We provide solutions

Business

Richard K. Morley & Associates, Ltd. provides legal counsel to small and mid-sized companies. Our clients come to us primarily by referral, and from almost all industries. Most recently, we have completed engagements in areas such as Real Estate Development, Medical Practices, Restaurants, Hotels and various Professional Services firms. Typical of the services we offer are:

  • Business Acquisitions/Sales
  • Entity Formation
  • Accounting System Implementation
  • Tax Compliance
  • Real Estate Transactions
  • General Corporate Transactional Matters
  • Business Succession Planning

We work with business owners and prospective business purchasers to draft or evaluate Purchase and Sale agreements. We help clients navigate the due diligence process right through the final transaction closing. Our clients have the advantage of an attorney who also brings the CPA certification to these complex processes. From managing the legal issues to analyzing a P&L Statement, we have our clients covered without them needing to jump from firm to firm.

Our professionals are experienced in and understand all different types of ownership structures, including corporations (both “C” and “S”), limited liability company (both regular and series), general and limited partnerships, trusts and other entity types that are not as common. We can explain the benefits and detriments of each type of structure to help guide the selection process for someone creating or starting up a new business or simply expanding from a sole proprietorship. We also assist clients in forming not-for-profit organizations, both charitable and otherwise.

Our firm is a qualified Quickbooks ProAdvisor experienced in setting up and training clients in the use of the Quickbooks accounting software program. While some of our larger clients may utilize certain enterprise software, we have found that most small to mid-sized businesses are able to utilize this accounting software very efficiently to handle all of their accounting needs.

We have a long history of preparing Federal and State income tax returns for all types of business entities, estates and trusts for entities operating in virtually all states in which there is a state income tax. Additionally, we work with foreign investors investing in U.S. companies as well as U.S. based businesses investing in foreign entities.

We can assist in all type of purchases and sales of real estate parcels, whether vacant land, single family residences, apartment buildings, or commercial real estate. We operate an affiliated title company agency that works with Chicago Title & Trust Co. to provide the necessary title insurance on real estate sold by our clients. Also, we work with clients attempting to engage in like-kind exchanges of real estate.

We act as outside counsel for a number of small to mid-sized businesses in handling their day to day contract drafting and reviewing, as well as other general business matters. Whether it’s preparing an independent contractor agreement or reviewing non-disclosure agreements, we are quite comfortable in assisting our clients in protecting their interests in dealing with third parties.

Have you built a successful business and now face the prospect of family succession? Multiple paths exist to accomplish this, and each one offers advantages and disadvantages. Gifting is one option; selling in part or in whole are other options. What are the issues to resolve when there are multiple family members with conflicting interests and needs? We can assist in working through these concerns and offer viable suggestions.

Succession planning is not simply a transaction; rather, it's a process. In most instances, the actual succession planning event takes the collaboration of a number of professionals as there are many disciplines that are integral to the process. We guide our clients through the various alternatives to ensure their decisions minimize the potential tax burden as well as the potential for family strife. From the legal and tax issues, through the transitioning of management responsibilities, Richard K. Morley & Associates, Ltd. is at our client's shoulder right to the finish.

  • keyboard_arrow_downkeyboard_arrow_up
    Business Acquisitions/Sales

    We work with business owners and prospective business purchasers to draft or evaluate Purchase and Sale agreements. We help clients navigate the due diligence process right through the final transaction closing. Our clients have the advantage of an attorney who also brings the CPA certification to these complex processes. From managing the legal issues to analyzing a P&L Statement, we have our clients covered without them needing to jump from firm to firm.

  • keyboard_arrow_downkeyboard_arrow_up
    Entity Formation

    Our professionals are experienced in and understand all different types of ownership structures, including corporations (both “C” and “S”), limited liability company (both regular and series), general and limited partnerships, trusts and other entity types that are not as common. We can explain the benefits and detriments of each type of structure to help guide the selection process for someone creating or starting up a new business or simply expanding from a sole proprietorship. We also assist clients in forming not-for-profit organizations, both charitable and otherwise.

