies their practical and broad legal experience to creatively assist clients in the many different personal and business areas.
Business Succession Planning Lawyers Near Westland OH
Helping businesses, helping families. We will help you achieve this harmony through comprehensive family business planning. We understand how to protect a closely held company. As part of your business succession plan, we will create an equity buy-sell agreement that is a predetermined contract developed over time where the family transfers the business to the children. We also work closely with your insurance agent to determine that you have adequate life coverage in place to fund the buy-sell agreement. Additional strategies include transferring business interests to children through lifetime gifts. We will advise you on the best way to protect your family and your business' future.
Estate Planning Lawyers Near The Westland OH Area
We help our clients achieve their goals for a successful transfer of their wealth to their children and future generations here at Baxter & Borowicz. The estate planning services we provide extend beyond the creation of legal documents and encompass a review of how assets are owned, how they are treated upon your death and the tax consequences. We will help you protect your assets and your family by creating an individualized estate plan.
We design & consider estate planning documents that help to meet your unique goals and budget. Those documents may include:
Last will and testament: A will directs the distribution of your property following your death. An updated will is an indispensable part of any estate plan because it reduces time and fees, and it allows you to nominate a guardian to be in charge of your minor children.
Testamentary trusts: Oftentimes, our clients will want the fiduciary powers of a guardian to continue beyond the 18th birthday of a child. The most economical way to continue the financial supervision of a guardianship is through the use of a "testamentary trust."
Living trusts: A living trust is a contract that comes into existence during your lifetime and can be used to hold the title to assets. Assets that are titled to the trustee of a living trust avoid probate and can be administered more rapidly, with more privacy and less legal fees than a probate administration. Living trusts will also provide the same "extended guardianship" advantages as a testamentary trust and can minimize estate taxes.
Special needs trusts: Oftentimes, clients are concerned about leaving assets to a child who is currently receiving or who may in the future receive benefits from Medicaid, Supplemental Security Income (SSI) or similar "needs-based" governmental programs. To leave money or other property to a child outright can disqualify the child from such benefits. The design of what is commonly known as a "special needs trust" can result in funds being available for certain purposes for the child without the loss of public benefits.
Financial power of attorney and health care power of attorney: A power of attorney appoints and authorizes another person to act on your behalf if you are unable to do so. A financial power of attorney usually covers financial, business, personal and real estate matters. A health care power of attorney covers medical decisions.
A trust is a powerful document, but it is not for everyone. Depending on your circumstances a will may be sufficient to meet your needs. We provide experienced legal counsel on all aspects of your estate plan to make sure that your family is protected with the least complicated estate plan. Our services are comprehensive and cost effective.
We're more than just estate & business planning lawyers!
For more than 40 years, we here at Baxter & Borowicz have assisted our clients in the following legal areas: