We have over 24 years experience in Real Estate Valuation, Research and Consultancy providing services to an enviable list of customers.We lead a dedicated team to gather, organize and analyze an extensive database on Residential, Commercial and Industrial Real Estate segments for all major cities of Pakistan.We are directly responsible for creating Pakistan's first fully functioning research department.Through this we have created a culture of information that builds synergy with other parts of the organizations.
Working with a team of dedicated analysts, the research team produces market reports for Institutional Investors, Individual Clients and Publications; as well as market research and competition analysis, the research department holds information on construction and the real estate market across Pakistan, with particularly expertise in providing information and drafting reports for Property Developers and working in support of master-planned projects.Conducted Real Estate Market Research for 14 major cities of Pakistan which included demand and supply analysis for different income groups, price determination and analysis.Area profiles, highest and best use of land, development feasibility.Conducted hospitality research for 13 cities, also conducted retail, commercial and residential market surveys.
REAL ESTATE OPERATIONS:
- Assistance in CRM implementation;
- Approvals from relevant authorities;
- Master Planning & Design finalization;
- Post sales property operations and documentation;
- Management of Property Transfers, Mergers and Refunds cases;
- Assistance to Marketing department to develop marketing strategies;
- Analysis of comparative projects;
- SWOT analysis and area segmentation;
- Conducting real estate behavioral surveys;
- Demand and Supply analysis of real estate segment;
- Highest and Best use analysis for real estate projects;
- Real Estate Market report to analyze pricing and marketing strategy;
- Creating/developing research approach and execution of research plan related to project;
- Draw sound conclusions, communicate results, provide technical and end-user support for all aspects of research projects;
- Determination of market risks;
- Critical analysis of the projects;
- Due diligence of master plan and building designs;
- Analysis of real estate projects where organization is interested to invest;
- Due diligence for acquisition of property in respect of legal, financial, physical, building services, environmental and regulatory;
- Highest and Best use analysis;
- Conducting real estate behavioral surveys;
- Demand and Supply analysis of each segment;
- Developing research approach and execution of research plan;
- Collection of real estate market data using primary and secondary research;
- Devise research methodologies and techniques keeping in view the local market condition;
- Determination of key factors that contributed in the success or failure of a housing project;
- Real Estate Research for Residential, Commercial, Retail, Industrial and Hospitality Sectors across Pakistan;
- Determination of highest and best use;
- Provide consultancy advice on valuation matters;
- Examine items and select methods of evaluation;
- Real Estate valuation for local and international clients;
- Conduct purpose based valuation such as rating and taxes, arbitration, financial reporting, investment, insurance, rental, sale and purchase;
- Calculate values by considering market demand, condition of items, future trends and other factors (e.g.location, accessibility, visibility, size, zoning legislation and the availability of services, such as transport, utilities and facilities);
REAL ESTATE RESEARCH:
Research & Advisory:
REAL ESTATE VALUATION:
Karachi Property Management Counsels Developers, Borrowers and Lenders on all types of real estate transactions, including Conveyancing.We have broad experience in negotiating and drafting commercial leases of all degrees of size and complexity, and can help clients coordinate large real estate acquisitions for hotel developments; industrial use and infrastructure projects, which often involve extensive dealings with representatives of various levels of local Government, land office officials and local communities.
Karachi Property Management covers a wide range of laws which govern both litigation and transactions regarding the ownership, sale, purchase or rental of real property.For example, this may include litigation such as breach of real estate contracts, landlord tenant disputes, mechanics' liens, neighbor or boundary disputes, petitions to partition property and actions to quiet title.It also includes transactions like buying, selling or renting a property or simply changing title or transferring it to a family member.It can also include the drafting of important legal documents such as buyout agreements, joint venture contracts, as well as leases or lease-purchase agreements.
Do I have to pay for an initial consultation?
Karachi Property Management provides initial consultations free of charge.This can be scheduled in our office or a satellite office or by telephone or Skype.
How do I schedule my free initial consultation?
Contact Karachi Property Management to schedule your initial consultation and let us know if you prefer to meet in person or over the telephone.Please also describe your legal issue with as much detail as possible.This will insure that your initial consultation will be more productive in terms of getting your questions answered!
How are fees charged for your legal services?
Karachi Property Management charge legal fees on a sliding scale and will also offer flat fees as much as possible.For example, simple litigation matters, transactions and drafting legal documents are fairly predictable in terms of the time required and we will most likely be able to provide you with a flat fee.More complicated matters, particularly complex litigation, will be charged by an hourly rate plus costs incurred.However, we will provide an estimate of the total approximate cost as much as possible.
If I am purchasing or selling a FSBO (For Sale By Owner) Property, why should I hire an attorney to oversee the process?
