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Making an estate plan can by its very nature be stressful and uncomfortable, but it’s also important and necessary. Unexpected events happen all the time, and it’s better to have a plan in place than none at all should the worst-case scenario occur. When it comes to trusts, estates, and wealth management, there are a few components that you’ll need to address. Let’s take a look at what those are here.

Why You Need a Will

The best place to start with your estate plan is to get a will written. This is a legally binding document that details exactly who will receive your assets and property after your death. Just having a will is not enough, though. A will is only a piece of paper until you have an executor.

What’s an Executor?

The executor is the person in charge of carrying out the directions and directives you’ve put down in your will. If the will is just a piece of paper, the executor is the one who makes it real. Depending on your situation, you might also have a guardian or guardians named, ensuring that your minor children are taken care of in the event of your death or incapacitation.

Beyond being a document that decides where your money and belongings go when you die, a will is a guarantee of your legacy – deciding what that legacy will be is vitally important.

What is a Trust?

Most people have heard about a will, but trusts are where things can get a bit confusing for the average person. Let’s clear up some of that confusion. Put simply, a trust is a legal arrangement where someone (a trustee) holds the legal title of a property or properties on behalf of someone who will eventually receive that property. This person is referred to as a beneficiary.

Benefits of a Trust

One of the main benefits of a trust is that it allows the trustee to determine when the beneficiary will receive the property or asset that’s been set aside for them. This is especially useful in the case of minor beneficiaries and is commonly used as a way to hold onto assets or properties until the beneficiary comes of age or otherwise meets certain criteria that either the writer of the trust, the trustee or both, have determined ahead of time.

Different Types of Trusts

As you might expect, there are a couple of different types of trust depending on the needs of the estate. The two main types of trust are revocable trust and irrevocable trust.

• Revocable Trust: In a revocable trust, you retain control over all of the assets in the trust, and you have the right to change the terms or revoke the trust at any time.
• Irrevocable Trust: With an irrevocable trust, the assets or properties listed are essentially no longer yours. As you might expect from the name, nothing can be changed here except in cases where the beneficiary themselves gives consent.

Which Trust to Choose When Making an Estate Plan

While this is largely a personal choice and should be made under the guidance of an experienced trust, estate, and wealth management lawyer, one important consideration to make is that, while irrevocable trusts are by their nature very restrictive for the one setting up the trust, their appreciated assets are also not subject to estate taxes.

The Importance of a Power of Attorney

So far, we’ve covered documents and agents that will ensure your legacy is protected and executed in the instance of your death, but what happens if you become ill or incapacitated and are unable to make the necessary financial decisions you’d normally be able to make for yourself?

In this case, you’d want to set up what is known as a power of attorney. Simply put, this is someone you’ve designated to take care of your financial affairs in situations where you’re not able to do this yourself. For married individuals, this will commonly end up being their spouse, which makes it all the more important for those who are single to designate someone as their power of attorney should the worst come to pass. The helpful thing with designating a power of attorney is that you can choose whether this person’s power will be general or specific, allowing you to decide what transactions they can and cannot have a say in while you are either ill or incapacitated.

What is a Medical Directive?

A medical directive, also known as a healthcare directive, has some similarities to a power of attorney in that you’re designating someone to take care of your affairs should you become ill or incapacitated. However, where they differ is that while a power of attorney handles strictly financial issues, a medical directive will focus on making the medical decisions that need to be made for you while you’re ill or incapacitated.

The guiding documents that will come into play here are the living will, which we’ve covered, and also the healthcare proxy. A healthcare proxy is simply an official document that designates who will make your medical decisions for you in the event of your illness.

How About a Beneficiary Designation?

Your beneficiary designation will determine who receives what benefits when you pass. This taken with the contingencies we’ve outlined will set you up for a comprehensive estate plan. 

Why Making An Estate Plan is Important

Having an estate plan isn’t just a matter of practicality – it’s a matter of protecting your legacy. Whether you need a will or are looking to set up a trust, you’ll need some help getting your estate in order. With the right estate attorney or firm, you’ll be able to rest easy knowing that your family will be taken care of long after you’re gone. With decades of combined experience handling all aspects of estate planning, the Norman Spencer Law Group is perfectly positioned to help. Get in touch with us today, and we’d be happy to get started.

