Your Money

Regardless of how you feel about your money, it is the one aspect of your life impacted most by local, state and federal laws. Money is also the one aspect of your life most likely to lead to problems if you do not take control of it. Be it your salary, your investments, college funds, vacation accounts – it’s all a part of your estate. Hancock Legal has experienced, knowledgeable and trained attorneys to help you create a Life Change Management (LCM) plan for your money.

Executive Compensation
Today’s professionals often change positions multiple times in their careers. The negotiation of executive contracts requires knowledge of employment, business, securities and ERISA law to be able to understand the breadth and the limits for negotiation between a company and its executives. These same principles come into play when negotiating severance packages. Knowledge of industry standards, critical regulations and other factors allows Hancock Legal to provide flexible alternatives intended to facilitate a successful arrangement.

Incapacity
Most of us think about planning for our death, but don’t always plan for the unfortunate situation of incapacity? In addition to guardianship and health care directives, we work with our clients to make a plan for finances in the event of incapacity. The legal alternative is called “conservatorship,” which is accomplished through a court application and ongoing court monitoring. We can guide you through the steps for conservatorship should that become necessary for a loved one. However, we strongly encourage you to consider incapacity planning, including deciding on an agent or fiduciary who will make sure the bills are paid and your loved ones are taken care of when you can’t. There are different techniques that we use, depending on your situation, but we know from experience that planning in advance will reduce the time and costs associated with a tragic change in capacity of you or a loved one.

Retirement
Most people want to retire. However the choices for how to plan for retirement and you’re your retirement will look like can be overwhelming without information and guidance.. At Hancock Legal, we want to make sure your retirement plans are part of your LCM plan, bringing in your whole financial picture, including your non-retirement assets and other considerations. We want to help you get and stay on a retirement track that works for you. We consult with clients about tax and benefit implications of various retirement plans, including decisions to move to a different state, or shift investment strategies based on changing economic times.

Advanced Tax Planning:
In one of his most famous quotes, Benjamin Franklin said: “in this world nothing can be said to be certain, except death and taxes.” He was right in that federal, state and local taxes are all potential demands on your finances. But what Ben Franklin neglected to mention is that all the taxing authorities change the rules with dizzying frequency. He also neglected to mention that none of the taxing authorities feels the slightest need to coordinate with one another. This means that taxes can and do present challenges and opportunities that should be approached with caution.

The attorneys at Hancock Legal are proficient in tax planning for high net-worth clients and can draft plans for the customized needs of every client. We employ strategies that leverage our clients’ exemption, deferral, deduction and credit rights. We also help our clients to manage their finances while minimizing tax liabilities. For clients with charitable intentions, we can provide solutions that accomplish their charitable objectives while achieving the maximum tax benefits.

While advanced tax planning is often thought of as a tool for the wealthy, many clients have personal situations that call for greater sophistication in their estate plan:

  • Blended and International Families: It’s almost as common these days to have step-parents and step-siblings and your estate plan can capture your intent when it comes to providing for your entire family. If you have children from prior marriages or from different partners, or your spouse or children are foreign citizens, your plan will require special provisions.
  • Same-sex Couples: Same-sex couples present unique situations – Please see our section on our same-sex practice.
  • Small Business Owners: If you own your own business, you will also need some specialized treatment that blends your business succession plan with your Life Change Management plan.
  • Asset Protection Planning: In the event you require some form of asset protection planning, Hancock Legal can help you prepare a plan that helps protect your family from creditors’ claims.
  • Special Needs Planning: Hancock Legal can also provide careful planning when your family includes a person with special needs.