Using Online Tools to Set Up Wills and Trusts In Maryland

If you are beginning to think about how to manage your estate in the event that you become disabled or die, it may be tempting to turn to some of the many tools available online.  Skilled wills and trusts lawyers will almost always advise against this, and it’s not because they’re trying to get your money.

While it’s possible that some online estate planning tools can work for your situation, it’s much more likely that you’ll end up trying to force your situation to fit their cookie-cutter approach.  The end result is that no one truly gets what they need or want.

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Working with an Estate Planning Attorney to Secure Your Children’s Financial Future

One of the most important aspects of estate planning is the overall effect it will have on an individual’s or couple’s children.  Whether these are minor children who will need a guardian or adult children who are already on their own, the need for financial planning exists.  A good estate planning attorney in Bethesda or Largo can help you determine what needs there are and how best to go about meeting them.  It’s possible that creating a trust will be the right path for you.

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Tips for Paying Your Grandchild’s College Tuition

The increasing cost of college tuition has sent many people turning to their estate planning attorneys to discover the most strategic, tax-friendly ways to meet their children or grandchildren’s future education needs.

It’s well known that Ivy League schools can cost over $50,000 a year, while state university programs can cost up to $25,000, with prices projected to climb. Add to the mix the cost of graduate degrees and it’s very likely today’s college student will leave school with a six-figure mess on their hands.

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Do You Need A Trust Attorney With All The Online Options Available?

Trust lawyers are well aware of the variety of online estate planning tools available to those in Bethesda and Largo and beyond. The variety of products available can create a false sense of security, however, when an individual believes he or she has made adequate plans for the estate. Recent Consumer Reports findings determined that … Read more

Don’t Let Another Year Pass Without Naming Guardians For Your Kids!

If you’re making New Years resolutions this year and still have minor children at home, don’t forget to add naming legal guardians to the list!

Statistics show that 69% of parents do not have legal guardians named who can raise their kids if something tragic happens to them.  Many assume a family member would step in, or that they can simply “tell” someone about their guardianship wishes, but unfortunately, our legal system does not work that way.

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Elder Law Attorney’s Advice on Helping Parents Create an Estate Plan

In Maryland, just as everywhere else in the nation, there is a tendency for people to put off estate planning.  Elder law attorneys recognize that there are multiple factors that lead people to procrastinate when it comes to the process.

One of the biggest factors, of course, is that most people don’t want to consider their own mortality, and estate planning forces you to do just that.  When it comes to adult children, we are just as guilty of not wanting to think about the inevitability of losing our parents, and therefore, we choose not to push them.

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Maryland Estates Lawyer Explains The Importance of Creating a Will Now

As a wills and trusts lawyer in Bethesda and Upper Marlboro, it’s easy to see why so many people put off writing their will.  After all, no one really wants to think about their own death, let alone prepare for it.  In reality, though, preparing by creating a will is exactly what we should all be doing.  There are plenty of reasons to consider, and any reputable wills and trusts lawyer will be able to go through the list with you to ensure that you are protecting your assets and the people you love.

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Bethesda and Upper Marlboro Estate Planning Can Help You Make Medical Decisions for Your Same-Sex Partner

While some states have enacted marriage equality laws, others are not offering the same rights and privileges to same-sex couples.  In either situation, however, most estate planning lawyers can tell you that there are still important steps to take to protect your right to make medical decisions for your partner.  In Maryland, as in other places, it all starts with a power of attorney.

A medical power of attorney is used to specifically name the person who can make your medical decisions when you are unable.  Sometimes this document may be referred to as a health care proxy.  By naming your same-sex partner, you are providing him or her with the legal rights needed to step up and make those choices.  In cases where a power of attorney for healthcare has not been created, it’s not unheard of for the same-sex partner to be barred from the room while the patient’s parents or siblings are given the responsibility of making medical decisions.

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How You Can Work With A Bethesda or Upper Marlboro Elder Law Attorney to Shield Your Assets From Nursing Home Costs

Many Bethesda and Upper Marlboro seniors are making strides toward estate planning by working with their elder law attorneys to set up what they believe are the appropriate wills and trusts.  The goals with this type of planning are most commonly to:

  • avoid probate,
  • make decisions regarding trust administration,
  • and—most importantly—to protect your assets for your heirs.

Unfortunately, this final criterion isn’t always met in traditional wills and trusts.

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Maryland Asset Protection Lawyer Explains How to Shield Your Investment Properties Using Multiple LLC’s

As an asset protection lawyer in Bethesda and Upper Marlboro, I find that sometimes it makes sense to advise clients to create multiple LLCs when they own more than one investment property. While it might seem more convenient to simply set up one LLC for all of your properties, you can maximize your asset protection by putting each into its own limited liability company. This LLC should not include any business activity that is not directly related to that particular investment property.

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