The right Scottsdale family trust lawyer will have experience with situations similar to yours. For example, someone who owns a business may want an attorney with experience working with company owners and managers.
Another advantage is having a local family trust lawyer who understands the area’s commerce and employment situation. In Scottsdale, Arizona, that attorney is Michelle Ogborne.
Business Advantages of Hiring a Scottsdale Family Trust Lawyer
If for no other reason, you need to put paperwork in place to protect others. As a business owner, it’s not worth the risks to your company, your employees, business partners, and your family. –Michelle Ogborne
The process of hiring a Scottsdale family trust lawyer is often misunderstood, and trusts themselves are often misunderstood. You need a will; everyone does. However, a family trust is not the same thing as a will.
A family trust is a legal document that not only covers assets during your lifetime but also describes the terms for dispersing those assets if you are incapacitated or die.
There are many ways to set up your family trust and there are many ways to distribute assets. Here is one example:
Let’s say you want your surviving now-13-year-old child to “inherit” your business. To better manage the transition, you could specify your child gets 1/3 of the business at age 21, another third at 31, and the remainder at age 41.
5 Family Trust Benefits
Your Scottsdale family trust lawyer will simplify something that could become complex and cause tremendous stress to your kids, business partners, and employees. Some of the advantages of creating a family trust include:
- Control – Families, and companies get into trouble if no one takes control of assets and liabilities. A family trust ensures you have no loose ends that can cause problems later. You control what should be managed, now and later.
- It’s easy – A family trust is one of the easier estate-planning documents to create. Your Scottsdale family trust lawyer can help you put everything in place to protect your business as well as your loved ones.
- No legal challenges – Never say never, but a family trust lawyer should be able to make your document legally airtight. That’s another advantage over a simple will. Your family trust document is specific and even more legally binding.
- No probate – Even if you have a will, your estate may go into probate court. Your will may not cover every asset, so a probate judge will make decisions that might not be in accordance with what you wanted for your family or company.
- Taxes – Arizona does not impose an inheritance or estate tax, but there is a chance your heirs will be subject to federal taxes. Other taxes can include generation-skipping taxes, gift taxes, and property taxes. Your family trust lawyer can explain how to protect your family best.
Protecting Your Family at Home and Work
Michelle Ogborne of Scottsdale, Arizona specializes in family and business law because she saw families dealing with things that weren’t covered by normal legal processes. “I’ve seen first-hand how difficult things can be, whether dealing with a death or divorce,” says Ogborne. Putting legal processes in place to protect those you love is the right thing to do.
If you are an Arizona company owner, you have yet another family to protect. Ogborne Law, PLC can ensure you’re managing the future for relationships that matter most: those with your family, children, partners, and employees.
When you need a Scottsdale family trust lawyer, you can depend on Ogborne Law. Experience and Arizona-specific specializations include:
Engaging with an attorney to protect your family is never an easy step. Whether you need to protect your family from the unthinkable or restructure your family through collaborative divorce, we’re here to help. When you’re ready to schedule a consultation with Michelle Ogborne, please visit the scheduling page to get started.