You’d perhaps be justified in not knowing the ins and outs of government investigations. Most don’t think they’ll be on the receiving end of one. Many even assume that it couldn’t happen to them. The reality is that there are a variety of offenses or activities that could lead to an investigation. You might not be aware of an investigation even while it’s being carried out. Let’s take a look at what government investigations are, what you can be investigated for, and how to protect yourself.

What is a Government Investigation?

It might seem like a simple question, but there’s a lot more to it than you might expect. Besides criminal investigations, the government can also carry out civil investigations. In civil cases, this will typically be related to tax matters. In cases like these, you’ll typically be under investigation by the Internal Revenue Service, or IRS.

The distinction between civil and criminal investigations is that a finding against you in a civil case will result in penalties that amount to loss of assets. In a criminal investigation, a finding against you would result in prison time or probation, or loss of freedom.

It’s important to remember that there are many agencies at play, and the nature of your investigation will depend on the particulars of your case. With that said, here are a few activities that could result in a government investigation:

• Consumer rights violations
• Insurance fraud
• Tax fraud
• Narcotics trafficking
• Medicaid fraud
• Racketeering
• Loan sharking
• Other assorted tax crimes

Will I Be Able to Tell I’m Involved in Government Investigations?

Not necessarily. While there are certain times when you might be tipped off or even times when an agency might alert you, it’s more likely that you won’t know you’re being investigated. The important thing is that if you even suspect you’re under investigation, you should consult with an attorney immediately. You’re much better off retaining counsel and having the situation amount to nothing than getting blindsided by an advanced investigation.

Along with this, an experienced attorney or firm will be able to look into your affairs and see whether you’re at risk of liability. Especially in tax matters, it literally pays to have an attorney on board who can ensure you’re on the level.

Will I Get Arrested?

Again, an arrest is not necessarily going to be the outcome. Many don’t know this, but the majority of government investigations are not criminal, at least at first. It could happen that in the course of looking into a case, though, things will move in that direction.

One of the most important things to remember is that these things follow a set procedure. In the early stages of an investigation, this will all closely resemble standard police work. Authorities and investigators will conduct interviews where appropriate, collect evidence, and build their case in any way they can. In such a situation, you might be tipped off to a potential investigation should one of your associates be interviewed. You could also hear from a firm you work with, letting you know that evidence has been collected. No matter what the particular situation looks like for you, there might be things that clue you in to the fact that you’re being investigated.

Again, at the first hint that you might be under investigation, you should enlist the help of an experienced and skilled attorney right away.

What to Do During a Government Investigation

Along with hiring an attorney, one of the best things you can do for yourself would be to not speak with investigators at all. Some amount of cooperation is required of you, but you can and should only do this under the advice of your lawyer.

Investigators have years of experience at getting information out of those they’re looking into. This could come in the form of threats and intimidation, but it could also be what seems like a simple phone call or polite visit. Everything you say to an investigator can and will be used against you, so your best bet is to speak with a lawyer before saying a word to investigators.

Choosing a Qualified Attorney

This is where things can get a bit tricky. With the large number of review sites that are out there, it can be difficult to know that the attorney or firm you’ve chosen is as qualified as they claim. Many of the review sites are reputable, but some are not, and attorneys prey on this by buying fake reviews.

So how can you be sure that the attorney you’ve chosen is legitimate? It’s best to look at their Google reviews, their overall experience, and their track record. Google reviews are a trustworthy source and will give you a more realistic idea of performance than some other sites that are out there.

Along with reviews, look at how long the firm has been in operation. Dig into some of their past cases and results, especially in the area of your investigation. The sad reality is that not all firms are equal, and your choice of firm could be the difference between a dropped investigation and jail time.

How Norman Spencer Law Group Can Help

The dedicated and skilled attorneys at the Norman Spencer Law Group have literal decades of combined experience in government investigations. We have what it takes to make sure that you get the results you both need and deserve. We’ve represented people from all walks of life, and there really is no case that’s too big or small for us, too complex or direct. We have a proven track record of success at both the state and federal level.

Along with that, we have plenty of experience dealing with prosecutors, Attorneys General, and a variety of other government agencies. So if you’re facing legal trouble, please don’t delay. Get in touch with our team today, and we will get you on your way to where you want and need to be.