  • keyboard_arrow_downkeyboard_arrow_up
    Accounting System Implementation

    Our firm is a qualified Quickbooks ProAdvisor experienced in setting up and training clients in the use of the Quickbooks accounting software program. While some of our larger clients may utilize certain enterprise software, we have found that most small to mid-sized businesses are able to utilize this accounting software very efficiently to handle all of their accounting needs.

  • keyboard_arrow_downkeyboard_arrow_up
    Tax Compliance

    We have a long history of preparing Federal and State income tax returns for all types of business entities, estates and trusts for entities operating in virtually all states in which there is a state income tax. Additionally, we work with foreign investors investing in U.S. companies as well as U.S. based businesses investing in foreign entities.

  • keyboard_arrow_downkeyboard_arrow_up
    Real Estate Transactions

    We can assist in all type of purchases and sales of real estate parcels, whether vacant land, single family residences, apartment buildings, or commercial real estate. We operate an affiliated title company agency that works with Chicago Title & Trust Co. to provide the necessary title insurance on real estate sold by our clients. Also, we work with clients attempting to engage in like-kind exchanges of real estate.

  • keyboard_arrow_downkeyboard_arrow_up
    General Corporate Transactional Matters

    We act as outside counsel for a number of small to mid-sized businesses in handling their day to day contract drafting and reviewing, as well as other general business matters. Whether it’s preparing an independent contractor agreement or reviewing non-disclosure agreements, we are quite comfortable in assisting our clients in protecting their interests in dealing with third parties.

  • keyboard_arrow_downkeyboard_arrow_up
    Business Succession Planning

    Have you built a successful business and now face the prospect of family succession? Multiple paths exist to accomplish this, and each one offers advantages and disadvantages. Gifting is one option; selling in part or in whole are other options. What are the issues to resolve when there are multiple family members with conflicting interests and needs? We can assist in working through these concerns and offer viable suggestions.

    Succession planning is not simply a transaction; rather, it's a process. In most instances, the actual succession planning event takes the collaboration of a number of professionals as there are many disciplines that are integral to the process. We guide our clients through the various alternatives to ensure their decisions minimize the potential tax burden as well as the potential for family strife. From the legal and tax issues, through the transitioning of management responsibilities, Richard K. Morley & Associates, Ltd. is at our client's shoulder right to the finish.

Personal

Our law firm represents mid to high net worth individuals and families in numerous transactional matters. We understand the importance of providing timely, professional services cost efficiently. You can click on the areas at the rightbelow that interest you.

  • Trusts and Estates
  • Probate Administration
  • Tax Compliance
  • Tax Controversy Representation
  • Federal and State Tax Planning
  • Creditor Protection Planning
  • Pre and Postnuptial Agreements
  • Private Foundation & Charitable Gifting
  • Family Office Services

We counsel individuals and families to construct a comprehensive estate plan that will ensure the smooth disposition of assets upon death, while minimizing or eliminating Federal and State estate, generation skipping tax (GST), and inheritance taxes. We prepare all needed documents to implement the plan.

While this can often be accomplished with a simple revocable (living) trust and a pour-over will, we sometimes find the need to structure other, more sophisticated estate planning strategies. These may include Dynasty Trusts, Irrevocable Life Insurance Trusts (ILIT's), Qualified Personal Residence Trusts (QPRT's), Grantor Retained Annuity Trusts (GRAT's), and Family Limited Partnerships (FLP's)--among multiple other strategies.

Today, one can experience significant differences among states in the rates at which trusts are taxed, and we provide the guidance for how and where to domicile a trust to minimize these tax levies. Alternatively, for wealthier individuals who are in or will be in a taxable situation, it often makes sense to engage in lifetime gifting, utilizing trusts, which pull all future appreciation out of one's taxable estate currently. Talk to us; we can help you decide the most effective route to pursue for you and your family. 

After a death, we work with the Executor or Representative of the estate to navigate the often complex probate process. This usually includes securing "Letters of Office" and getting the court's approval for the appointment of the appropriate person as the Executor or Representative of the decedent's estate. Further, we offer conservative counsel regarding asset collections, disbursements, and accounting to ensure all actions remain within the rules of the local Probate Court.