The purchase or sale of a property involves the negotiation and drafting of real estate contracts often involving large sums of money.And the Standard Agreement of Sale form recommended by the PA Association of Realtors has many hidden pitfalls if you are not extremely familiar with the process.If you are involved in a for-sale-by-owner (FSBO) transaction, you definitely need a real estate lawyer to review the contract BEFORE you sign it and if necessary negotiate more advantageous terms on your behalf.We will also review the title search and attend settlement with you (all for a very reasonable flat fee).
Do I need a lawyer if I have a real estate agent representing me to sell my property?
Most people assume that you do not need a lawyer in addition to real estate agent representing you in the sale of a property.And in many cases that may be true.
However, there are some very important things for you to consider.First of all, make sure you are represented by a Respectable Realtor and not simply a real estate agent.There is a very meaningful difference; Secondly, it is fairly obvious that when you are listing a property for sale then the Listing Contract is the important legal document which governs your relationship.You may want to consult with a lawyer about the terms of that Listing Contract (which believe it or not can be negotiated and changed in a variety of way!).
Do I need a lawyer if I have a real estate agent representing me to buy a property?
One again most people assume that you do not need a lawyer in addition to real estate agent representing you in the sale of a property.And in many cases that may be true.However, there are some very important things for you to consider.First of all, make sure you are represented by a Respectable Realtor and not simply a real estate agent.There is a very meaningful difference (see answer to question above).Second, if you buying a property then you must sign a Buyer Agency Agreement in order to make sure that the RealtorÂ® truly represents only your interests.If you do not sign a Buyer Agency Agreement, then the Realtor is actually a sub-agent for the seller.Third, if you are a buyer and use the same agent or Realtor that is representing the seller, then this is a dual agency situation and involves inherent conflicts of interest.
Finally, real estate agents and Realtors have varying degrees of knowledge and experience when it comes to the negotiation and drafting of contracts, and explaining the legal details of your rights and obligations.If you want to use a friend or family member as your real estate agent or Realtor you might want to consider hiring Karachi Property Management to oversee the process for a small flat fee.
Yes Karachi Property Management represents as both lawyers and Realtors in your real estate transaction?
If you want to utilize Karachi Property Management services as a Realtor then all of transactional legal services during the process are free of charge.We have particular expertise in real estate transactions where there are other legal issues involved such as divorce sales, estate sales, elder care transitions (seniors selling their home and transitioning to an assisted living or nursing care facility), as well as transactions involving real estate investors.
What if I just have a legal question?
If you just have a legal or real estate question and don't feel that a consultation is necessary, please ask Karachi Property Management's Lawyer your question at Wise like.
We specialize in navigating you through the whole process of Conveyancing.That is, we take care of the details each step of the way.We keep you informed by ensuring all other parties (such as agents and banks) are involved in the process.With a broad base of experience, our responsive team offers availability to answer your questions promptly, in plain Urdu & English.
Even if you have not found a property or taken the decision to sell just yet, we are able to assist by providing information and discussing your situation.This may include:
- review of auction contracts;
- answers to preliminary questions;
- an explanation of likely timeframes.
- information on stamp duty exemptions and concessions.
Karachi Property Management of Inamullah Ansari provide processed Conveyancing, resulting in a more efficient conveyance and providing you with a range of benefits including saving you time and allowing fast access to settlement funds.We have assisted clients in buying and selling property in Karachi, throughout Sindh and beyond.
Aspects of Conveyancing in which our experienced Legal Team can assist you include:
- Mortgage finance
- Pre-contract advice
- Plans of subdivision
- Commercial Property
- Real Estate brokerage
- Sales & purchases of residential & commercial properties
At Karachi Property Management of Inamullah Ansari we have an experienced team exclusively dedicated to Conveyancing.Conveyancers are required to undertake professional education each year to keep up to date with legislative changes and enhance their skills.
BEWARE OF DO IT YOURSELF!
If you do your own Conveyancing you are effectively taking on all the responsibility without insurance against making mistakes and this is risky.
Before the Conveyancers or Solicitors starts the work it's important for you to have a realistic idea of how much it will cost.Please ask us for an estimate of the likely costs.
We have the latest technology and can obtain full title searches within the same day and can keep clients, real estate agents and developers informed throughout the process.
What is Conveyancing?
Conveyancing is the legal term for transferring a title (ownership) or interest in property from one party to another.
What we do and how we can we benefit you?
Advice you of any risks associated with you purchase e.g.New Roads
Have you already decided to sell your house? We can give you a prepared Contract of Sale for your real estate agent within 2 days (subject to availability of Certificate of Title).
We will handle your Conveyancing process from start to finish; we will do all the liaising with your agent and keep you up to date along the way.
