Buffalo Family Wealth Planning Lawyer
Building generational wealth takes time, planning, diligent work, and frequent revisions. Yet, it’s not uncommon for the legal documents that underpin a wealth plan to be simply done once and forgotten. An attorney drafts the plan, sends the client on their way, sends out an invoice and then it’s forgotten until years later. By the time the plan becomes relevant in someone’s life, it’s badly outdated. That’s why, at DePrima Law, we view what we do is an ongoing process. Our Buffalo family wealth planning attorney is committed to developing true, long-lasting relationships with our clients as they build their legacies.
Creating a Last Will and Testament
Generational wealth planning starts with a person’s last will and testament. The fundamental question of who inherits what is an important part of anyone’s legacy. Wills provide much in the way of clarity for probate court, but clients who want more in the way of financial advantages and long-term flexibility may choose to look at trusts. Putting assets in a trust can, under certain circumstances, offer tax breaks. Trusts are a legally secure place to hold one’s wealth.
Protecting the Family Business
Those who own businesses often have clear ideas about who they want to inherit them. What to do with the family business is a question that must be dealt with in the estate planning process. This is also one of many areas that underscore how important it is for an attorney to be engaged with their client through the years. A business that didn’t exist at the time of the first estate planning session might be a valuable asset years later. Alternatively, a business existed in the initial consultation might be sold. Either way, life changes and an estate plan ought to change with it.
Protecting the Children
The need to protect children is something our Buffalo family wealth planning attorney will address with parents. If the kids are under the age of 18, who will care for them in the event of a tragedy with the parents? How will the children and their guardian have access to the parent’s assets? It can be an uncomfortable subject to talk about, but putting parental wishes into legal documents now can avoid a lot of heartache later.
Children grow up and move out, but parents don’t stop caring for and worrying about them. Trusts can be established that will protect an adult child’s inheritance from an ex-spouse or other form of legal dispute. If the adult child has issues with managing money, a trust can be structured in a way that allows parents to continue helping the adult child manage their finances even after the parents have passed.
Trusted Family Wealth Planning Services in Buffalo
In the meantime, people have to plan for their own retirement, and they have to protect themselves against possible lawsuits. Anything from a car accident to a business dispute can result in litigation that leaves exposed assets vulnerable. An asset protection plan can give needed peace of mind.
Resource: Estate Planning Webinar
Planning for the ones you love–and for yourself–is a process that requires proactive thinking, methodical legal planning, and constant review. We know the issues that come up can be difficult ones. DePrima Law can’t solve every problem, but we can certainly make sure our clients know their legal affairs are in good hands and up-to-date. That’s what we aim to achieve with everyone who walks through our doors.
"Gina is an excellent attorney. She is knowledgeable and caring. She has a realistic approach to matrimonial and child custody law, which allows you to get what is best for your personal situation. I ..."Elizabeth
"Gina DePrima was my lawyer for custodial and visitation matters. What I especially liked about Gina, is she would give me time to be scared and upset because of goings on and then she'd let me know ..."A.K.
"November 7, 2014 Gina provided great service throughout my case. She was personable and made me comfortable from our first meeting. Gina often contacted me after hours and could be reached through ..."Jennifer
"The Best ! Whenever someone asks me if I know a good attorney, I answer with “ I know the Best”! Unfortunately, I have been in a couple situations, that in my wildest dreams I never thought would ..."Erik N.
"Gina was very, very helpful to me. She helped me through an extremely difficult time in my life. Not only from a legal perspective, but she was very understanding and compassionate as well. I would ..."Dave
Directly Working With Attorney DePrimaYou will work side-by-side with Attorney DePrima and receive follow-ups directly from her.
Advocating for Your Best InterestsWe're ready to litigate in a courtroom or speak to your needs and goals in a mediation room.
Focused On SolutionsOur goal is to help you and your family reach an amicable resolution in a timely manner and protect the people you love and keep them out of court.