What We Do

Estate planning is a lifetime process whereby:

- You control your property while you are alive and well;
- You take care of yourself and your loved ones if you become disabled;
- You give what you want to whom you want, when you want and the way you want; and
- You do so with the lowest possible amount of taxes, professional fees, and court costs.

Whether planning involves a will, trust, or other documents, an estate plan will take care of you and your family the way you want and minimize the likelihood of disputes or other problems. Estate planning is for everyone who is concerned about providing responsibly for their own wellbeing and for the wellbeing of those they love.

Asset protection planning is the process of analyzing ownership of assets and re-arranging ownership of those assets as needed to ensure maximum protection, maximum use of exemptions and to minimize risk of loss in future litigation.

One of the most common misconceptions about estate planning is that all trusts provide asset protection. In truth, the traditional revocable living trust will not afford you any protection from creditors. There are many reasons why you might want to consider asset protection as you create your estate plan. Maybe you are involved in a high-risk occupation such as a physician or maybe you just want to protect your assets from frivolous litigation. At Hallock & Hallock, we can help you navigate the complex asset protection planning strategies that are available to you.

The formation of an entity for your business is often the right choice for estate planning purposes. However, because of tax issues and owner dynamics, choosing the right business structure is a highly individual and sometimes complicated. At Hallock & Hallock, we will counsel with you to come up with solutions for the right form of entity for your circumstances and draft customized agreements to meet the needs of your unique ownership situation, including partnership agreements, operating agreements and buy-sell agreements.

Yes! Planning for how you will exit from your business should be an integral part of your estate planning. Lack of planning can result in substantial income/estate taxes, being forced to sell the business or its assets at “fire sale” prices, and in the case of a family business, irreparable damage to family relationships. At Hallock & Hallock, we will counsel with you about what will happen with your business upon your retirement, death, or disability. Proper planning now can provide you with retirement income, reduced income/estate taxes, and even let you benefit a charity. Most importantly, it will allow the business transition to occur smoothly.

Yes! Farm and ranch succession is a unique subset of family business succession planning. More than any other business, the farm or ranch relies heavily on succession from one generation to the next. It is more than just business – it is a legacy, a heritage passed down over many generations. Farm or ranch succession planning requires balancing business planning and estate planning in order to achieve the desired results. The objective of succession planning for farmers and ranchers is to create a plan for the farm or ranch business that will allow it to endure successfully beyond the current generation while still caring for the needs of the preceding generation.

Whatever may be the driving force for your philanthropic desires, the attorneys at Hallock & Hallock can provide the advice needed to navigate the many decisions to be made in charitable giving. Whether it is a private foundation, a donor advised fund, a charitable remainder trust, charitable lead trust, or any other charitable giving strategy, we have the experience to recommend and create the right vehicle for your planned giving.

Estate planning for someone with special needs involves planning so that the special needs individual does not become ineligible for essential government benefits while at the same time making sure family members can plan and provide for the needs of the special needs individual. A Special Needs Trust can do just that. This specialized trust is designed to receive and manage assets for a person with a disability, while maintaining eligibility for governmental benefits. The trustee will have full control and discretion over distributions, and family and friends can make gifts to the trust.

Our firm has experience with this specialized type of planning. We are prepared to work with you and your team of advisors to establish a plan that will provide for the special needs individual.

Yes, if the estate planning was completed with our firm. Trust administration and probate both refer to how a person’s estate is cared for after they die. “Trust Administration” is what happens if someone has a trust, and “Probate” is what happens if someone has a will or if they have no estate planning. While a probate is a court proceeding and trust administration is directed by the terms of the trust, they both can be complicated at times. We can help you navigate this process.

“Funding” a trust means the transfer of ownership of assets into the name of the trust. Each asset should be evaluated individually to determine the approach necessary to coordinate ownership or beneficiary designations with the goals and objectives of the estate plan. If a trust is not funded, your estate plan will not work properly.

While we cannot fund your trust for you, at Hallock & Hallock we do our utmost to educate our clients about trust funding. We will also provide you with funding letters to help you get the trust funding process started. Clients can always call our office for help with trust funding questions.

Just like a car needs regular maintenance and upkeep to keep it running well, an estate plan also needs regular maintenance to ensure that it will work effectively when called upon. How often you need to update your estate plan will depend on your individual situation. However, we recommend that most people review the estate plan at least every five years or after big life changes.

If there are changes you would like to make to your estate plan, Hallock & Hallock can assist you with amendments and/or restatements.