While it’s vitally important to organize and prepare your business for today and the future, it’s equally important to remember to organize your personal and financial affairs. Although each person’s situation is unique, completing an estate plan in conjunction with one of our attorneys, including creating appropriate trusts, property transfer and disposal directives, and other documents, is an essential and important step. At a minimum, most individuals should have a will, a durable medical power of attorney, a durable financial power of attorney, and an advanced directive. An attorney should prepare these documents, which should remain accessible to family members in the event the person dies or become incapacitated.
At Haque Law, we know running a business is hectic, and it’s easy to postpone creating these and related documents. This is why we make the process easy and convenient for each of our clients. Our attorneys have years of experience working with individuals to map out the elements of a solid estate plan as well as creating appropriate wills and other documents. Our commitment is to help make the job of organizing your personal financial situation as easy as possible.
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Power Of Attorney
The Haque Law team serves clients in the greater Houston area to restructure your family through problem-solving and long-term planning based solutions. We offer reliable advice and representation in legal matters concerning certain areas of family law.
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A person’s will or last will and testament is a document that specifies, among other things, how a person’s assets will be distributed after their death. An individual doesn’t need to be wealthy for a will to be required. For example, a person’s will can specify how personal items, such as paintings, photographs, or furnishings, are to be distributed amongst the heirs. This can be very important in preventing disputes among family members receiving items that might hold substantial sentimental value. In addition to specifying asset distribution, a will names a person, the executor, who is responsible for managing and carrying out the instructions contained in the will.
For those owning a business, the will can work in conjunction with a trust document that names a trustee responsibility for establishing the transfer of ownership and management of business interests. Other wishes can also be managed through instructions within a will, such as naming a person as guardian for any underage children.
Haque Law attorneys have years of legal experience guiding individuals through each step in creating a will, specifying all directives based on each person’s preferences and wishes. At Haque Law, we believe it is essential for each individual to maintain a correctly designed will.
When a person’s assets are complicated, or their value exceeds certain statutory limits, a legal trust should be created. This can help both mitigate taxes and put in place a manager or trustee responsible for asset management. The trust essentially allows the trustee to hold and manage the property for the benefit of trust beneficiaries. Also, the trust provides how ownership of those assets will pass to the beneficiaries. Trusts are available in different forms and can be complex. Nevertheless, most trusts offer the following benefits:
- The trust establishes how assets will be managed, including who has access to the assets, how the assets are to be used, and when and how the assets will be distributed.
- It’s essential in some cases to protect your assets from your heir’s creditors. This can be accomplished with a properly completed trust.
- Normally, a trust will bypass probate. Because probate proceedings are public records, using a trust renders the estate information private.
One essential step in organizing a person’s financial affairs is to develop an estate plan. At Haque Law, we work with each individual to develop a strategy that provides financial peace-of-mind for both the long and short term.
First, we spend the time needed to understand your short- and long-term goals and objectives, then we help you gather information regarding your current personal assets and liabilities. Every situation is different, but most estate plans include contingencies that spell out what happens if you and your spouse pass away unexpectedly. In such a case, the plan would specify how your assets are distributed, steps to minimize expenses and taxes, and statements of your wishes and how they should be carried out. Finally, depending on the plan’s structure, individuals may be named to act as fiduciaries such as executors and trustees.
Working with Haque Law gives you peace of mind knowing your financial affairs are organized, and your estate management strategies have been created and put in place. Building a long-term working relationship with Haque Law ensures your plan is reviewed, updated, and modified as circumstances change. It’s a smart move to begin today with a free consultation.
Power Of Attorney
Two powers of attorney are essential for every individual: the durable medical power of attorney and the durable financial power of attorney.
- Durable Medical Power of Attorney
The medical power of attorney names a person you designate to make medical decisions for you if you are incapacitated or unable to make those decisions yourself. This document differs from a Living Will in that the Living Will lists specific instructions regarding your medical care while the POA names a person to make those decisions.
- Durable Financial Power of Attorney
While a medical power of attorney specifies someone to make medical decisions for you in the event you cannot, the financial power of attorney names a person to make financial decisions in a similar manner. Thus, should you be incapacitated and unable to conduct regular business, the financial power of attorney names a person to manage your financial affairs. You can have peace of mind knowing you have taken care of routine day to day activities such as paying the mortgage, electric bill, and other expenses.
Haque Law attorneys are professionals in helping clients arrange and manage their personal and business financial affairs. Our more than fifty years of combined business and legal experience helps us understand your requirements from both a business as well as a legal perspective.
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Our firm represents a vast portfolio of clients in the business and healthcare industry. With over 40 years of combined experience, not only do we have in-depth legal knowledge, but we have direct hands-on experience inside the business and healthcare industry as owners and operators of pharmacies, executives of clinics, and managers of micro-hospitals. Our team is dedicated to building long-term personable relationships through long-lasting solutions. We achieve this by taking the time to better understand our clients goals and needs. Our ability to relate to our clients’ needs sets us apart from other law firms.
It’s rare to find a group of attorneys that have both operational and legal experience in the healthcare industry. More importantly, it’s even harder to find a law firm that’s built on long term relationships. It’s our experience and relationships that help us tackle any and all issues that our clients may face making us the best in the business.
It is easy to solve problems. It’s much harder to keep problems away. Our approach to issues and resolutions is what stands us apart from other law firms. Our ability to relate and think outside of the box allows us to put policies, procedures, resolutions and agreements in place to keep our clients compliant.
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We define success by our clients success. Oftentimes, the needs of our clients is to simply establish relationships with others in the industry. Watching our clients’ success grow by the relationships we establish is the core to our success ratio.