If you need help with your taxes, or are facing an audit, an experienced Edmond tax lawyer can be of assistance. They may be able to reduce your tax liabilities or prevent the IRS from garnishing your wages.
In addition, estate planning lawyers can document your wishes and preferences with advanced directives and living wills. These documents ensure that your wishes are carried out when you become incapacitated.
Wills are a tool to ensure your assets will be distributed as you wish at your death. They can also reduce potential estate tax and family strife.
There are many different types of wills, ranging from simple to complex. They are intended to address a variety of issues and can be drafted by you or by a lawyer.
They can also be altered or amended from time to time, depending on your circumstances. It is recommended that you review your will every three to five years, especially when changes in your family situation or the laws of your state occur.
Wills can be prepared on a home computer or by a professional, but the best way to make sure they are valid is to work with an experienced lawyer. The right attorney will know your state’s laws and can help you avoid mistakes that could cause problems later on.
Trusts are a way to legally hold assets so that they can be protected from creditors or other parties who might have a claim on them after the grantor passes away. They are also often used to provide for special needs individuals or family members.
Trust documents can specify how and when the principal and income are distributed to beneficiaries. They can also allow the trustee to withhold or distribute extra assets if he thinks it is in the best interest of the beneficiaries.
Choosing the right type of trust and then funding it with appropriate assets is critical to properly protecting your assets. Your estate planning attorney can help you determine the type of trust that best fits your needs.
The financial planning process is a great way to help you make better money decisions in your life. It can involve finding a professional planner, gathering your finances, and making changes over time.
Besides creating strategies that will help you reach your goals, financial planning can also help you ensure that you and your family are taken care of when the time comes. It can include wills, trusts, and asset preservation.
As part of financial planning, Edmond estate planning lawyers often work with clients to create wills and trusts that ensure assets are distributed according to their wishes. They can also help clients create living wills and health care powers of attorney that grant formal healthcare decision-making control to the person they designate.
As part of a comprehensive financial plan, an Edmond tax lawyer can also help you minimize your tax debt. They can conduct research, interview you, and investigate local, state, and federal tax laws. They may also assist you in resolving any tax disputes with the IRS.
If you are audited, you will have to provide many more details than you would if you were simply preparing your tax return. An audit can eat up time and resources and lead to the loss of significant money in back taxes, penalties and interest.
Fortunately, Edmond Tax Lawyers has extensive experience in defending taxpayers against erroneous audit results. We can explain what the IRS is looking for in a tax return and help you fight back against any misrepresentation that might be made by the auditor.
We also have experience in representing clients who are defending against audits of their investment accounts and other financial interests. Rule 2-01(c)(1) of the ABA Code of Professional Conduct, states that a covered person is not independent whenever, during the audit and professional engagement period, the covered person has a direct financial interest or a material indirect financial interest in the audit client.