Estate Planning & Asset Protection Representative Cases
Preserved Grandchildren’s Inheritance Through Strategic Trust Planning
The McCoy Law Firm, LLC successfully helped a client protect his estate for his grandchildren instead of being lost to a new son-in-law. Client's Daughter had cancer and Client was concerned that Daughter's third husband would end up with the Client's assets instead of his two beloved grandchildren fathered by Daughter's first husband. The McCoy Law Firm, LLC created a trust for Client that included an inheritance trust for Daughter. Daughter's inheritance trust specified that the assets could be used for anything that Daughter needed and that at the time of her death, any remaining assets would be shared equally by her children. Client died, triggering Daughter's inheritance trust. Daughter died just a few weeks after Client. Daughter's third husband called the office to find out when he was going to get "his" inheritance. It was with great pleasure that the McCoy Law Firm, LLC was able to explain that all of Client's assets went to his grandchildren and not to Daughter's third husband.
Avoided Nearly $60,000 in Capital Gains Taxes After Incorrect Property Transfer
The McCoy Law Firm, LLC successfully corrected a huge mistake that would have resulted in a client paying almost $60,000 in capital gains tax. A widower was concerned that if he needed nursing home care that his home would be lost. Widower went to see a general practice attorney for advice. General practice attorney, not understanding the tax implications, prepared a quit claim deed transferring the residence from the widower to his only son to keep it "safe" from the nursing home. The following week, the widower had a meeting with his financial planner and explained what he had done to "protect" his home. The financial planner, who previously was involved with a similar situation with a negative outcome, suggested that the widower immediately seek advice from the McCoy Law Firm, LLC. The McCoy Law Firm, LLC created a trust that protected the home while simultaneously preserving the capital gains exemptions that were lost when the widower quit claimed the house to his son. The widower, who fortunately never needed nursing home care, died four years later. At the time of the widower's death, his home had increased in value almost $300,000 over the amount of the original purchase price and improvements. Because the McCoy Law Firm, LLC corrected the ill advised quit claim deed and included carefully drafted language in the trust, the son sold the home and paid no capital gains tax, resulting in a savings of approximately $60,000.
Protected Family Assets During a Late-Life Second Marriage
The McCoy Law Firm, LLC successfully protected a married couple's assets from a late life second marriage with a carefully drafted trust. Ten years earlier, husband and wife, who were married just over 40 years, hired the McCoy Law Firm, LLC to create a trust to protect their home and other assets. Following the wife's death from cancer, the husband found new love with a woman with whom he wanted to share the rest of his life. They made plans to marry and to live in husband's beautiful home. Prior to the wedding date, the husband made an appointment with the McCoy Law Firm, LLC for the purpose of terminating the trust. Since he was almost two decades older than his bride, he was concerned that his bride would be homeless following his death. The McCoy Law Firm, LLC explained that husband and his deceased wife had made a contract that continued to be enforceable following the death of either spouse and that the trust could not be terminated. It turned out that the bride had children who had similar concerns that their new stepfather would inherit all of their mother's assets. With careful counseling and strategic planning, the McCoy Law Firm, LLC was able to satisfy husband's fear that his bride would be homeless, while at the same time alleviating the concerns of all of the children that they would not inherit anything from their parents' respective estates. With these huge financial issues resolved, the happy couple and their families truly were able to enjoy the celebration of this second marriage.
Shielded a Son’s Inheritance From Bankruptcy Creditors
The McCoy Law Firm, LLC protected a mother's assets from being lost because of her son's bankruptcy. Client, who was in her late 80s and with poor health, met with the McCoy Law Firm, LLC and explained that her only child, a son, was preparing to file for bankruptcy. Client wisely understood that her son's inheritance would be lost in his bankruptcy. The McCoy Law Firm, LLC created a revocable living trust for Client that avoided probate and established an inheritance trust for her son. Instead of inheriting Client's assets outright, the son would benefit from his mother's assets through a carefully drafted inheritance trust that simultaneously protected the assets from his creditors in the bankruptcy proceedings. Client was at peace knowing that her concerns about her son's bankruptcy had been alleviated.
Prior results do not guarantee a similar outcome.
