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PETITIONERS
When a family member is no longer able to handle their own affairs, we can petition to have that person medically evaluated, declared incompetent, and help the client determine a suitable guardian.
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RESPONDENTS
When a person has been served with a petition for incompetence, the first step in a guardianship proceeding, we explore alternatives to general guardianship whenever possible - including durable powers of attorney and limited guardianship. If there is no feasible alternative, we can facilitate an independent medical evaluation to challenge any determination of incompetence and seek the removal of an unsavory guardian.
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GUARDIAN AD LITEM
When the court finds that the Respondent would benefit from a guardian ad litem, we can serve in that role to investigate the Respondent's situation and make recommendations to the court about what would be in the Respondent's best interest.
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GUARDIAN ESTATES ADMINISTRATION
Guardianship is the most severe form of judicial intervention under civil law, excepting only involuntary commitment. Because of the drastic nature of guardianship, our firm takes very seriously the need for dedicated, caring advocacy in the establishment and administration of guardianships or conservatorships. Our firm also has significant experience in litigating the offensive or defensive positions in the adversarial process. Our involvement in the guardianship process is in various ways:
• When a person's diminished capacity requires formal court guardianship, we can counsel the family about the legal issues involved, and start the guardianship process to determine the need for a guardian and get one appointed.
• At times we represent persons who are opposed to the proposed guardianship. In those situations, the guardianship process becomes an adversarial proceeding, in which we will seek to prove to the court that a guardianship is not appropriate.
• We represent family members who agree that a guardianship is appropriate, but who do not agree with the proposed choice of guardian by the court. In those types of contested guardianship appointments, our firm advocates for our client's ability to best serve the incompetent person's interests.
• After the guardianship has been established, we advise individual and corporate guardians concerning their powers and responsibilities in administering the guardianship estate.
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WILLS
A properly drafted will can ensure your final wishes and desires are fulfilled for the transfers of remaining assets at death. A will can also avoid disadvantages that may affect a loved one if they inherit money, such as subsequent ineligibility for government benefits or the inheritance of large sums of money by a minor child.
If someone dies without a will, their assets are distributed under the intestate succession laws of North Carolina. Intestate succession laws are designed to provide your assets to certain relatives in very specified amounts. Most people do not want to have their assets pass by intestate succession, as those laws would not fulfill their wishes. By having a will, you will be able to direct who receives what of your property at death.
The attorneys at Booth Harrington & Johns will consult with you to provide an individualized and customized document that will fulfill your plans for your spouse, children or other loved ones after your death. Some of the items that will be discussed with your estate planning attorney include:
•Tax Planning: If your estate is large enough, it is essential to do tax planning to maximize the assets left to your spouse and children and minimize the amount payable to the government. This can include the use of trusts that will be established at death, and the use of formula driven bequests to ensure that your estate tax exemption is fully utilized.
•Charitable Planning: You may desire to leave assets to a charity. A will is a wonderful way to ensure that your final wishes and charitable intentions are fulfilled. This can be done through direct bequests, or through the use of a detailed and tailored trust that would be established at death.
•Personal Representatives: You can identify the individual(s), corporation(s) and/or bank(s) you would like to serve as your personal representatives. These persons complete the probate process to ensure the provisions of your will are followed and adhered to in distribution of assets and payments of expenses. Additionally, those persons may serve as trustee if trusts are created under your will at death.
•Guardian: A will is the appropriate place to name your selection of guardian for your minor child or disabled adult child. The courts seek to honor the designation of a guardian in a will if the appointment of that guardian is challenged after your death.
• Distributions To Beneficiaries: A will allows the distribution of property to those people you identify. It can be as specific as you want to make sure the people you want to receive your property get what you want them to have. A will also allows you to include trust provisions to control access by beneficiaries to liquid funds or other assets.
•Personal Representative Powers: The powers provided in the will can be modified to ensure those serving after your death have only those powers you want to designate. We can help you determine what powers are necessary and how to incorporate any limitations on those powers to prevent misuse of estate or trust funds by your personal representatives.
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BUSINESS SUCCESSION
You have invested a great deal of time and effort building a successful business. What will happen to your business if you die or become disabled? What are your plans for selling your business or passing it along to others? Do your business agreements or estate planning documents control the ultimate transfer of your business at death or disability?
These questions require careful and private review of business, legal and personal issues confronting owners of family businesses. Our planning helps the success of the family business, which will be complicated by changes in family relationships and control in business operations after your death or disability. It is important to plan prior to the event that prohibits your continued contribution to the business.
The attorneys at Booth Harrington & Johns can help determine the best legal entity for operation and transfer of your business. We can help you incorporate, form a partnership, form a limited liability company, or maximize operations as a sole proprietor. By modifying the organization of your business, you may be eligible for additional tax benefits for transfers of interest during your life, while maintaining control and training your successors. An analysis of the tax implications of succession planning is essential to minimize the costs of interest transfers both during life and at death.
Business succession planning considers various aspects of the family business, including the following.
Management And Business Governance Issues
Conditions for participation by family members
Policies for training and promoting suitable family and non-family managers
Delegation of responsibility to younger generation family members
Intra-generational conflicts
Membership and functions of Board of Directors Succession Issues
Strategic and long-range business planning
Fairness to non-participating members of the family
Reconciliation of conflicting family and business needs
Initiation and implementation of succession plan
Estate Planning And Planning For Intra-Family Transfers Of Business Interests
Stock restriction agreements, voting agreements, and similar arrangements to maintain family control
Cross-purchase and stock redemption agreements
Holding family businesses in trust
Valuation issues
Estate and gift tax planning, including business planning under Internal Revenue Code Chapter 14
Financing the estate tax burden and charting the unknown of future estate tax laws
Use of life insurance for purchase or operation and other financing alternatives
Sensitivity To Concerns Of Family Business Owners
Family business owners wish to maintain the confidentiality of business and family information they disclose. Sensitivity to this concern and assistance in resolving potentially conflicting family and business needs are characteristic of the service provided by Booth Harrington & Johns.
Please contact us toll free at 877.503.5337 or request a consultation with one of our associates by
clicking here.
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