Atlanta Estate Planning Lawyer Blog

As Atlanta, Georgia, business attorneys who also practice complex trust and estate planning and will, trust and estate litigation, we recognize there are numerous lawyers and companies who want to help you plan and protect your estate assets. These same lawyers and companies also want to help you set up your business succession planning and assist you with your estate planning. However, as business assets become increasingly intangible and more difficult to define, the estates of persons owning and having an interest in these businesses become more complex, difficult to plan, probate and administer. If these estates are not planned properly, it is quite possible these estates could end up in litigation.

As businesses, assets, and information have become increasingly digital, intangible, and available solely on-line, it is important to choose Atlanta business lawyers who understand your “intangible” business assets, how to protect them, and how to formulate effective trust and estate planning for these assets. Moreover, you not only need trust and estate attorneys, you need these same attorneys to be Georgia business attorneys well-versed in complex business matters as they relate to intellectual and technological property, copyright and trademark issues, and other potentially intangible property.

For example, any number of lawyers might be able to draft a basic will, and this may fine for someone with fairly limited and straightforward “traditional” assets. If everyone knows you have accounts at a local bank and brokerage house, and you keep your account documents on file and in physical form, it may be easy to ascertain what is in your estate.

On the other hand, consider the following: • What if you have accounts at one of the “on-line only” banks?

• What if all your account statements are e-delivered?

• What if you have a second business selling goods on e-bay, or if you have a business or assets in a “virtual world,” such as Second Life?

• Who has your login information and passwords to these accounts?

• How will anyone determine what assets you have, or where? How will these assets be valued and by whom?

• Even if you do not have these things now, can you guarantee that you will not have them before your beneficiaries or heirs need to administer your estate?

Thus, it is increasingly important to consider not just your tangible assets, but also your digital, intellectual, technological, and other such assets, when planning your estate. This is why you must choose attorneys who understand the complexity of these assets and can advise you on how to protect yourself, your business as well as your beneficiaries and heirs.
The Adams Law Offices has been at the forefront of the union of technology as it relates to trusts, estates, business planning, and representation of individuals and businesses with non-traditional assets. Our Atlanta Attorneys also specialize in business, trust, and estate litigation as it relates to “intangible” and “non-traditional” assets.

We would welcome the opportunity to discuss your business and estate affairs. Please feel free to call our Firm (404) 467-8611 or 1-877-412-3267, to discuss your options. You can also send us a message through our confidential Web Site "Contact Us Form".

Our Firm is conveniently located in the Buckhead section of Atlanta, Georgia, near the intersection of Piedmont and Roswell Roads. Our Firm provides experienced legal representation through exceptional Atlanta wills, trusts and estate lawyers and our business planning and business litigation attorneys.

The Adams Law Offices assists clients throughout the Metro Atlanta area, Georgia, and the United States. Some of these areas include the following cities, communities, counties, and US States:

Atlanta, GA metro area, Alpharetta, Fairburn, Roswell, Sandy Springs, Buckhead, Decatur, Lithonia, Druid Hills, Dunwoody, Tucker, Marietta, Smyrna, Vinings, Duluth, Acworth, Fayetteville, Marietta, Lawrenceville, Norcross, Morrow, Riverdale, Canton, Milton, John's Creek; DeKalb County, Fulton County, Cobb County, Gwinnett County, Fayette County, Clayton County, and Cherokee County; LA, FL, TX, SC, NC, AL, OH, MI, CA, NY, CO, TN, NV, MO, AZ, NJ, VA, and NM.

Posted by Duncan H. Adams and Thomas J. Mihill | Permalink | Email This Post

Posted In: ANCILLARY PROBATE , CONTRACTS & AGREEMENTS , ESTATE ADMINISTRATION , ESTATE ADMINISTRATION PROCESS , ESTATE PLANNING , HEALTH CARE DIRECTIVES , POWERS OF ATTORNEY , PROBATE , PROBATE PROCESS , TRUSTS , WILLS

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A Notice of Deficiency (“90-day letter”) is sent by the Internal Revenue Service (“IRS”) to officially allege that a taxpayer owes additional taxes. If you receive a Notice of Deficiency, you need to contact an Atlanta tax law firm immediately. When choosing which Atlanta tax law firm to contact, you should consider choosing an Atlanta based law firm with an experienced Atlanta tax attorney, IRS tax lawyer, and/or Atlanta tax law expert.

