Estate Plan

Working With An Wills and Estates Lawyer To Leave Behind an Intangible Legacy

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When it comes to leaving an inheritance for our children, many parents automatically think of leaving cash, properties and life insurance proceeds behind.  But for kids who find themselves devastated after the loss of a parent, it’s often intangible assets that carry the most value and provide deep comfort during such a difficult time. These … Read more

How Your Bethesda or Largo Estate Planning Attorney Can Help Protect Intergenerational Wealth Transfers

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A recent article on Forbes.com took a look into the surprisingly high rate at which intergenerational wealth transfers fail.  This is undoubtedly a major issue of consideration for estate planning attorneys in Bethesda and Largo and beyond.  Our goal is for your wishes to be followed both in specific and in the spirit of your intentions.  So, if transfers are failing, it makes sense to examine why and learn how to avoid these issues in the future.

According to research done by Roy Williams and Vic Preisser, intergenerational wealth transfers fail a staggering 70% of the time! The main factor in the failures was that the families themselves did not implement any post-transition planning.  That is to say, the heirs were never prepared to take on the privileges and responsibilities of inheriting the family’s wealth.

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Who Will Pay for Your Long Term Care?

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Many people approach estate planning attorneys to determine how their assets will be divided among survivors after their death.  Unfortunately, a huge number of them don’t take into consideration the high likelihood of long term care.  Elder law attorneys in Bethesda and Largo see this situation come up time and again, and it is important to educate clients on the options they have available.

First of all, long term care is a very likely scenario.  People are now living longer than they ever have before.  This can be a great thing, but it also means that the period of time in which we cannot fully care for ourselves may be longer, too.  More and more people find that they truly need some form of long term care.  In some cases, this can be handled through an in-home healthcare worker rather than in a nursing home, but even that is expensive.

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Using Online Tools to Set Up Wills and Trusts In Maryland

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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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Physicians Should Consider Asset Protection Planning with a Bethesda or Largo Estate Planning Attorney

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As medical malpractice claims continue to rise in the U.S., more physicians than ever are turning to asset protection strategies to help them avoid financial catastrophe in the face of a malpractice lawsuit.

While nearly every physician is at risk for a lawsuit, there are some doctors who experience legal claims more than most.  Three of the most at-risk medical professions for lawsuits include obstetrics, neurosurgery, and radiology.

The reasons for the high percentage of medical claims in these fields are varied and complicated, but it often boils down to the rate of risk associated with these areas, rather than with lack of skill or professionalism on the part of the physician.  Of course, there is the case of frivolous lawsuits as well.

Whether a lawsuit against a physician is well-founded or not, it can still cost an incredible amount of time, effort, and money.  While it may help to reevaluate laws regarding malpractice litigation, there are more immediate things that doctors can do to protect themselves, and their personal assets, if a lawsuit is filed.

Traditionally, physicians have attempted to protect their assets by setting up living trusts and even placing their property in another person’s name. Now, however, physicians may find the asset protection vehicle they are looking for in a Family Limited Partnership.

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

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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

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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?

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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!

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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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