In addition to the preparation of business tax returns, we handle complex Federal and State tax return preparation of business executives, entrepreneurs, physicians and other professionals, as well as trusts established on their behalf. This includes the reporting of foreign holdings, which is the subject of a recent IRS scrutiny. We are also experienced in the taxation of non-residents and non-resident aliens with respect to their U.S. based earned income as well as that from  U.S. based investments. 

"Your tax return has been selected for audit" . . . can send chills across most people's necks. We work directly with the IRS or state agency on your behalf to support your reported positions per the filed returns. Should an agent's report be unfavorable for a client, we can prepare a "protest" to take the issue to the appeals level, or beyond that to the Tax Court by filing a Tax Court Petition. We work with IRS Revenue Officers regularly, negotiating viable solutions to complex situations on behalf of clients. In the end, the goal is simple; minimize the Internal Revenue Service's grasp on our client's assets.

Often, we find that individuals are not properly counseled in planning for the use of tax strategies available to them. From counseling someone on how to change residency (or tax situs) from a high tax state to a low or no tax state, to being able to effectively shift income from periods in which one is in a higher tax bracket to one in which they are in a lower bracket, or possibly structuring a legal settlement to minimize the tax ramifications to the recipient on that windfall. We have extensive experience in providing planning strategies that individuals can use to lessen their overall tax burden.

After growing one’s wealth, it is just as important to understand how to protect one’s wealth. We know the ins and outs of how to structure a client’s holdings to maximize the protection against potential creditors in the event of bankruptcy or legal claims. It is important to get one’s affairs in order prior to any such situation. Further, to the extent that a bankruptcy or debt restructuring becomes a necessity, we assist clients in restructuring to avoid the possible triggering of income from discharge of indebtedness.

We assist individuals considering marriage in the best way to structure an agreement to protect their income and assets from becoming marital property, subject to redistribution upon a divorce. As opposed to relying upon a judge to determine how assets are divided and future income is split, it is often in both parties’ best interest to predetermine how they would like this to be handled in the event of a divorce. We counsel clients in this delicate situation, and we draft the agreements that lay out the parties' intentions, so that there are no surprises should the marriage dissolve.

For those clients inclined to leave a portion of their wealth to their favorite charitable organizations, we can provide guidance on how to structure the gifting in a way to maximize the benefit to both the client and the charitable organization. While sometimes this may come in the form of creating a family foundation, other times it may make more sense in setting up a charitable remainder or a charitable lead trust. A lot depends upon whether a client wishes to provide for the charity while they are alive or after they are gone as well as the current interest rate environment.

For high net worth families that are not yet at the point of maintaining separate family offices, our firm provides a suite of services that can function as a quasi-family office. While we certainly do not act as financial or investment advisors, we work in conjunction with the family's wealth advisors to provide regular oversight of their investment portfolio, and provide those legal, tax and accounting services that the family needs. For those areas  which may be outside our area of expertise, we maintain contacts with other professionals that are able to step in when and as needed.

  • keyboard_arrow_downkeyboard_arrow_up
    Trusts and Estates

    We counsel individuals and families to construct a comprehensive estate plan that will ensure the smooth disposition of assets upon death, while minimizing or eliminating Federal and State estate, generation skipping tax (GST), and inheritance taxes. We prepare all needed documents to implement the plan.

    While this can often be accomplished with a simple revocable (living) trust and a pour-over will, we sometimes find the need to structure other, more sophisticated estate planning strategies. These may include Dynasty Trusts, Irrevocable Life Insurance Trusts (ILIT's), Qualified Personal Residence Trusts (QPRT's), Grantor Retained Annuity Trusts (GRAT's), and Family Limited Partnerships (FLP's)--among multiple other strategies.

    Today, one can experience significant differences among states in the rates at which trusts are taxed, and we provide the guidance for how and where to domicile a trust to minimize these tax levies. Alternatively, for wealthier individuals who are in or will be in a taxable situation, it often makes sense to engage in lifetime gifting, utilizing trusts, which pull all future appreciation out of one's taxable estate currently. Talk to us; we can help you decide the most effective route to pursue for you and your family. 