The Conveyancing Process
The Conveyancing process can involve the following steps:
- Paying the deposit
- Attending settlement
- Assisting you to select an agent
- Arranging payment of stamp duties
- Arranging building and pest inspections
- Perusing and exchanging the contract of sale
- Completing any final checks prior to settlement
- Preparing and perusing the mortgage agreement
- Checking if there are outstanding arrears or land tax obligations
- Calculating adjustments for council and water rates for the settlement
- Examining an owners corporation certificate where there is common property
- Finding out any information that may not have been previously disclosed such as a fence dispute or illegal building work
- Researching if any government authority has a vested interest in the land or if any planned development could affect the property (e.g.local council, Melbourne Water, Roads and Traffic Authority)
In addition to our legal professional fee you will usually be charged for â€˜disbursements' (out of pocket expenses incurred on your behalf).
These can include:
- a title search
- survey report
- valuation fees
- mortgage insurance
- council and water rates
- home building insurance
- registering the mortgage
- establishment of mortgage
- building and pest inspections
- stamp duty and mortgage duty
- certificate fees charged by authorities with responsibility for water, electricity, roads, schools etc.
Our Conveyancing prices are competitive with Conveyancing companies and provide the confidence of having an experienced law firm oversee your transaction.We are also covered by professional indemnity insurance.
As we get older, our needs and concerns for the future change.Enduring guardianship is the appointment of a person to make personal and lifestyle decisions for you when you do not have the capacity to do so yourself.An enduring guardian may assist with decisions about health care, accommodation and other related aged services.
At Karachi Property Management of Inamullah Ansari we understand the significance of this choice and can provide you with the appropriate advice to help you make an informed decision.
We will explain the process for nominating an enduring guardian and assist you in understanding what the appointment involves.We may also assist your guardian to understand their responsibilities and the legal implications of their appointment.
Karachi Property Management of Inamullah Ansari advice to ensure extension of special assistance and due care extended maximum assistance and priority to Senior Citizens disabled and handicapped persons in using their Real Estate Property needs as far as possible in meeting their genuine requirements too in order to alleviate their hardship.
Please call us today to discuss your individual circumstances, so we may assist you in formalizing your plans for the future.
|Wills & Contesting a Will|
â€œIt is better for you to leave your inheritors wealthy than to leave them poor begging others.â€œ Hadith related by Sa'ad bin Abi Waqqas, Bukhari
A will avoids costs and complications for your heirs when you die.Besides providing instructions about gifts of your property-like your home, car, investments and jewelry-you can provide instructions for payment of your debts, selection of an executor for your estate, and appointment of a guardian for your children.Without a will, your property will be distributed according to state law and a court may select an administrator for your estate and a guardian for your minor children.Your lawyer can help you prepare a valid will that minimizes taxes and reduces the time and expense of handling your estate.
Disadvantages of Dying Without A Will
If you don't make a will, you have given up your right to decide who inherits your property.Your property will be distributed according to state law, which might be quite different from what you would have wished.For example, if you are married with minor children, in some states your property will be divided between your spouse and children, even though you might prefer to set aside some property for the care of your elder parents.In most states, your property will be transferred to the state if you die without a will and are not survived by relatives, even though you would have preferred to leave it to a friend or charitable organization.Without a will, you can't disinherit heirs.
If you leave no will, you will lose the opportunity to select a guardian for any minor children and an executor for your estate.Court- appointed administrators and guardians may not be the family member or friend that you would have chosen to handle your affairs.Dying without a will can be costly and may complicate the transfer of your property to your heirs.For example, the estate may have to pay bond premiums if there is no will stating that you don't require executors and guardians to post a bond.In addition, estate administration proceedings without a will may delay transfer of your property to your heirs.
Changing Your Will
You may need to change your will if you move to a new state, marry, divorce, have a child, acquire substantial property, or suffer the loss of a loved one.Tax law changes may also require a will update.Read your will at least once a year to consider changes.You can make the changes by writing a new will or by preparing an amendment to your existing will called a codicil.A new will is best if there are many changes.A codicil may be appropriate for a small change, but it must be made with the same formalities as a new will - crossing-out or writing inserts onto your will might invalidate it.
Appointing an Executor
You should appoint an executor in your will.An executor locates heirs, lists property, pays debts, and distributes property to your heirs.A relative or friend can serve as your executor, but you should consider using a professional executor (such as a bank or trust company) if you have a large or complicated estate.An executor should be someone who is familiar with managing property, financial matters, and record-keeping.Before naming an executor, confirm that the person is willing to serve.Your lawyer can help you select the best executor.As noted above, your will can state that the executor is not required to furnish a bond, thus saving your estate this expense.
Appointing a Guardian
If you have children under 18, you should appoint a guardian in your will.If you and your spouse die at the same time without such an appointment, a court will select a guardian to care for your children and manage their inheritance until they become adults.Your will can create a trust to control the property transferred to your children.
A trust is useful if you are concerned that the children may lack the maturity to handle their inheritance after age 18.Your lawyer can help you to select a guardian and create a trust in your will that protects your children and your wishes.
