Gayla K. Austin's Practice Areas
Planning for your business, personal and estate goals has to be tailored to your specific circumstances. Customization is important. I will make a resolution plan based on your goals and circumstances to integrate your business, goals for your assets and your estate plan. When that integration happens, the synergy created makes a satisfying plan that provides peace of mind, stability and protection.
In Wyoming, Title 2 of the statutes provides many tools for estate issues, including (1) Distribution by Affidavit and Summary Procedure based on the value of the estate; (2) Intestate Succession where there is no will and ways to administer; (3) Procedures for Probate Procedure and Appointment of Personal Representative, including the procedure for a lost or destroyed will; (4) Claims against the estate and how to do an accounting; (5) After discovered property when the estate is already administered; (6) Probate of Estate of Nonresidents (meaning the person died in another state and has property in Wyoming); (7) Transfer on Death Deed which conveys interest in real property effective on the death of the owner. There are many other issues that can be resolved regarding an estate. Please see the section on my website under "Probate" for articles on how you should own your bank accounts and how to determine if you need a will or trust.
Projects for real property can include buying and selling a home, access to your rural property when you need to construct a road to your new build home, title or closing questions and issues, and boundary and survey questions and valuation, among other issues. If you need review of a contract, assistance with landlord or tenant questions, I will provide you with a written resolution plan. Please see my articles on legally enforcing access to real property in Wyoming and who is the distributee of real property, which dovetails in with the probate section. Please note the information on series LLCs is often part of a protection plan for your real property, including rental property, and my article "When to utilize a Series LLC" might be helpful.
In Wyoming, the venue for a trust is the county for the trust's principal place of business. Wyoming's statutes are among the top 5 in the country for providing flexibility, and fast and modern tools including up to date methods for creation, modification, termination, combination of and division of trusts, nonjudicial settlement agreements; clarified rights of beneficiaries; rules on spendthrift trusts; rights of creditors and qualified transfers. The laws in Wyoming also address trustee's skills, including the duty to report, discretionary powers of the trustee, general and specific powers and distribution on termination. There is also guidance under the Uniform Prudent Investor Act for the standard of care required of trustees, including compliance, portfolio strategy and risk and return objectives. Management and investment of real property as one of the assets of the trust can be provided by a LLC, and review of the double protection of a trust and LLC is in an article on this site.
Formation, members and their interactions with each other and to the LLC, member's dissociation, dissolution and winding up, actions by members, merger, conversion and continuance of limited liability companies to protect your assets are just a few of the provisions that can be written into your Wyoming LLC or Wyoming Series LLC for investment property. Please note that the membership interest of your LLC can be transferred into your trust for further protection.
Mediation and Negotiation
The concepts of mediation and negotiation are utilized throughout the planning process because, as we know, life is a negotiation. How I negotiate and the outcomes are outlined in an article on Mediation and Negotiation.
Business Succession Planning
Family business succession planning--how to cultivate and transfer your business.