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:
Unfortunately, this final criterion isn’t always met in traditional wills and trusts.
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.
If you’re thinking about having a prenup drawn up before you tie the knot in Montgomery or Prince George’s County, you may want to find an attorney who focuses on estate planning, too. Perhaps surprisingly to some, a prenuptial agreement can be a key piece of estate planning documentation. Many couples in Bethesda and Upper Marlboro see the importance of creating a binding prenuptial agreement to protect their assets and plan for their future.
Today, blended families are far from unusual. During the newlywed planning phase, the couple needs to consider what happens to “yours, mine, and ours” in the event of divorce, as well as death. You may each have certain items or financial support that you want designated specifically for your own biological children, and a prenup in combination with estate planning documents is used to make these wishes known.
As a Maryland estate planning attorney, I meet with many people who do not know if they need a will, a trust or both. So, how do you know if you need a Trust instead of a simple Will? Many people assume that Revocable Living Trusts are only for the wealthy, but Revocable Living Trusts … Read more
Couples who choose to marry later in life have different concerns from those marrying earlier, and a good Bethesda estate planning lawyer can help you make the right decisions for your circumstances. Each situation is a little different, but there are some fairly common topics that should be considered:
When it comes to estate planning in Maryland, there are many misconceptions. Over the years, I have noticed some common themes in the way some people think about Trusts. In this post, I will discuss 5 common misconceptions I regularly encounter when helping people in Bethesda and Upper Marlboro get their financial affairs in order.
Misconception #1: Revocable Living Trusts are only for large estates. No. Revocable Living Trusts are for anyone who wants to avoid costly conservatorship and probate proceedings. In appropriate cases, people with small estates can benefit from a Revocable Living Trust. People with larger estates can benefit even more.
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In some circles, “probate” almost feels like a dirty word. There are plenty of reasons that a person may prefer to skip the probate process, when possible, but it is a fact of wills and trust administration. The details of probate can vary somewhat from place to place. For example, probate in California will likely be different from probate in Maryland. There are such differences, in fact, that separate proceedings are necessary for an individual with estates in both states. This means that involving a probate lawyer from Bethesda is usually the best choice for those who are local.
Many clients who seek out estate planning in Bethesda and Upper Marlboro have concerns when it comes to caring for their pets. After all, our pets rely on us for everything, although we all know that we gain so much in return. When engaging in estate planning with an attorney, you likely want to ensure that your steadfast companion is well cared for after your passing.
One approach is to actually set up a Pet Trust. This type of trust is created here in Maryland specifically to take care of your special companion animal or animals when you are no longer able to do so. When setting up a pet trust, your attorney will ask you to make a few considerations:
When it comes to estate planning in Maryland, there are many misconceptions. Over the years, I have noticed some common themes in the way some people think about Wills. In this post, I will discuss 4 common misconceptions I regularly encounter when helping people in Bethesda and Upper Marlboro get their financial affairs in order.
Misconception #1: A Will avoids probate. No. A Will is the primary tool of the probate system. Your Will is like a letter to the Court telling the Court how you want your property distributed. Then you must make sure that you prove to the Court that all your property is collected and appraised, and all your bills and taxes are paid, before your property can be distributed to your heirs.