Keeping Your Will in A Safe Place
Your will should be kept in a safe place so that it can be promptly located when you die.You may wish to have your lawyer keep the original to protect it from damage or loss.Although you are not required to give your executor a copy of the will, you should tell both your executor and a trusted family member where your will is stored.
In addition to ordinary wills that state your wishes for your property when you die, the laws of some states permit living wills that instruct your doctors to withhold life support equipment while you are alive.A living will is important if you become comatose with no hope of regaining consciousness.
Your living will should be written in a document separate from your ordinary will and should re-sign and re-date it every few years to comply with your state law and to reaffirm your preferences.Give a copy of your living will to your doctors and to a close family member.Your lawyer can help you write a living will and advise you about re-signing it every few years to keep it valid.
Making Your Funeral Arrangements
You may include instructions for your funeral arrangements in your will.However, you may wish to put these instructions in a separate letter.Give a copy of the instructions to your executor or a family member or friend to avoid delays when you die.You can also include instructions about gifts of your body organs to hospitals for research or transplants.Such instructions for gifts of body organs can be noted on your driver's license or a separate donor card that you can carry in your wallet.
Reducing the Taxes on Your Estate
Federal and state taxes may be deducted from your property before it is transferred to your heirs.A federal estate tax applies if the value of your property exceeds 5,000,000.In addition, most states impose inheritance tax.Your lawyer can help you prepare an estate plan that will reduce these taxes.For example, your lawyer may suggest that you make gifts before you die to reduce taxes, hold property in joint tenancy with your spouse or heirs, or use a trust arrangement.Your lawyer can also help you shift the tax responsibility among theirs if you would like some of them to receive their shares without being taxed on it.
Reducing Probate Costs
Probate costs include court fees, bond premiums and the fees of professionals who assist your executor with the administration of your estate.Your lawyer can help you reduce probate costs with estate planning tools like joint ownership, living trusts, lifetime gifts, and business recapitalizations.For example, your lawyer can prepare a living trust in which you appoint a trustee to distribute your property when you die.Some estate planning tools can help you reduce probate costs, but they may not lower your estate taxes.
Preparing Your Will with A Lawyer
Your lawyer can help you draft your will and explain the tax consequences.Your lawyer can also help you comply with the detailed requirements for a valid will, see that your property is distributed as you wish, and reduce estate taxes and probate costs.The legal fees are usually well spent and often less than the added costs and taxes that would result from dying without a will.
You should have a will if you own any property - a home, a car, bank accounts, stocks and bonds, retirement benefits, jewelry, clothing, household goods, and so on.A will lets you distribute your property as you want with a minimum of costs and taxes.It is an opportunity to select an executor for your estate, a guardian for your children, establish trusts and dispense with costly bonds.If you don't have a will, ask your lawyer about drafting one without delay.
CHECKLIST FOR WILLS
Estate Planning Tools
- Living Trusts
- Lifetime Gifts
- Joint Tenancy
- Business Recapitalizations
Selecting Your Heirs
- Other Relatives
- Charitable Organizations
Identifying Your Debts and Liabilities
- Credit Cards
- Home Mortgages
Listing Your Property And The Heirs To Receive It
- Bank Accounts
- Rental property
- Stocks and bonds
- Automobiles and Boats
- Home and Household Goods
- Computers and Electronic Equipment
Making a Will is an extremely important task but one that many people put off.If you don't have a Will it is possible that your affairs may be finalized and your assets distributed in a way that you don't want, causing unnecessary issues for those left behind.
At Karachi Property Management we understand the importance of planning properly for your family and loved ones' futures and will take a personalized approach that is specific to your circumstances.We take the time to assess your current situation, understand your intentions, and explain in plain language the different outcomes to be considered.We work with you each step of the way to ensure that your needs are met and that your assets are appropriately protected against claims or disputes.Our expertise in estate planning ensures everything is discussed and considered when drafting legal documents to protect your wealth.We provide a tailored, personalized and sincere approach to the long term provision of loved ones.Talk to one of our experienced team about how we can assist you in leaving your legacy the way you want to.
|Wills, Trusts & Probate.|
We understand that when there has been a death in the family it is a sad and stressful time.Karachi Property Management Lawyer's Wills, Trusts and Probate team are highly trained with many years' experience and will help you through this emotional time.We are always there to help, handling things with professionalism, care and sympathy.Our dedicated probate team work to administer any will as quickly and efficiently as possible, explaining the process to you every step of the way; our Wills, Trusts and Probate Solicitors will be in touch with you.Should you need the authority to handle someone else's affairs, in the event that they are unable to do it themselves, we can offer advice and assistance with powers of attorney.
Wills and Tax Planning
If you haven't already made a will, or if yours has become outdated due to a change in your circumstances, for example marriage, separation or parenthood, speak to us today.Without a Will, the law dictates what happens to your estate in the event of your death, and this may not reflect your wishes.This could leave your loved ones in a difficult position at what is already a stressful time.It is particularly important for unmarried couples to make wills as this is the only way to ensure proper provision for each other on death.
