As Benjamin Franklin said, the only things certain in life are death and taxes. Adam Roark knows how important it is to appropriately prepare for both. Although Roark, an attorney with an L.L.M. in Taxation, knows the ins and outs of tax law, he focuses on estate planning, probate and business development. His goal is to ensure that you, your family and your business partners are prepared for the inevitable.
It’s an uncomfortable subject that many do not want to address, but Roark warns that it is that attitude that gets many people – and their families – into trouble.
A proactive approach is the only way to turn what is already a difficult situation into a more bearable one. With proper planning, your family will be taken care of immediately. Without it, you put your family’s future in the government’s hands.
Roark pointed out, “Do you really want to leave your family’s fate at the mercy of the court system?”
Contrary to popular belief, estate planning is not just for the wealthy, as most people won’t leave more than $5.25 million (or $10.5 million per married couple) to their families. Estate planning is for everyone because it involves decisions that will be made about you and your business when you no longer can make those choices. Failure to plan will lead to months or years of uncertainty after someone dies or becomes incapacitated, and will require the court’s intervention.
It is particularly important for business owners to plan what will happen to their companies if they die. Who will run the business? Who will own his or her share? What happens if the business is left to family members who don’t want it? Roark will help you address these questions and more.
Once Roark has addressed all issues, given advice based on how he would structure someone’s estate plans, and drafted the documents, then it is up to the client to follow-up as needed. His rule of thumb: review documents every three to five years to ensure that all the information is current and accurate.
“Planning is key to secure your, and your loved ones, financial future,” Roark said. “Make the decisions now or someone will have to make them for you later.”