Tax Attorneys can help individuals and businesses reduce tax liabilities, appropriately report transactions, and defend against IRS action.

Proper Business Planning may help reduce tax liability and thereby increase profit margins. Business Planning occurs at every stage of the business life cycle. One of the first decisions business owners must make is how to operate. A business may operate as a sole proprietorship, a general partnership, a limited partnership, a C corporation, an S corporation, a limited liability company (“LLC”), a limited liability partnership, and, where appropriate, as a non-profit organization. This choice of form will determine how you are taxed, who is liable for business debts and liabilities, and how capital can be raised. Upon deciding how to operate, many other tax related matters will arise, including the choice of tax year, how items will be expensed and depreciated, and what credits, deductions, and exemptions to appropriately utilize. Should business owners decide to sell their business, the method and timing of a sale may determine the tax liability that is passed on to the sellers of the business. During your business life cycle a tax attorney can help you to make decisions that will decrease tax liability and thereby increase the profitability of your business.

Individuals may benefit from tax planning as well. A Tax Attorney will help an individual in numerous situations throughout the individual’s life. A Tax Attorney will help the individual to understand the consequences of being a member or owner of a business. A Tax Attorney can help an individual to structure large transactions (e.g. the sale of a business or real estate) in a manner that has the most beneficial tax consequences possible. Finally, a Tax Attorney can also help an individual preserve wealth and to pass it to future generations with as little tax as possible.

When it comes to audits and IRS issues, both individuals and businesses will benefit from representation by a Tax Attorney. A Tax Attorney will navigate issues related to assessed penalties and/or interest and help to obtain the most advantageous result possible. A Tax Attorney can negotiate with the IRS or state departments of revenue, represent you in a tax dispute, help to manage tax debts, and litigate tax related matters. When it comes to audits and collections by the IRS, a Tax Attorney can be of great help and comfort.

An estate plan is for you if: (1) you want to determine who will get your assets upon death; (2) you have minor children and you want to decide who will become their guardian(s); (3) you want to simplify the administration of your estate; (4) you want to choose who will administer and distribute your estate; (5) you want your beneficiaries to be able to avoid the time and expense of probate court; and/or (6) you want to reduce the overall taxes on you estate.

An estate plan is tailored to fit each individual’s needs. The estate plan may include a Will, Trust, Living Will, Durable Power of Attorney, Life Insurance, Retirement Benefits, Joint Property Ownership, Gifts, and other forms of transferring ownership of personal and real property. There are many factors used in determining which device or devices should be used in an individual’s Estate Plan. Your wishes, the age of your children, your assets, and your future plans are just a few of the things that are used in creating your personally tailored estate plan.

If you do not have a Will, Trust, or other way of designating who gets your personal and real property, the property will pass to the person designated in the intestate succession statute of your state. Frequently this means your assets will go to your surviving spouse in whole or part and/or your kids; however, statutes vary and your estate may be divided in a number of ways. These statutes do not designate what will happen to your children should they need a guardian when you pass. Further, the intestate succession statutes do not override the terms of a life insurance policy, joint ownership in property, and certain other types of joint ownership. The intestate succession statutes of your state may meet your expectations, but they may not – these statutes vary from state to state. Intestate succession statutes do not avoid probate court; thus, your estate will be expended in part in legal fees for the legal closing of your estate. Call Gibbs & Associates Law Firm today for a free initial consultation to help determine if intestate succession will meet your personal needs and desires.

The probating of an estate is a costly exercise. Probate court eats away at your hard earned assets and reduces the amount that your beneficiaries would otherwise receive. The probate process also takes time, it increases the length of time between your passing and your beneficiaries receiving your assets – which are often needed to survive during this hard time. Finally, during a difficult time of loss a family may have to endure an unanticipated legal struggle over who gets what possessions. With a proper Estate Plan you can eliminate the expenses, time, and stress that the probate process can bring.

At Gibbs & Associates we handle cases ranging from small car accidents to wrongful death claims. Our personal injury team of attorneys, paralegals and legal secretaries work tirelessly so our clients will receive the best possible outcome. Our clients’ interests always come first.

After the free initial consultation, our team of attorneys will evaluate your case and respond to you promptly. You will receive one of three responses: 1.) It is our opinion that you do not have a case, 2.) It is our opinion that your case has merits but that you can proceed forward on your own without an attorney, or 3.) It is our opinion that your case has merits and that you will need to proceed forward with an attorney. No matter the response, we will give you detailed information regarding our opinion and answer any questions or concerns you may have.

If our response is that we feel you do not have a case, we will fully explain why and always recommend that you receive a second opinion if you wish. We will also let you know what the deadline to file the case is (known as the Statute of Limitations).

There have been times in which we have recommended that clients proceed on their own, as it would not be in their best interest financially to hire an attorney and the case was of the nature that the client could receive full compensation for the injury without the use of an attorney. Our firm believes it is important to provide the client with all relevant information and allow them to choose what is best for them.

If our opinion is that you have a case and you need an attorney to represent you, we will explain fully why we believe that and what the process will be going forward. Most often, dealing with insurance companies and attorneys for the insurance company requires a team of attorneys, paralegals and legal secretaries that know the law and aggressively seek to obtain the best possible result for the client. Our law firm has the experience, knowledge and desire to obtain the best results for you. We will start with gathering all of the information on the accident or injury, obtaining the medical records and working with you and the medical providers regarding the medical bills you are receiving. We will then begin a dialogue with the insurance company or their attorney. If a settlement amount can be reach that is acceptable to our client and fair, the case will be settled. However, if not, we will proceed to trial. Our attorneys have tried many cases and are always willing to proceed to trial if that is in the best interest of our client. During this whole process, the client is always kept informed of everything that is happening on their case and any offers by the opposing counsel. It is always the client’s decision whether to settle or move forward to trial. Call today and schedule your free initial consultation with Gibbs & Associates Law Firm.