112 N Dewey St. Ste A
North Platte, NE 69103
Phone: (308) 532-0551
Fax: (308) 532-0403
Almost every adult individual has some type of legal planning to be done. Early in adulthood, it may simply be providing for the protection of minor children in the event of a parent’s death. Later in life, it may include passing specific assets owned to specific persons. For a business owner, it may entail more sophisticated planning to pass an operating business on to heirs or employees.
At McCarthy & Moore, we feel that every estate plan, large or small, needs to be hand tailored to the client’s unique family and asset structure. We have the tools, staff and knowledge to develop plans that are flexible so that they will adjust with your ever changing circumstances. We will work with you to help you develop a plan to meet your personal goals while having an eye on minimizing death taxes.
The following are some of the estate planning services which the firm can provide for our clients:
The preparation and execution of wills to transfer your assets upon your death
in accordance with your wishes.These wills may include trusts for the protection of minors or incapacitated persons as well as marital deduction planning to minimize Federal Estate Tax.
The preparation and execution of revocable trusts as alternatives to wills to accomplish the transfer of assets without the necessity of probate.
The preparation and execution of Durable Powers of Attorney to designatepersons to act on your behalf in the event of your incapacity. The delegation may include financial decisions and medical decisions, including expressing your intentions with regard to life support.
Planning for the use of life insurance to provide liquidity at key times, including ownership and beneficiary decisions. This planning may include the use of business entities or irrevocable trusts.
Formulation of lifetime gifting programs. These plans may be motivated by the reduction of exposure to death taxes, they may be part of a business succession plan, or may be charitably motivated.
If you would like to talk to an attorney about your Estate Planning needs, contact our estate planning legal assistant, Sondra Marshall.
Estate Planning - Wills, Trusts & Business Succession
Probate and Trust Administration
If you would like to talk to an attorney about a probate matter, contact Renae Eastman, our probate legal assistant.
A death can be the time when a well designed estate plan is put into place. It can also be a time when surviving family members lament the fact that the decedent did no planning. Either way, there is usually legal work to be done in conjunction with the death. If the decedent left a will, a probate inthe County Court of residence will be necessary in order to pass title to the decedent’s assets in the manner directed by the will. The probate process includesthe filing of a number of legal documents with the County Court including those appointinga person to be the Personal Representative of the estate. If the decedent has during lifetime retitled all of his assets into a trust, then the probate process is not necessary. However, in either event there may be legal work to be done in having the Nebraska Inheritance Tax determined and paid so that liens are released from the assets of the decedent. In larger estates it may be necessary to file a Federal Estate Tax Return, as well.
Additionally, both probate estates and trusts are separate income taxpayers and as such must file returns. Also, there are a number of elections to be made that can impact the amount of income tax paid currently, and in the event of future sales of assets. Finally, there may be issuesregarding distributions of assets, especially when assets are left to more than one individual in equal shares.
Although the process can be somewhat complex and involved, McCarthy & Moore prides itself on completing the processin an efficient and timely manner. Additionally, our many years of experience in this area enable us to do effective planning while still being responsive to the needs of the surviving family.
There are many different reasons that individuals may want to form a business entity.
A business entity or entities, in the operation of one’s closely held business, can accomplish several things. In some instances, income tax savings can result if the planning is properly done. In almost all instances, we can achieve limitation of liabilities so that the individual’s personal assets do not become subject to liabilities arising from the business. Also, entities can have several very important estate planning advantages in estates that may be subject to Federal Estate Tax liability.
At McCarthy & Moore, we have many years of experience in the formation and effective utilization of business entities. One of the first decisions that needs to be made by any client who is looking into a formation of a business entity is what type of entity will best accomplish your needs. We have extensive experience in the use of corporations (both Sub-chapter S corporations and regular corporations), limited partnerships, limited liability companies, general partnerships and joint ventures. Making the decision regarding which of these entities will best meet the client’s needs is a very important and first decision. Many legal and income tax implications flow from that decision. As a result, at McCarthy & Moore we strongly encourage our clients to involve a quality certified public accountant in that decision making process and continue to involve that C.P.A. in the ongoing operation of the business entity.
Also, at McCarthy & Moore we understand that the formation of a business entity is only the start of the process. In order to meet the client’s goals, other things must be effectively done in a timely and effective manner. These may involve annual shareholders and directors meeting minutes in a corporate setting, special minutes of shareholders or members to authorize the officers to execute certain business arrangements in the corporate or limited liability company setting, creation and execution of leases between an entity and other closely owned entities or the individuals in the family, carrying out gifting of shares of stock or membership interests to other members of the client’s family, and many others. In order for the client’s goals to be effectively accomplished, it is very important that these ongoing items be handled in a timely and appropriate manner. Our firm has the experience and expertise to stay involved with your entity and make sure that things are done in a way that accomplishes your goals.
If you would like to talk to an attorney about Business Planning, contact Lisa Huebner and Sondra Marshall, our legal assistants in that area.
Entities - Business Planning
In today’s world, many real estate transactions, some simple and some more complex, are handled without the involvement of a lawyer in any way. With the advent of title insurance in Nebraska, many transactions involve only a realtor, a form agreement utilized by the realtor and a title agent; a lawyer is not involved in any way. At McCarthy & Moore, we believe that while in certain instances that may be appropriate, in many instances the involvement of an experienced real estate lawyer can be extremely helpful to the client. Our firm has the experience and expertise to help you regarding a residential, commercial or agricultural real estate sale, purchase, exchange or lease.
Our firm’s attorneys and staff can be helpful to any person involved in a real estate transaction in any of the following ways: providing advice regarding the meaning and legal impact of any clause contained within a purchase agreement; preparation of purchase agreements involving immediate cash sales or installment sales; preparation and advice regarding all documents needed to consummate such a real estate transaction including items necessary to correct title defects, deeds, releases, promissory notes, mortgages and deeds of trust; advice regarding the tax implications of a real estate sale and consideration of options to avoid or defer that tax including like kind exchanges; preparation of real estate exchange agreements, comply with Section 1031 of the Internal Revenue Code including deferred exchanges; preparation and advice regarding leases of property in the residential, commercial or agricultural arena; and the handling of real estate closings including the preparation of closing statements and overseeing the transfer of funds involved in a closing.
Finally, there are times when what starts out as a friendly and seemingly simple real estate transaction turns into a contentious disagreement between the parties. While no one expects or desires that result, there are times when it cannot be avoided. When that occurs, we at McCarthy & Moore have the ability to effectively represent our clients in such situations. Our firm works closely with skilled, local litigators to provide our clients the best possible representation. As with all civil litigation matters, our goal will be initially to get the dispute resolved without litigation, but we have the ability to effectively represent you in court if that becomes necessary.
At McCarthy & Moore we realize that the purchase of real estate, whether it be a home, a business property or a piece of farm or ranch land, can be a highly significant event in the lives of our client. We work very hard to treat our representation of you in these situations with the attention and respect that such a significant event in your life deserves.
If you would like to talk to an attorney about a Real Estate matter, contact Sondra Marshall, our real estate legal assistant.