There can, on occasions, be disputes concerning a will.Our wills and probate solicitors understand how distressing this time can be and we work with sensitivity and care during such times.If you wish to discuss a disputed will matter and we will explain the process in plain English and provide support and assistance during this difficult time.
â€œWe are happy to visit you @ your home or in hospital if you are unable to attend our Corporate Headquarters & Consulting Chambersâ€.
Karachi Property Management friendly, helpful staff can offer expert advice on making your will, with sound financial recommendations to limit or avoid inheritance tax.We offer a fixed price with free quotation, so if you haven't made your will yet, why put it off any longer.
Practicality in Practice
- Will Contests
- Trust Litigation
- Personal Injury
- Asset Ownership Disputes
- Claims against Fiduciaries
- Guardians and Conservators
- Out-of-State Representation
- Debtors, Creditors and Probate
- Resolving Competency Disputes
- Business and Partnership Issues
WHAT HAPPENS WHEN THE FAMILY CAN'T GET ALONG?
How to Spot, Avoid and Address Family Disputes and Related Legal Problems That Effect Seniors.Many people believe that once someone signs a Power of Attorney, for either health care or financial decisions, or a Patient Advocate Designation, then all control has been surrendered to the person designated to make decisions (called the Attorney-in-Fact or Agent).They feel that the rest of the family has no choice but to step aside.In reality, the appointment of an Attorney-in-Fact or Agent is often just the beginning.
First, a Power of Attorney or Patient Advocate Designation is only valid if it was executed in compliance with law.This means that it must be in writing, and properly dated, and met certain other legal requirements.
Second, and often more importantly, the person signing the document must have been legally competent at the time of execution.The test for legal competence is whether the person is of "sufficient mind to understand in a reasonable manner the nature and effect of the act in which the person is engaged."
Third, even when dealing with a valid Power of Attorney or Patient Advocate Designation, the Attorney-in-Fact, or Agent, has a fiduciary duty to act in the best interests of the principal.For health care decisions, this means deciding on where to live and whom to provide care.These decisions should be based on what is best for the person in need of care, not what is most convenient for the Attorney-in-Fact.Often Agents want to make these decisions based on what will maximize their inheritance or what is easiest for them.This does not meet the Agent's fiduciary obligation!
When families do not get along, visitation problems often arise.Sometimes, an Agent-in-Fact does not want family members to spend time with their elderly parent or other loved one.Other times, there is complete isolation.These are often warning signs of abuse.Families should never passively accept these situations.
Other times, visitations are restricted for legitimate reasons, such as when another family member is verbally abusive or aggressive towards the elderly person.Disputes frequently begin around visitation issues, especially in second marriage situations and families who have unresolved sibling rivalries.Legally, the key always is what is in the best interests of the vulnerable adult.Frequent visits by loving and caring family members are usually in their best interests.
For financial decisions, the legal duty requires the Attorney-in-Fact to, at the very least, refrain from self-dealing.Although no Case laws have definitively addressed it, such an Agent-in-Fact must likely conform to prudent investor rule.This means that he or she must â€œinvest and manage assets held in a fiduciary capacity as a prudent investor wouldâ€ based on the terms of the governing document and the circumstances.
If you ever have doubts about whether a certain investment is appropriate, have it reviewed by a disinterested financial planner experienced in working with seniors, or an elder law attorney knowledgeable about spotting unsuitable investments.What do you do if you believe that a Power of Attorney or Patient Advocate Designation is being abused, or that a vulnerable adult's best interests are not being protected, either financially or otherwise? There are several options.One is to talk to the family member you have concerns about.Sometimes, simply opening a dialogue can clear up misunderstandings.A second option is to file a complaint with adult protective services.Unfortunately, this approach usually does not work except in cases of extreme abuse, neglect or exploitation.
The best options are to either consult with an attorney experienced in dealing with issues of this nature, or to seek guardianship and / or conservatorship in Probate Court.
If you need support administrating an estate and you aren't sure what to do, let Karachi Property Management give you the answers.
|Probate Law and Legal Resources!|
When a person dies, whether or not a will exists, the property and other assets obtained over the course of life must be liquidated and distributed.Legal title must be established for heirs and beneficiaries.This process is handled in the probate court.
Proceedings in probate court determine if a will is valid, collects and preserves the assets of the deceased, pays from the estate all expenses and outstanding debts and distributes the remaining assets to heirs.If a will does not exist, the court determines the legal heirs.
Probate is complicated, even for small estates, and the help of an Attorney experienced in probate law and procedures is vital, particularly if heirs or creditors challenge the will.
Estates vary and so does the settlement of estates.An administrator of an estate, often a family member or trusted friend, will need the assistance of a Probate Attorney to ensure adherence to the will and applicable probate laws.
If the deceased person did not leave a will, most states require a Probate Attorney's participation.
What Does a Probate Attorney Do!
