It is commonly believed that a personal attorney will enter the picture only in the event of a lawsuit or at a time of arrest. However, because attorneys are specially trained to understand the complicated world of law, their services come in handy in more ways than you can imagine. Attorneys who specialize in financial matters can be of especially great value to you and your family. They can help to ensure that your family is on stable footing and is making the best financial decisions. Here are a few ways that an attorney who specializes in financial matters can help your family.
Taxes
Financial planning and tax preparation, when done right, can minimize the amount that a taxpayer owes to the government. An attorney can help tremendously in the way of financial guidance for an individual or married couple to ensure that they will receive the highest possible tax return. An attorney can also help to resolve tax controversies and disputes between taxpayers and the government.
Asset protection
If you are a part of a wealthy family, or if any member of your family works in a high-risk, lawsuit-prone occupation—doctors, architects, and lawyers being three primary examples—you should consider asset protection. Wealthy families where one provider works in a lawsuit-prone occupation are at an especially high risk of being targeted by an expensive lawsuit. Asset protection will help to preserve your assets in the case of a lawsuit, or even deter others from seeking litigation against you in the first place. It can even protect assets from quickly being lost to bankruptcy, divorce, accidents, and long-term medical care. A trained attorney can guide you and your family through the best techniques for protecting assets so that you can withstand even the toughest legal surprises.
Estate planning
Estate planning is much more than simply providing a will for your family allocating the division of your assets; it involves creating a comprehensive plan involving a revocable living trust, a pour-over will, durable power of attorney, medical power of attorney, and a living will. These documents are designed for a variety of reasons: to direct how your assets will be managed should you become incapacitated, to designate legal guardians for minor children, and even to direct how decisions will be made in the event of a life-threatening medical emergency.
Probate
A will might designate how assets are to be distributed upon a family member’s death, but it still does not keep your family from going through the probate process. If you and your family are facing probate after the death of a loved on, an attorney can help you to file the necessary tax documents and handle creditor claims.