Estate Planning and Probate
Estate planning is one of those tasks that we all agree is important, but it is easy to put off. Still, it is never too early to talk about the future. I will help you make the proper preparations to protect your legacy and your family’s future. A thorough estate plan will ensure your wishes are carried out in the most tax efficient manner possible. It will ensure your assets are protected for future generations. Ultimately, it will give you peace of mind. I do not take a “one size fits all” approach to your estate plan, because every situation is different. Working together, we will create an estate plan that fits your unique situation.
For higher net worth individuals, estate and gift taxes may be an issue. I can help you and your family avoid these onerous and unfair taxes by using more sophisticated techniques, including trusts, family LLCs, life insurance, family foundations, and other charitable giving. I have more than thirty years’ experience in estate and gift tax planning.
Finally, when the time comes to implement that estate plan, I can help guide your family through the probate process (if we use probate) or to otherwise carry out your wishes in the most efficient manner possible.
Startups and Existing Businesses
Making the decision to start your own business can feel exciting and overwhelming all at once. In addition to getting essential operations up and running, you’ll need to pay attention to several important legal and financial considerations, including choosing the appropriate legal structure that is a good fit for your business. The type of business entity you choose will determine the extent of your personal liability, the types and amounts of tax you will owe, and the types of paperwork you will be required to file with government agencies. I can help guide you through the decision making process as to what type entity to use and help you do everything necessary to get your new venture up and running.
Existing businesses need lawyers too. Whether it is help drafting contracts, resolutions and minutes, leases, change of ownership, executive compensation arrangements, or anything else related to the successful operation of your business, I can help. Finally, if and when you have the opportunity to sell the business you created, or if you want to pass the business on to future generations or key employees, I can guide you through that process.
Tax Matters
A tax dispute with the IRS or state or local tax officials can be stressful, expensive, and time consuming. If you find yourself in a challenging tax dispute, you need an experienced tax lawyer on your side. Even an innocent mistake or misinterpretation of tax law can lead to audits, additional tax, interest, and penalties. The procedure for effectively handling a tax dispute can be complex and unforgiving, and opportunities can be missed. That is why having a knowledgeable professional on your side can make a huge difference in your tax matter. I have a Master of Laws (an LL.M.) in taxation, which is a degree over and above my law degree, and thirty plus years of representing clients before the IRS, the Alabama Department of Revenue, and local taxing authorities. Of course, the best resolution of a tax problem is to resolve it before the IRS shows up at your home or place of business. Once the IRS shows up, potential opportunities to correct things may be lost. So if you realize you may have a tax problem, give me a call.
Tax planning is also important. How a transaction or business arrangement is structured can have a tremendous impact on your tax bill. So call me before you sign that contract or enter into that agreement so that we can see if it structured in the most tax efficient manner possible.
William T. McGowin, IV 