Your Probate Attorney can explain the procedures and laws involved and protect your interest, the wishes of the deceased, and prepare for formal probate court proceedings.
A Probate Attorney can also represent minors and mentally incapacitated heirs in the distribution of assets.
Your Probate Attorney may or may not be the estate's administrator.Either way, your probate attorney will!
- Notify creditors about death and probate proceedings;
- File the will and death certificate with the probation court;
- Collect the information necessary to file the various required documents, such as releasing probate money held in banks or financial portfolios.
Other duty of the administrator, who is responsible for the distribution of assets, depends upon the nature of the assets and estate planning strategies in place.If disputes arise among the heirs or creditors, the administration of the estate can be delayed, resulting in financial penalties.A probate attorney can prevent a penalty or advise the estate's administrator how to proceed.
Probate lawyers deal with the legal process during which the will is validated; the assets of the deceased are inventoried; and all debts, creditor claims (including applicable lawsuits) and taxes are paid.
If you have legal issues pertaining to the probate process or wish to contest a will, it's wise to retain us being probate lawyer who is well versed with the laws in your area.
|Shariah and Estate Planning|
Islamic societies are generally what we call may will fewer societies.Traditionally, Islamic nations do not require a will for the disposition of property upon one's death.Shariah mandates the shares of each heir, payment of debts, and obligations and the general distribution of the estate.In the event an individual has left behind a will, he or she is only entitled to devise one-third of his or her estate after the payment of the debts and obligations, as he or she wishes.The remaining two-thirds shall be distributed according to the mandates of Shariah.However, should the heirs choose to comply with the terms of the will, they are certainly free to do so.
However, more and more Muslims are now realizing the importance and necessity of having a will in place.As such, the concept of documenting the disposition of one's assets is a fairly new concept for Muslims @ large.
Estate planning encompasses the accumulation, conservation, preservation, and transfer of an estate through planning and implementation of an estate plan.The overall purpose of the estate planning process is to develop a plan that will maintain the financial security of individuals and their families.
Estate planning has come to include and mean lifetime planning that leads to creation, conservation and transfer of assets.Estate planning should also facilitate the intended and orderly transfer of property at death, taking into consideration the family unit and the potential costs of different methods.
Estate planning activities could include the following functions appropriate to the applicant's respective disciplines:
- Succession planning
- Designing estate plans
- Charitable gifting planning
- Business succession planning
- Preparing fiduciary accountings
- Administering estates and trusts
- Retirement distribution planning
- Preparing estate and gift tax returns
- Drafting estate planning documents
- Preparing fiduciary income tax returns
- Probating wills & administering estates
- Life settlements of life insurance policies
- Designing qualified and non-qualified retirement plans
- Proposing life insurance solutions consistent with estate plans
- Developing strategies to minimize potential estate and gift taxes
- Analyzing existing life insurance coverage for continuing relevance
- Education requirement to maintain the designation in active status
- Analyzing proposed transactions for estate and gift tax implications
- Developing programs to conserve assets during lifetime and at death
- or business succession planning that would qualify for the continuing
- Facilitating, conducting, teaching, and/or moderating seminars, workshops, and
- Teaching courses in estate planning; estate, gift and/or generation-skipping taxes; or
- Attending estate planning council meetings and other estate planning educational events
- Business succession planning by a full time professor at a college, university or School of law
- Continuing education programs in estate planning; estate, gift and/or generation skipping taxes
TRUSTS & ESTATE PLANNING
Our Trusts & Estate Planning Practice involves all aspects of estate, gift and income tax planning for lifetime and postmortem transfers.Our clients, with whom we build lasting relationships, include individuals, families, entrepreneurs and businesses requiring sophisticated tax and financial planning.
We are experts at structuring plans that provide for the lifetime and postmortem transfer and management of assets.This planning process typically involves financial projections and an analysis of the income tax, gift tax, and estate tax consequences of transfers.Our attorneys have decades of experience designing creative, effective plans and drafting the appropriate documentation to implement them.More sophisticated plans often include generation-skipping transfers, or transfers with a charitable component, and involve the use of grantor-retained annuity trusts, qualified personal residence trusts, family limited partnerships or limited liability companies.
We are actively involved in the settlement of estates on behalf of attorneys, other professionals or family members who are named as executors or administrators.We advise fiduciaries concerning the identification, valuation, taxation and disposition of a wide variety of probate and non-probate assets, and in the preparation of estate tax returns required by federal and state tax authorities.Our attorneys assist with the disposition of assets, including real estate; the settlement of claims against estates; and the funding of the various components of more complicated plans.
Our attorneys are often requested by clients to serve as executors and trustees.Because of these fiduciary relationships, our firm has a long tradition of managing assets and providing tax and financial advice to fiduciaries and beneficiaries.
We have successfully represented corporations, professional fiduciaries, financial institutions, charitable organizations and individuals in all aspects of trusts and estates litigation, risk management, and federal and state tax litigation.
