Common Questions
Q. What happened if I get audited?
A. If the IRS sees a red flag regarding your personal or business tax obligations, you may be audited. An audit letter will inform you of the issues identified by the IRS and request documentation to determine whether your income and deductions are correct. We can monitor the audit to ensure that your rights are protected from the initiation through the completion of the audit. To assure the best possible results, retain a tax attorney who is fully versed in tax law and experienced in handling tax audits.
Q. What is incapacity planning?
A. Whether it’s a life changing event or an expected need, incapacity planning allows you to make the decisions regarding your health care and well being when you are no longer able to do so. Planning for incapacity involves thinking ahead about financial management, personal care and medical care, including end-of-life decisions. Some of the legal tools used to plan for personal and medical care include a durable power of attorney and advance directives for health care (living will).
Q: Do I need a lawyer to draft my will or trust?
A: While having a lawyer is not required, it is a good idea to consult with an experienced estate-planning attorney. Certain formalities must be followed when making a will or drafting a trust. Failure to follow those formalities can cause inconvenience, additional costs or even invalidation of the will or trust. In addition, there are often complex tax issues to consider when designing your estate plan. An experienced attorney can help you sort through these issues and make the right decisions for you, your estate and your heirs.
Q: How do I choose a guardian for my children?
A: The guardian you choose will be responsible for your children’s physical care, health, education and welfare until they reach 18 years of age. Naming a guardian in your will ensures that you make the choice of who will assume that important role, not the courts. Unless you make the proper provisions, the guardian you choose will not be paid for his or her services, nor will he or she be required to meet your child's financial needs. You should ensure that there are adequate funds available to meet these needs, either through your will, trust or other estate-planning tool.
