OUR SERVICES

Estate Planning

It is commonly believed that estate planning is only for those who are particularly wealthy, have elaborate schemes in mind for passing their money to their heirs, or for people who are acutely ill and contemplating their death. This could not be further from the truth.

Estate planning is for everyone—family members, business owners, or professionals—who are concerned about providing responsibly for their loved ones after they're gone. Estate planning is not 'death planning'; it's 'life planning', an essential and rewarding process for individuals and families who engage in it.
Estate planning requires that a highly trained individual lead you through one or more in-depth meetings to uncover the hopes and expectations you have for yourself and for those who are most important to you. This process almost always requires the preparation of several sophisticated legal documents, but those documents themselves are not 'estate planning.' Planning involves a complete strategy that is properly documented and maintained by a professional who has taken the time to get to know you, and is committed to serving you in the long run.

Elder Law

Little Law Office is experienced with helping seniors plan for a secure future. One currently-effective planning technique is to transfer assets into a 'Medicaid' trust. In a Medicaid trust, the trust- maker sometimes retains the right to all of the trust income for life while irrevocably giving up the right to receive or benefit from any of the trust principal. The assets in the trust are not available to pay for the cost of the trust- maker's Long Term Care.

By using a Medicaid trust, a senior can preserve capital and still qualify for Medicaid, but only after expiration of the look-back period for the transfer to the trust (which can be as much as 60 months (5 years)). The 'penalty period' starts from the date the applicant applies for Medicaid and would be eligible but for the disqualifying transfer. Its length is determined by dividing the state's average daily private pay nursing home cost into the total of the transfers made during the look-back period.

For the Medicaid trust strategy to work, insurance, an income stream, or other assets must be sufficient to pay for LTC if needed during the waiting period before applying for Medicaid. A Medicaid trust can allow the trustee to distribute principal during the trust- maker's lifetime for the benefit of the trust- maker's spouse, children, or other designated beneficiaries, but not to or for the benefit of the trust- maker. Many trust- makers choose to maintain the right (called a “Special Power of Appointment”) to change the current or ultimate beneficiaries of the Medicaid trust by 'reappointing' the assets to different family members at a later date.

Making Gifts
If a Medicaid trust is not desired, it is still possible to make 'outright' gifts of property, wait until the look-back period expires, and then apply for Medicaid or use other planning techniques to qualify for Medicaid at the earliest possible date.

Protecting the Home
If the home is the only asset to protect, a deed to children or others with a retained life estate for the client will protect both the property and the client's Medicaid eligibility upon expiration of either 60 months from the date of the conveyance or the applicable 'penalty period.' As with other advanced planning strategies, because the penalty period begins only after the applicant has applied for Medicaid and is otherwise eligible, other LTC funding should be available to get past the look-back period. Even if the need for LTC is imminent or immediate, sophisticated Medicaid planning opportunities can be employed to protect a substantial portion of your assets. Carefully working within the Medicaid transfer rules can allow individuals to provide security for themselves and a legacy to their families, while insuring that they will remain eligible to receive LTC under Medicaid when necessary.

Conclusion
Contact elder law attorney Carla Little today to discuss your long-term care options as an integral part of comprehensive wealth planning.

Asset Protection

Many families and business owners are concerned about protecting their assets from creditors. Little Law Office has experience designing asset protection strategies for individuals, families, physicians and business owners. A revocable trust provides no asset protection for the trust- maker during his or her life. Upon the death of the trust- maker, however, or upon the death of the first spouse to die if it is a joint trust, the trust becomes irrevocable as to the deceased trust- maker's property and can provide asset protection for the beneficiaries, with two important caveats. First, the assets must remain in the trust to provide ongoing asset protection. In other words, once the trustee distributes the assets to a beneficiary, those assets are no longer protected and can be attached by that beneficiary's creditors. If the beneficiary is married, the distributed assets may also be subject to the spouse's creditor(s), or they may be available to the former spouse upon divorce.

Trusts for the lifetime of the beneficiaries provide prolonged asset protection for the trust assets. Lifetime trusts also permit your financial advisor to continue to invest the trust assets as you instruct, which can help to insure that trust returns are sufficient to meet your planning objectives. The second caveat follows logically from the first: the more rights the beneficiary has with respect to compelling trust distributions, the less asset protection the trust provides. 

Generally, a creditor 'steps into the shoes' of the debtor and can exercise any rights of that debtor. Thus, if a beneficiary has the right to compel a distribution from a trust, so, too, can a creditor compel a distribution from that trust.

Contact asset protection attorney Carla Little in order to discuss asset protection options available to you and your family today.

Probate

Probate is a court-supervised process for distributing the individually owned assets of a deceased person. Assets are distributed to beneficiaries in accordance with the instructions written in the person's will. Upon the death of a trust- maker, our law firm offers legal services to your executor. The executor is responsible for seeing that the assets of the estate are distributed properly and in a timely manner. An overview of the valuable guidance we provide includes:

• Review of the executed will
• Gathering of all assets of the estate
• Explanation of executor's responsibilities
• Estate tax analysis
• Collection of death benefits
• Creation of sub­-trusts

Contact probate attorney Carla Little today to discuss your probate needs.

Business Planning

Whether you are starting a business or looking forward to the day you can retire, you need to make sure that your business has the proper formation. Most business owners do not take the time to make adequate exit plans. They are usually busy with running the company, or perhaps they simply don't know where to start. But if you continue to own a business until you die, it will be included in your estate and could be subject to substantial taxation. (Furthermore, your family could be forced to sell the business or its assets at ‘fire sale’ prices!)

 A good exit strategy should be an integral part of your business formation and estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even allow you to benefit a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer. In today's market, current economic trends are affecting the timing and value of business transfers.

Your company’s Business Formation plan will insure that you and your family receive the best possible tax and asset protection results, both now and after your retirement, disability or death. Contact attorney Carla Little today if you have questions about forming a business entity or would like to review your current business formation.

Special Needs Planning

Every parent of a special- needs child secretly wonders what will happen to their child when they are gone. The long-term care and protection of your special- needs child is of top priority. We, at Little Law Office, recognize that, just as the physical needs of your child are unique, so is your estate plan. We will design a plan to insure that your child stays protected and enjoys the quality of life that he or she deserves. You can provide for your child’s physical, mental and financial needs, both when you are gone, or in the case of your incapacitation and inability to care for your child. We can provide special- needs trusts that are customized to your personal situation. Contact attorney Carla Little today if you have questions about a protective plan for your special- needs child or if you would like to review your current plan.

Gun Trust/ Pet Trusts and Speciality Planning

Pet Trusts:
Caring for our furry family members need not be an after-thought. We can design a plan for you that provides for your family pet in your incapacity or death. These plans can be customized down to the specific dietary needs of your pet and can ensure that whoever you entrust them with will give them the love and attention that they deserve.  

Gun Trusts:
A Gun Trust is unique and generally intended to last for more than one generation. It must take into account state and federal weapons laws. If you want to leave guns in trust, you need to have all the necessary information regarding the local and federal laws that govern their legal possession and inheritance. 

Charitable Planning:
Charitable giving can represent your values and fulfill your legacy of benefitting the charitable organizations that are important to you. Properly designed plans can help to provide funds for those who are less fortunate while offering you significant tax- saving opportunities. We can assist you in designing the legacy that meets your charitable goals through specific bequests, Charitable Remainder Trusts, Charitable Lead trusts, Private Foundations and Donor Advised Funds. Contact attorney Carla Little to learn more about the best way to give generously to those in need.