Once you receive the Notice of Deficiency, you have 90 days from the date of the Notice (not 90 days from the date you receive the Notice) to consult an Atlanta tax attorney and/or Atlanta tax expert to assist you in considering your options and addressing the serious nature and implied allegations of this IRS Notice. The reason I suggest that your seek out counsel from an Atlanta tax attorney and/or Atlanta tax expert, is that the United States Southeastern Headquarters for the Internal Revenue Service (“IRS”) is located in Atlanta as are the Federal Tax Court and the Federal Court for the Northern District of Georgia. This has several advantages in that resolving your IRS tax matter may involve a meeting with an Atlanta Based Internal Revenue Service Agent (“IRS Agent”) in the City of Atlanta. Additionally, should you need to resolve any Internal Revenue Service (“IRS”) dispute through the administrative tax law process in Tax Court or through litigation in Federal Court; you will likely be doing so in Atlanta, GA.

Regardless of whether you believe the Internal Revenue Service (“IRS”) is correct, the amount alleged in the Notice of Deficiency is due and owing. As such, I strongly recommended you consult an Atlanta tax attorney, Atlanta IRS tax lawyer, and/or Atlanta tax expert. In my many years of practicing in an Atlanta tax law firm as an Atlanta tax attorney, I have seen all too many people misread or not understand these IRS letters and cast them aside only to find out later that this alleged IRS Notice of Deficiency has dire consequences because IRS Tax Notice went disregarded.

As general rule, when the IRS involved and it is not in the common course of your dealings with them, you should err on the side of caution and understand what exactly it is you have received from them and what your options are. Moreover, many people throw these IRS Notices aside only to have this action come back to haunt them with extraordinarily expensive and dire consequences. You should have an Atlanta tax lawyer, Internal Revenue Service (“IRS”) tax lawyer and/or Atlanta tax expert advise you on exactly what the Notice you received is, and exactly what it means for you. It is altogether true; most people do not understand the nature of these letters and what exactly this particular “Notice” is telling you. Furthermore, assuming you are correct in your evaluation of the alleged Notice of Deficiency, you should consider having an Atlanta tax attorney and/or Atlanta tax expert negotiate an installment payment agreement or formulate “Offer in Compromise” on your behalf. This of course, is assuming you qualify for these forms of payment plans. Nevertheless, it is better to work with the Internal Revenue Service (“IRS”) at the earliest time you can and before it is too late. Once the IRS has spent time, monies, and resources tracking you down and seeking and forcing payment from you, they are much less likely to negotiate, if they will negotiate at all.

Continue reading "THE INTERNAL REVENUE SERVICE AND THE NOTICE OF DEFICIENCY OR THIRTY DAY LETTER (“30 DAY LETTER”) -- WHAT IS THIS IRS NOTICE OR LETTER? WHAT SHOULD YOU DO? WHO CAN HELP YOU? " »

Posted by Duncan H. Adams and Michael K. Sapp | Permalink | Email This Post

Posted In: CONTRACTS & AGREEMENTS , TAX CONTROVERSIES, TAX DISPUTES, AND TAX LITIGATION , TAXATION & TAX PLANNING

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There is now tax relief for homeowners and an upper hand advantage for the Georgia Tax Attorneys and Georgia Real Estate Attorneys who represent and assist them. In a news brief issued by the IRS for the benefit of those with troubled loans, the government now says that if your mortgage debt is partly or entirely forgiven during 2007, 2008 or 2009 you may be able to claim special tax relief by filling out Form 982 and attaching it to your federal income tax return for that year. Usually, forgiveness of debt results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude from tax up to $2 million of debt forgiven on your primary residence. The limit is $1 million for a married person filing a separate return.

Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. The debt must have been used to buy, build, or substantially improve your principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.

Debt forgiven on second homes, rental property, business property, credit cards, or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. The Adams Law Offices is conveniently located in the heart of Buckhead in Atlanta, Georgia, near the intersection of Piedmont and Roswell Roads. We would welcome the opportunity to be of assistance to you regarding any type of tax related matter concerning debt relief or other type loan restructuring or loan workout matters. Please call us at (404) 467-8611 or 1-877-412-3267, to discuss your options, or send us a message through our confidential Web Site form.

Posted by Duncan H. Adams and Michael K. Sapp | Permalink | Email This Post

Posted In: CONTRACTS & AGREEMENTS , ESTATE PLANNING , FORECLOSURE , LOSS MITIGATION , REAL ESTATE , TAXATION & TAX PLANNING

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