Services - McNary Law Office

Plan for tomorrow, today

Over 30 Years of Experience

Led by James T. McNary and his 30 years of experience, McNary Law Office, P.A. commits to working with you on your estate, asset and business succession planning. We specialize in the preparation of fundamental estate-planning documents, but when more sophisticated estate planning is required, we offer the guidance and expertise you need.

McNary Law Office services include trust administration and the preparation of fiduciary income tax, estate and gift tax returns. We also represent families in probate, guardianship and conservatorship proceedings.

Our services include, but are not limited to, assistance with your:

Wills

A will distributes your property upon your death. You may also use your will to appoint a personal representative (or executor), nominate guardians for minor children, create trusts for minors and young adults, and reduce your estate tax liability.

Revocable Trusts

The primary function of a revocable trust is to serve as a will-substitute, allowing you to transfer property at death without probate. It may also be used to provide for the lifetime management of your assets in the event of your incapacity (helping you avoid court conservatorship proceedings), create trusts for children and grandchildren after your death, and reduce estate tax liabilities.

Transfer on Death Deeds

Transfer on death deeds allow you to transfer your real estate at death without going through probate. Just like in a will or a trust, you can use a Transfer on Death Deed to designate who you want to receive your real estate at death, but still remain the owner of the real estate during your lifetime. Then at death, the real estate can be transferred to the beneficiaries without probate. During your lifetime, you would retain all the same powers you had before executing the transfer on death deed, so you could sell, mortgage, or do anything you wish with the real estate prior to your death.

Irrevocable Trusts

Generally, the main purpose of an irrevocable trust is to remove certain assets from an individual’s gross estate in order to estate taxes. The most common irrevocable trust we prepare for our clients is an Irrevocable Life Insurance Trust (ILIT), which is designed to remove a life insurance policy from the insured’s gross estate in order to save estate taxes, but still make the life insurance proceeds available to pay estate taxes and other expenses. Another irrevocable trust that we offer is a Grantor Retained Annuity Trust (GRAT), which is designed to remove the future appreciation in the value of certain assets from the grantor’s estate through gifting.

Qualified Personal Residence Trust (QPRT)

This special kind of trust removes the value of residential real estate from the grantor’s gross estate while also allowing the grantor to use and occupy the property for a fixed period. The QPRT is sanctioned by the Internal Revenue Code, and frequently used to hold a cabin or second home.

Buy-Sell and Operating Agreements

As part of our succession planning services, we often prepare agreements that set forth how the business is to be managed, and specify the terms on which the interest of a deceased or withdrawing owner is to be bought or sold. Our services include, but are not limited to, preparing Buy-Sell Agreements, Shareholder Agreements, Partnership Agreements, and LLC Operating Agreements.

Business Succession Planning

Preparing a succession plan and exit strategy for your family business or other closely-held businesses is inseparable from your estate plan. As such, we provide a variety of tools and strategies to help you develop a succession plan that allows you to decide if/when you want to retire, continue to retain the desired amount of control and/or financial interests in the business, and ultimately transfer your ownership in a tax-wise manner. Our services include business formation, preparing buy-sell/operating agreements, dissolution, sales, and any other corporate actions necessary to achieve your goals. We provide these services for all common types of new or pre-existing entities, including Limited Liability Companies, Corporations, Sole Proprietorships, Partnerships, Limited Partnerships, and for more sophisticated estate plans, Family Limited Partnerships (FLP). So if you want to bring younger family members into the business, retire, sell, or just figure out what you can do with your business, we have the resources and experience to help you navigate that process.

Power-of-Attorney Forms

A power-of-attorney form is a legal document with which you may appoint an agent (called an attorney-in-fact) to help you manage your property and financial affairs should you become incapacitated. A properly executed power-of-attorney form can help you avoid the need for a court-appointed conservator.

Healthcare Directives

A healthcare directive is a document that allows you to appoint a healthcare agent to speak to healthcare professionals on your behalf in the event you become incapacitated. Your healthcare agent can provide consent to treatment for you and can carry out your wishes regarding end-of-life healthcare. A properly executed healthcare directive may eliminate the need for a court-appointed guardian.