Determining how you want your assets distributed upon your death is a difficult decision. Yet the failure to do so could result in severe consequences – unintended distribution of your assets or the incursion of a significant estate tax liability. Further, appointing whom you want to make financial and health care decisions on your behalf in the event of your incapacity is important regardless of your age.
At the Zaloudek Law Firm, we will take the time to consider your goals and develop the most effective estate planning documents based on your circumstances. These documents can include:
Revocable Living Trusts and Will
General Durable Powers of Attorney
Healthcare Power of Attorney
HIPAA Authorization
Living Wills
Additionally, and not to be overlooked, is titling your assets in accordance with your estate plan. We will assist in retitling your assets as part of the estate planning process, including recording all new deeds for your real estate holdings.
Estate planning is a life-long process. We can initiate the process on your behalf and continue to be a resource for you during your life changes.
Tax Law
No financial transaction can be viewed in a vacuum. These financial transactions ultimately carry state and federal consequences. Part of the tax process is recognizing these tax consequences, understanding them, and electing strategies to reduce or potentially eliminate tax liability. As part of The Zaloudek Law Firm tax practice, the following services are offered:
Federal and State Tax Return Preparation - While personal and corporate tax returns are most familiar to individuals, tax returns must be prepared in other situations, including gift, estate, non-profit, and employee benefit plan returns. The Zaloudek Law Firm tax practice does not only prepare these tax returns for clients, but also provides a comprehensive review of the return and assists clients in understanding the underlying components of each return.
Individual and Corporate Tax Counseling - The US Tax Code is incredibly intricate and complex. Understanding the portions of the tax code that relate to your particular situation will not only educate you, but can also create significant tax savings. The Zaloudek Law Firm tax practice can meet with you, help you better understand your tax situation, and assist you in making proactive changes.
IRS Representation - If you owe back taxes, or have an IRS controversy issue, the IRS can and will place liens on your property and levy your assets. No individual should have to battle the IRS alone, particularly if your issue ends up in US Tax Court or a District Court. Allow The Zaloudek Law Firm to represent your tax interests aggressively and professionally.
Probate Law
When a loved one passes away with a signed will for their estate plan or if they had no estate planning documents in place (defined in the Colorado Probate Code as dying intestate), their estate goes through a legal court proceeding known as probate. The primary purpose of probate is to transfer the deceased’s estate assets to beneficiaries. Probate also allows creditors of the estate a process through which their claims can be recorded and satisfied.
The length of time needed to complete probate of an estate depends on many factors, including the size and types of assets of the estate and the legal docket schedule of the probate court. While every probate estate is unique, most probate estate involve the following steps:
Filing an application or petition to open a probate estate with the appropriate probate court.
Notifying all estate beneficiaries and estate creditors that an estate has been opened.
Filing correct notice to creditors that an estate has been opened.
Selling estate assets.
Filing an estate inventory and accounting with the probate court.
Payment of estate debts to estate creditors.
Payment of estate taxes, if applicable.
Final distribution of estate assets to beneficiaries.
While the Colorado probate process can be handled by a Personal Representative without the assistance of an attorney, many individuals find it necessary, particularly in a difficult time, to seek legal guidance in making the appropriate filings. This in turn ensures that all legal requirements of the probate process are met and limits the legal liability of a Personal Representative. At The Zaloudek Law Firm, we can help you navigate the legal process of probate in a professional and accountable manner.
The Zaloudek Law Firm has also worked with hundreds of estates that are Plaintiffs in mass tort litigation matters. If you have a mass tort litigation firm looking for client representation in Colorado, The Zaloudek Law Firm has extensive experience in such matters.
Business Law
Starting a business is an exciting and sometimes overwhelming process. What steps do you take to ensure your business operates effectively while being protected from creditors? At The Zaloudek Law Firm, we can assist you with the following:
Entity Selection - Choosing the correct entity for your business has many implications regarding management, taxes, and filing requirements. Whether you are a sole proprietor or a business looking at venture capital funding with different shares of stock, The Zaloudek Law Firm can help you choose the right entity that meets all of your business goals.
Corporate Operating Documents - Regardless of the entity of your business, you will need corporate documentation to ensure that the business runs smoothly and that you are personally insulated from any business creditors. Whether you need an LLC operating agreement, corporate bylaws and articles, or employment and independent contractor agreements, The Zaloudek Law Firm can work with you to ensure your business is running smoothly while minimizing risk.
Buy/Sell Agreement - What happens if a business partner dies or becomes incapacitated? Who has right of first refusal for their business interest and how will that business interest be valued? Plan for the unexpected by having an agreement drafted that plans for sudden leadership changes.
Purchase and Sale Agreements - While someone’s word and a handshake used to be the standard in selling a business, the world is more complicated now. Protect yourself from risk and outline the payment terms clearly so that you have enforceable and legal terms of the sale.