It’s no secret that tax law is complicated, complex, and often downright confusing. It’s why more people than ever are going with professionals when it comes to filing their taxes, and it’s also why it’s vitally important to understand what civil tax controversies are and what these trials look like. These civil tax controversies and trials FAQs will cover:

• What tax controversies are
• Civil vs. criminal tax controversies
• How trials get brought up
• The shortcomings of audit protection
• Reasons for a controversy going to court
• The importance of hiring a competent tax law attorney

Put simply, you can’t afford to have tax liability. Whether you haven’t filed in the past or your filings have been inaccurate, you could be on the radar of the Internal Revenue Service or IRS. With all of that in mind, let’s look at what civil tax controversies are and how you can avoid liability.

What is a Civil Tax Controversy?

Civil tax controversy is its own area of legal practice that covers any disputes between a tax collecting entity such as the IRS and a taxpayer. This can come as a direct result of an audit, and it often does, but this is not a requirement.

Is There Another Type of Tax Controversy?

Tax controversies can be broken up into two categories: civil and criminal. In a criminal tax controversy, a ruling against a defendant could result in either probation or jail time (loss of freedom). In contrast, a civil tax controversy will typically result in penalties against the defendant (loss of assets). While civil tax controversies are less severe than criminal tax controversies, penalties should be avoided at all costs.

How Might Civil Tax Controversy and Trials Occur?

One of the most common charges pursued in a civil case is civil tax fraud. This could result in penalties that get brought up due to a taxpayer not filing their taxes or willfully filing information that they know is fraudulent. It’s important to remember that even not filing your taxes is fraud. The way this is justified is that since there is a minimum income requirement for taxpayers to have to pay their taxes, not filing yours at all even though you make the minimum income requirement qualifies as fraudulent activity.

What if I Filed My Taxes With a Service That Has Audit Protection?

It’s common to see tax filing services that offer some degree of audit protection, often for a small fee. While there is some protection here, this isn’t going to prevent the IRS from conducting an audit or discovering discrepancies somewhere along the way. There is no surefire way to prevent the IRS from finding an instance of civil or criminal tax fraud short of ensuring that your taxes are filed correctly so that there is no fraud being committed at all.

Will This Go to Court?

Not necessarily. There are only two tax controversies that tend to be prosecuted: a deficiency action or a refund action.

Deficiency Action: In a deficiency action, the U.S. Tax Court will file a lawsuit to contest what they see as a deficiency. In other words, they believe that you have not paid the total amount you are supposed to pay, so they’re bringing up a suit to settle the matter.

Refund Action: A refund action is a little different. In a typical refund action, the taxpayer brings up the suit. These are commonly brought up when a taxpayer believes that they have overpaid their taxes and wants a refund.

Civil tax controversies that don’t fall under these actions tend not to go to trial. Instead, they are handled between the Internal Revenue Service and the taxpayer themselves, without court. It’s important to remember, though, that a civil tax controversy is a serious thing to deal with, whether or not you’re going to court over it. No matter what your specific situation is, you should seek out the services of a competent civil tax attorney.

What Type of Lawyer Handles Civil Tax Controversies and Trials?

The sad reality is that not all attorneys represent all aspects of law or even tax law. Along with that, some attorneys and firms will have far more experience and skill than others. When you consider the fact that an adverse finding or ruling could result in the forfeiture of assets and financial strain, not to mention the stress of being under investigation by the Internal Revenue Service, it’s clear that you should seek out the best legal counsel possible.

Civil tax law is complicated, but the important thing here is that you’re not handling this alone. While we’ve covered the basics of civil tax controversies and trials, the point is that your tax attorney will be able to cover the ins and outs of your specific case so that you can rest easy and not be forced to represent yourself. You must pick the right civil tax attorney for the job.

Ask Norman Spencer Law Group About Civil Tax Controversies and Trials

With so many civil tax attorneys and firms out there, some of them with high ratings and good reviews, it can be tough to find the one that can help with your case. You need a firm that has decades of experience handling tax controversies like yours and experience with handling the Internal Revenue Service. A firm like the Norman Spencer Law Group.

If you’re facing an investigation by the IRS or even if your case has progressed further and is facing trial, we’re here to help. Feel free to reach out with the particulars of your situation, and someone from our dedicated team will get back to you as soon as possible to help you out.