To better meet the demanding needs of our clients, Morrow Law Office focuses its practice to the fields of estate, business and tax planning.  These specialties within the law are extremely broad and may encompass many different and varied legal needs.  The topics listed below are only a few of the tools we use to help the client in these broad areas.  To get a better idea of these fields, select the topic listed below for additional information. 

Please note that these summary descriptions are but a poor substitute for one-on-one personal discussion regarding your unique circumstances with your legal advisor.  For a free initial consultation, please contact our office.

Estate Planning   Taxation Wills and Probate Trusts 

Business Planning Powers of Attorney Other Services

Estate Planning

Amendments and Updates to Estate Plans.  Due to changes in law and in personal goals, finances and family situations, a periodic review of your estate plan is wise.  We will review the estate plan and update documents as needed.

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Taxation

Returns and Advisory Services  - We service a variety of taxation needs for clients, including litigation at the Tax Court, U.S. District Court or Appeals Court level.  We normally do not prepare personal, corporate or partnership tax returns except in exceptional circumstances.  We can recommend competent CPA firms to help with such needs.  We do, however, offer return preparation for estate, gift and fiduciary tax returns when providing legal services.

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Wills and Probate

Wills and supporting documents. Estate plans include analysis of ownership of assets and beneficiary designations as well as application of state and federal tax law.  We will draft wills in consideration of your unique circumstances and final wishes:

Probate.  When a person passes away and owns assets in his/her sole name with no beneficiary designation, in most cases probate will be required in order to ‘unfreeze’ assets.  Probate can be a time-consuming, frustrating, and expensive process.  Estate planning during lifetime may be utilized to avoid probate, but after death, if assets are titled in decedent’s sole name, probate is not optional.  We strive to streamline the probate process as much as possible.          

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Trusts

Trust and Estates Administration - services are available to help with paperwork when spouses used a joint revocable trust and one spouse passes away.  It is wise at this time to review federal estate tax issues, to verify that all assets are in the trust, to review and update documents as needed, and to determine value of assets.  Establishing date of death values is necessary to assess any possible federal estate tax issues and to confirm the new tax basis of assets.  This allows the surviving spouse to sell inherited appreciated assets for date of death value and pay NO CAPITAL GAINS TAX.  Future gain will only be taxable for the amount of gain since date of death.

Living Trusts and other probate avoidance techniques.  Living trust packages include the living trust, pourover will(s), durable power(s) of attorney for financial matters, durable power(s) of attorney for health care,  a living will, a community property agreement (not usually applicable for Ohio residents), and various other documents necessary to complete the total estate plan.  Letters of instruction are included to help in retitling assets to the trust, and a complete Estate Planning Portfolio containing all documents, personal information, and instructions to the successor trustee providing information which family members need if a disability or death occurs in the family.  Up-front, guaranteed package prices are available on living trusts.  Call us for the handout entitled “What is the Fee for a Living Trust Package?” for more details.

Irrevocable Life Insurance Trusts.  When the estate of an individual (including death benefits of life insurance) exceeds or will exceed applicable exclusion amounts for federal estate tax purposes, it is wise to remove life insurance from your ownership (or even your spouse).  If outright gifting of insurance policies to beneficiaries is not practical, placing life insurance policies (or other assets) in an irrevocable trust may be extremely advantageous.  A life insurance trust may also be utilized to purchase and hold new life insurance which will eventually go to beneficiaries to be used to pay federal estate tax when it comes due.  The minimum retainer quoted here is applied toward drafting of documents and coordination of ownership and beneficiary changes.  We also offer services to the trustees of Irrevocable Trusts, including periodic reporting to trust beneficiaries and "Crummey" letters.

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Business Planning

The form of legal entity you use for your business can have tremendous consequences for legal liability, ease of operation, and tax liability.  Ohio recognizes various business entities such as C Corporations, S Corporations, Limited Partnerships, Limited Liability Partnerships, Limited Liability Companies, General Partnerships and sole proprietorships.  Which one is right for your business or family?

Partnership and Limited Liability Company agreements outline rights of partners (or, "members") in regard to how labor, expenses, income, liability, decision-making, and day-to-day operations will be shared.  The agreement may also include restrictions on transfer, procedure, and values to be used if one partner wants to sell out, and provisions regarding procedures if a partner becomes disabled or dies.  We can draft buy-sell/corporate redemption agreements which outline rights of partners/ shareholders if a party wants to sell or if a party becomes disabled or dies.  We may also arrange for lease agreements in regard to business interests to be used to allow the senior generation to retain ownership and delay or escape capital gains tax, while transferring day-to-day operations and management responsibilities to children or others.

Family Limited Partnerships (or Family Limited Liability Companies) may be used to provide centralized management of family assets.  Such entities may provide protection from creditors of the family and facilitate passing wealth to future generations.  Significant estate and gift tax savings may also be accomplished since the Fair Market Value of such interests are usually discounted for tax purposes to reflect a lack of control, lack of marketability and other restrictions written into the agreement. 

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Powers of Attorney

Durable Power of Attorney for Health Care. This document authorizes others to make medical decisions, to make life support decisions, and to sign nursing home admission papers if you were unable to do so.  Unless the document is signed, if you were unable to sign admission papers, if nursing home care was needed, guardianship court proceedings would be required in order to be admitted to a nursing home.       

Durable Power of Attorney for Financial Matters. This document authorizes others to act on your behalf, to sign financial documents for you.  The power of attorney may be drafted to be effective immediately, or it may be drafted to be effective only if two physicians state in writing that you are unable to handle your own matters due to incapacity.  This document may authorize gifts to be made on your behalf or may be very restrictive, authorizing only specific actions.   

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Other Legal Services

In addition to our practice focus in estate planning, small business planning and taxation, Morrow Law Office also offers legal services in intellectual property such as copyright and trademark applications.  Occasionally, we handle small litigation cases for our clients depending on the nature of the case.  Please contact our office to discuss these needs further.

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