Our primary focus is to avoid litigation, but when litigation is necessary to protect the interests of our clients, we use our considerable capabilities and resources to devise effective litigation strategies.
Our fiduciary, tax and financial expertise enables us to negotiate and craft sophisticated settlements that are acceptable to all parties.If advantageous settlement is not possible, our experienced trial lawyers successfully challenge or defend fiduciary decisions and actions.
We also advise nonprofit organizations and other institutional clients on tax, fiduciary and investment management issues.
10-Steps for Developing and Implementing an Estate Plan
Every attorney has his or her own style and system for developing and implementing an estate plan, but that doesn't mean there are no commonalities.In fact, there are certain considerations and practices that are common to the estate planning process for most attorneys.For those of you new to estate planning practice-and those who want to confirm they aren't missing anything-here are the first five of the 10 steps of this common procedure for developing an estate plan and putting it into place.
Step 1: Initial Contact. The initial contact is often when a potential client contacts the attorney to see whether he or she can handle the client's estate planning.Get enough information about the client in this contact to ensure that the engagement presents no conflicts of interest with other clients (see Step 2).Also discuss the nature of the proposed engagement and any timing issues to determine whether you can take on the matter.This is a good time to discuss your attorney fees and to get basic personal information about the client.You may want to set a time for the initial client meeting (see Step 4) during this initial contact.
Step 2: Conflict Search. Run a conflicts check on the names of the client and his or her immediate family members, as well as any business entities the client controls before receiving any sensitive information.Evaluate any existing or potential conflicts and obtain any necessary letters from the new client and existing client consenting to the engagement or from family members when more than one family member will be represented.This is especially true when representing a married couple or domestic partners, because you'll want to get a signed waiver of the potential conflicts of interest from each of them, and their agreement that anything either of them tells you isn't treated as confidential as between them.
Step 3: First Written Communication. After the initial contact and conflicts check, and the resolution of any potential conflicts with your existing or former clients, follow up with a written communication to the prospective client.The first written contact might include an engagement letter, a questionnaire, and educational materials (i.e., materials summarizing estate planning issues).
Step 4: Initial Meeting. The initial meeting between you and the client may be the only time for a lengthy, free-ranging discussion, so it's important to maximize this opportunity.If the clients are married or domestic partners, both should attend the initial meeting if possible.Among other things, the discussion can provide the means to explore!
- make an assessment of the client's competence;
- the client's philanthropic intent, to determine whether any charitable gifts are appropriate;
- the nature of the client's relationships with various family members or specific medical issues that may affect the client's planning needs;
- the client's thoughts about his or her business, such as its economic viability and future prospects in the event of the client's death or disability.
Step 5: Formulating a Plan. You may be able to provide the client with a proposed estate plan at the initial meeting and discuss its various details.On the other hand, you may need to become more familiar with the information provided by the client, perform research, or simply spend some time in reflection before forming a comprehensive plan proposal.If the proposed plan is complex and its nature was not substantially determined at the initial meeting, you may want to send a letter to the client outlining the plan before drafting the documents.Always get the client's approval of the proposed plan and obtain any needed additional information or decisions by the client before beginning to draft the plan documents.
Step 6: Typical Documents. Once you have enough information and have formulated the estate plan, you're ready to prepare the plan documents.The typical estate plan centers on a will or a revocable trust instrument that contains the basic dispositive provisions of the client's estate plan.The instrument should name the client's desired fiduciaries and may set out investment directives, make outright bequests, exercise powers of appointment, and establish ongoing trusts that may continue after the client's death.If a goal of the plan is to minimize transfer taxes, the will or trust instrument also should contain certain tax-saving or tax-deferral provisions.In addition, your client may be well served by an advance health care directive and power of attorney for financial management and personal care decisions.Make sure to review with the client all beneficiary designations for retirement plans, life insurance, and pay-on-death accounts.
Step 7: Producing and Transmitting Documents. Ensure that you have created consistent policies and procedures in your office with respect to the production and transmission of documents.Covered issues should include
- drafting, i.e., creating documents that are a clear expression of the client's objectives and intent;
- delay, i.e., making sure that information is current if there has been a delay in preparing the documents.
- production, i.e., making sure that forms used are current and the resulting documents are analyzed and reviewed before being sent to the client
Step 8: Executing Documents. Make sure to have an established office procedure for executing documents.You may require that documents be signed in your office, so you can more easily make any last-minute changes and supervise the necessary testamentary formalities, particularly with respect to the client's will.If documents are sent to the client to be signed, include written instructions on how they should be executed.
Step 9: Processing Documents, Transferring Title to Assets, and Other Implementation Tasks. Once the will and other instruments have been executed, it's common to feel that the engagement is completed.This usually is not true, however.The following tasks must still be accomplished:
- The original, executed instruments should be copied, bound (if desired), and put into a safe storage facility.
