Revocable Living Trust
The benefit of having a Revocable Living Trust is that it will not go through probate, therefore, eliminating the delay and cost of probate. Going through probate takes at least a year and cost anywhere from 6% to 8% of the total gross estate.
A Revocable Living Trust will allow a client to control his or her estate by passing it along to a selected individual referred to as a "successor trustee". The term of the Revocable Living Trust will express the client's wishes and provide the successor trustee specific guidelines about how and when to distribute specific assets to named beneficiaries.
Estate Tax Planning
Certain types of Revocable Living Trusts provide the benefit of reducing federal estate taxes. At Barouti Law Corporation we provide a thorough estate tax analysis in developing your estate plan.
Pourover Wills
The last will and testament acts as a pourover will to the Revocable Living Trust. Ultimately, the pourover will, will "pour over" into the trust any miscellaneous assets that have no beneficiary or were not properly placed into the trust.
Postnuptial Agreements
A postnuptial agreement is a contract executed after a couple gets married. The agreement will discuss in detail how a couple's assets in the event of a separation or divorce will be divided.
Transfer Documents/Grant Deed
In order to effectively transfer land, properties, building and houses into the client’s Revocable Living Trust, transfer documents and grant deeds must be executed. In addition to property, a client should also transfer stock in any corporation, membership units in any limited liability companies, partnership interests, or any other business interests.
Powers of Attorney
A Durable Power of Attorney for Asset Administration is essential if a client suffers an illness or medical emergency. Often a client will be left incapable of handling financial or business decisions; however, an agent can be designated who will have the authority to continue to make financial decisions until the client recovers.
Advanced Health Care Directives
An Advanced Health Care Directive will provide clear instructions for a client’s family if there is a health or medical emergency which leaves the client incapacitated. A client can select an individual to make important medical decisions if the client cannot communicate with physicians.
Living Wills
A living will is a legal document which clearly states what you would like to have happen in the event that you are put on artificial life support and unable to communicate.
Prenuptial Agreements
A prenuptial agreement is a contract executed before a couple gets married. The agreement will discuss the division of assets, property and spousal support in the event of a divorce.
A corporation is a legal entity, which limits the personal liability of the owners and is subject to double taxation. The owners of a corporation, also known as shareholders, are not liable for debts and other obligations of the corporation.
General Partnerships
A general partnership is a business entity that is made up of two or more persons to carry on a trade or business for profit. Each partner is obligated to contribute money, property, labor, or special skills. In addition, each partner is entitled to share in the profits and losses from the business.
Buy-Sell Agreements
A buy-sell agreement, also known as a buyout agreement is a binding agreement between co-owners of a business that discusses what happens if a co-owner dies, is forced to leave a business or chooses to leave a business.
Retirement Plans
At Barouti Law Corporation we can help you plan for your retirement, ensuring that you prepare strategically for your future.
Limited Liability Companies (LLC's)
A limited liability company (LLC) is a legal entity with liability protection similar to a corporation. A limited liability company has one or more members. These members are generally not personally liable for any debt or liability of the limited liability company. A limited liability company can choose to be taxed as either a corporation or as a pass-through entity.
Limited Liability Partnerships (LLP's)
A limited liability partnership (LLP) is a legal entity in which on partner is not responsible or liable for another partner's negligence. A limited liability partnership is designed primarily for specific professional services. The tax benefits are that an LLP does not pay income tax.
OFAC and Iran Sanctions
Our office specializes in issues related to the sanctions administered by the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC). Specifically, our office handles issues arising from Iran Sanctions Programs under the Iranian Transactions & Sanctions Regulations.
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