  • keyboard_arrow_downkeyboard_arrow_up
    Probate Administration

    After a death, we work with the Executor or Representative of the estate to navigate the often complex probate process. This usually includes securing "Letters of Office" and getting the court's approval for the appointment of the appropriate person as the Executor or Representative of the decedent's estate. Further, we offer conservative counsel regarding asset collections, disbursements, and accounting to ensure all actions remain within the rules of the local Probate Court.

  • keyboard_arrow_downkeyboard_arrow_up
    Tax Compliance

    In addition to the preparation of business tax returns, we handle complex Federal and State tax return preparation of business executives, entrepreneurs, physicians and other professionals, as well as trusts established on their behalf. This includes the reporting of foreign holdings, which is the subject of a recent IRS scrutiny. We are also experienced in the taxation of non-residents and non-resident aliens with respect to their U.S. based earned income as well as that from  U.S. based investments. 

  • keyboard_arrow_downkeyboard_arrow_up
    Tax Controversy Representation

    "Your tax return has been selected for audit" . . . can send chills across most people's necks. We work directly with the IRS or state agency on your behalf to support your reported positions per the filed returns. Should an agent's report be unfavorable for a client, we can prepare a "protest" to take the issue to the appeals level, or beyond that to the Tax Court by filing a Tax Court Petition. We work with IRS Revenue Officers regularly, negotiating viable solutions to complex situations on behalf of clients. In the end, the goal is simple; minimize the Internal Revenue Service's grasp on our client's assets.

  • keyboard_arrow_downkeyboard_arrow_up
    Federal and State Tax Planning

    Often, we find that individuals are not properly counseled in planning for the use of tax strategies available to them. From counseling someone on how to change residency (or tax situs) from a high tax state to a low or no tax state, to being able to effectively shift income from periods in which one is in a higher tax bracket to one in which they are in a lower bracket, or possibly structuring a legal settlement to minimize the tax ramifications to the recipient on that windfall. We have extensive experience in providing planning strategies that individuals can use to lessen their overall tax burden.

  • keyboard_arrow_downkeyboard_arrow_up
    Creditor Protection Planning

    After growing one’s wealth, it is just as important to understand how to protect one’s wealth. We know the ins and outs of how to structure a client’s holdings to maximize the protection against potential creditors in the event of bankruptcy or legal claims. It is important to get one’s affairs in order prior to any such situation. Further, to the extent that a bankruptcy or debt restructuring becomes a necessity, we assist clients in restructuring to avoid the possible triggering of income from discharge of indebtedness.

  • keyboard_arrow_downkeyboard_arrow_up
    Pre and Postnuptial Agreements

    We assist individuals considering marriage in the best way to structure an agreement to protect their income and assets from becoming marital property, subject to redistribution upon a divorce. As opposed to relying upon a judge to determine how assets are divided and future income is split, it is often in both parties’ best interest to predetermine how they would like this to be handled in the event of a divorce. We counsel clients in this delicate situation, and we draft the agreements that lay out the parties' intentions, so that there are no surprises should the marriage dissolve.

  • keyboard_arrow_downkeyboard_arrow_up
    Private Foundation & Charitable Gifting

    For those clients inclined to leave a portion of their wealth to their favorite charitable organizations, we can provide guidance on how to structure the gifting in a way to maximize the benefit to both the client and the charitable organization. While sometimes this may come in the form of creating a family foundation, other times it may make more sense in setting up a charitable remainder or a charitable lead trust. A lot depends upon whether a client wishes to provide for the charity while they are alive or after they are gone as well as the current interest rate environment.

  • keyboard_arrow_downkeyboard_arrow_up
    Family Office Services

    For high net worth families that are not yet at the point of maintaining separate family offices, our firm provides a suite of services that can function as a quasi-family office. While we certainly do not act as financial or investment advisors, we work in conjunction with the family's wealth advisors to provide regular oversight of their investment portfolio, and provide those legal, tax and accounting services that the family needs. For those areas  which may be outside our area of expertise, we maintain contacts with other professionals that are able to step in when and as needed.

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