- Title to assets and beneficiary designations for life insurance policies, retirement plan benefits, and pay-on-death accounts should be changed, if necessary.
- If a revocable trust has been created, title to all of the appropriate assets should be transferred to the trust; if done by the client, provide adequate instructions.
- If an irrevocable trust has been created, it may be necessary to obtain a taxpayer identification number for the trust and make sure that any necessary appraisals of transferred property values are obtained and fiduciary income and gift tax returns are properly filed.
- If any business entities have been created, or interests in them transferred, the entity's governing documents and share register should be drafted or amended to reflect the transactions and appropriate documents should be filed with government agencies.
- If real property is transferred or title is changed for any reason, deeds must be recorded and real property preliminary change-in-ownership reports and parent/child property tax exemption forms (if applicable) must be filed with the county recorder or assessor.
- If Crummey trusts (An estate planning technique that can be employed to take advantage of the gift tax exclusion when transferring money and/or assets to another person, while placing limitations on when the recipient can access the money.A Crummey trust allows a parent to make lifetime gifts to his or her children, free from gift or estate taxes as long as the amount is equal to or less than the permitted amount/year), while protecting the money in a trust.With the Crummey trust, the family can continue making the annual gift while placing the money in a protected fund that the child cannot access until a specified age) are created, power-of-withdrawal letters should be sent to trust beneficiaries and acknowledged by them or their representatives.
Step 10: Final Communication to Client. Communicate with the client once more in writing after you've completed implementation of the plan.This final communication should include directions about safekeeping of the original documents, instructions on title transfers, recommendations for future review, and documentation of disengagement.
|Trusts & Estates|
With more than 24 years of combined legal experience, M&A professionals provide full panoply of Private Wealth Planning services to assist our clients in attaining their wealth transfer and estate planning both domestic and international.Our group offers integrated income and transfer tax advice taking into account the constant and projected changes in tax and state laws affecting our clients' planning.
Our attorneys counsel clients in every single aspect of trusts and estate planning, ranging from the preparation of traditional wills and revocable trusts to more complicated planning, such as family limited partnerships, sales to intentionally defective irrevocable trusts and business succession planning.
Most common areas of estate planning matters include lifetime gift programs, charitable split interest trusts, off-shore trusts, private foundations, grantor retained annuity trusts, generation-skipping transfer tax planning and life insurance planning, including irrevocable life insurance trusts and split dollar arrangements.We also engage in all aspects of probate and trust administration, both domiciliary and ancillary.
In addition to the administration process, tax-related activities for estates regularly include the preparation of estate tax and income tax returns, representation in estate tax controversies, and a full range of post-mortem planning (including qualified disclaimers and the use of the credit for tax on prior transfers), probate and trust litigation for corporate and individual fiduciaries, charitable organizations, individuals and family businesses among other related services.
International Estate Planning
We offer services to non-citizens and non-resident alien individuals to assist them in structuring an estate and business succession plan that addresses the unique tax rules applicable to them.Our attorneys provide wide-ranging services in the area of international estate planning:
- Foreign trusts;
- Foreign business entitiesÂ
- Pre-immigration planning
- Domestic wills for non-citizens.
Probate Administration and Fiduciary Litigation
We offer advice in trust law and estate law litigation in connection with issues arising from the following!
- Duties of loyalty;
- Duties of delegation;
- Duties of impartiality;
- Duties to administer a trust;
- Duties with respect to co-trustees;
- Duties to segregate trust property;
- Duties to report and account to beneficiaries;
- Duties with respect to trust investment and administration;
- Duties of successor trustee with respect to acts of predecessor;
- Duties regarding claims and actions against estates and trusts;
Remedies for breach of trust and self-dealing;
- Undue influence.
- Negligent conduct by a fiduciary;
- Incapacity or lack of competence;
- Fraudulent conduct by a fiduciary.
|Divorce and Estate Planning Attorneys|
We do not profess to provide the whole range of legal services to our clients.We know what we are good at and we practice exclusively in these areas.Our specialty areas of practice are:
- Commercial Litigation
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Advocate Inamullah Ansari is a founding member of Karachi Property Management, a dedicated & integrated law firm with a practice limited to commercial real estate transactions and financing.He has a wealth of experience in working on complex, mixed-use developments, often involving condominium structures.He enjoys the challenge of working with unusual sites and negotiating business solutions.
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Karachi Property Management Real Estate Attorneys have structured and documented numerous purchases and sales of real property, including seller-financed and multi-party transactions and tax deferred exchanges.These transactions have involved many diverse types of properties nationally and globally, including commercial and industrial buildings, shopping centers, apartment buildings, condominium developments and income properties, as well as hotels, motels, restaurants, hospitals and medical buildings.Our Firm's involvement often entails all aspects of the transaction, from the initial negotiation and preparation of documents through the financing, construction, syndication and closing phases.
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