Planning Operating Expenses into Your Wills and Trusts Administration in Montgomery and Prince George’s Counties

When working with a wills and trusts administration lawyer here in Montgomery or Prince George’s County, there are certain things you probably already have in mind.  For example, you may want to set up trusts to avoid tax pitfalls or to create a will, which clearly outlines what is to happen to your property upon … Read more

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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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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The Basics of Estate Planning – Part V

4 Documents Every Parent With Minor Children Should Have

Welcome to the last installment of my five-part series, The Basics of Estate Planning. In part I, we defined estate planning and provided examples of what could happen to you if die without an estate plan. In part II, we discussed Wills, the advantages and disadvantages of having a Will as part of your estate plan, and we also discussed what you should consider before making a Will. In part III, we discussed Trusts and the advantages and disadvantages of having a Trust as part of your estate plan. We also discussed how to determine if a Will or a Trust is right for you. In part IV, we discussed the different types of power of attorney. Review parts I-IV on my blog. This last installment will focus on guardianship planning for minor children.

If you have minor children, then you need a comprehensive guardianship plan to ensure your children will always be taken care of if something happens to you and your spouse, if you are married.

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4 Mistakes to Avoid When Choosing A Guardian

familyWhen you have minor children, you should always name temporary (short-term) and permanent (long-term) guardians.

A temporary or short-term guardian is someone (or a couple) who will immediately be there for your children if anything happens to you. For example, if you are in a car accident, your temporary guardian will care for your children until you are able to do so. Your temporary guardian should be someone who lives nearby, within 20 minutes or so.

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