The eagle is often admired for its power, speed, strength, and impressive vision. These qualities mirror many of those aspects you look for in a legal advisor! As Daily Money Managers (DMMs), we plan a vital role to help you identify situations or when you encounter decisions that require expert legal advice—hopefully, before something negative happens. Here are five types of legal experts to contemplate having on your team. Let’s take a look at our list below and understand how we can streamline your legal needs.
Estate Attorney
Estate attorneys are necessary for drafting Wills and also for estate planning, trusts, and estate administration (such as filing estates with the probate court and acting as an advisor during settlement proceedings). To find an estate attorney in your area, you can visit the National Academy of Elder Law Attorneys (NAELA) website.
How can your DMM help? We identify assets and accounts that need to be dealt with in an estate-planning process. We also follow up to ensure that accounts are retitled into your new trust’s name. We help identify specific requests for tangible personal property, such as who you’d want to inherit your most near and dear possessions, regardless of their financial value.
For estate settlement, your DMM will support an estate executor or administrator to fulfill their duties during a difficult and emotionally charged time. A supportive hand and compassionate-minded DMM reduces the time and often emotional burden of making notifications and preparing the necessary paperwork to settle an estate.
Tax Attorney
Tax attorneys specialize in tax matters, such as knowing how to interpret and apply various tax policies and laws. They are able to decipher Federal, state or international tax authority notices, represent you in an IRA audit case, or if necessary negotiate an Offer in Compromise, which allows you to pay only pennies on the dollar for settling any outstanding tax debt. These adept specialists have in-depth education to manage both the legal and financial aspects of the tax code.
How can your DMM help? If a dreaded notice arrives at your mailbox, we work closely with your CPA, providing documentation to support resolving an initial notice, such as proof of mailing or payment. If the unfortunate event or dollar amount becomes significant, requiring the need to hire a tax attorney, we remain part of a team providing supporting records to bolster your case. Remember, your tax documents are at your fingertips.
Family Attorney
A family attorney is needed for matters related to divorce, minor children, non-custodial parents, and some special needs trusts. Some other family issues they cover would be adoptions as well as pre and post-nuptial agreements.
How can your DMM help? We support divorcing individuals who must complete a financial affidavit form as part of the legal proceedings. We also track alimony and child support payments (made or received) and minor child expenses vs. child support payments. For the soon-to-be-wed, we provide reports and figures to your family law attorney preparing a prenuptial agreement.
Business Attorney
A business attorney handles the purchase and/or sale of entities and frequently acts as an ongoing advisor for start-up and existing ventures. They also draft a variety of contracts, partnership agreements, and help to facilitate the sale of closely-held corporations.
How can your DMM help? We provide segregation of duties between business entities vs. your personal accounts. Collaboration and communication between your team are vital for success. We also help track and complete annual entity renewals for small businesses or LLCs if your business attorney does not manage that on your behalf.
Real Estate Attorney
If you own real estate, you’ll want a real estate attorney. They help you deal with tenant/landlord relationships, represent you in complex property tax appeals, or close on a real estate sale/purchase transaction.
How can your DMM help? We are your first line for real estate matters. We notify clients when a property tax appeal is in order (for example, a 30% bill increase). These notices often look like junk mail. Some taxpayers don’t know how or when to appeal; therefore, we interact with appeal professionals. We interact with you and your real estate attorney about structuring real estate holdings based on personal assets and risk tolerance (for example, placing a residential rental house into an LLC?). We also provide separate accounting for real estate assets held.
Regardless of the type of attorney you might need, check your state’s bar association section and ask for referrals. Your DMM can help you here as well.
At Organized Instincts, our seasoned team of daily money managers will work with the legal eagles you need. Schedule a conversation today and learn how our team will help you soar to new heights.