Estate Planning & Administration
Lamar & Hannaford, P.A. provides an advantage unique to North Mississippi for its clients. Recognizing a growing need for estate planning among the citizens of North Mississippi, we tailor our practice specifically in this area. The firm’s goal is to serve our clients by providing them the peace of mind of knowing that the succession of their estate has been adequately planned according to their wishes. We take great pride in helping our clients prepare a comprehensive estate plan to eliminate or minimize transfer taxes while focusing specifically on the goals and desires of our clients and their families. We strive to educate our clients on the various planning methods, and assist in the implementation and carrying out of that plan. Some of the services we provide in this area include:
- Gift Planning
- Drafting wills and testamentary trusts
- Drafting lifetime inter vivos trusts
- Drafting of general durable powers of attorney and living wills
- Forming family limited partnerships, limited liability companies and other entities to maximize the transfer of wealth to younger generations
- Creating guardianships and conservatorships
- Asset protection planning
- Retirement planning
- Creating charitable split interest trusts such as charitable lead and remainder trusts
- Drafting marital property agreements
- Business succession planning for closely-held businesses
- Assistance with the preparation of estate tax returns
- Representing individual and corporate fiduciaries
- Estate, gift and income tax controversies with the IRS and state tax authorities
Through these and other planning methods, clients can minimize estate taxes, provide for the future well being of children and grandchildren, protect spendthrift children or children with unstable marriages, support their charitable inclinations and preserve assets for generations to come.
In addition to lifetime estate planning, Lamar & Hannaford, P.A.'s attorneys have vast experience in estate and trust administration and have served as legal counsel for estates and trusts representing personal representatives and trustees on countless occasions. Administering an estate includes the court-supervised legal process of wrapping up the financial affairs and distributing the assets of a person who has passed away. The task of serving as the personal representative of a deceased’s estate is usually left to a family member or friend who has been named as the executor or executrix under the will. If there is no will, an administrator or administratrix will be appointed. Attorneys at Lamar & Hannaford, P.A. work with personal representatives and trustees to ensure the process of administering a deceased’s estate is done according to their wishes and to the requirements of the law.