asset protection

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

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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

How to Start Conversations with Your Aging Parents

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There are several aspects of estate planning in Maryland that are less than fun, and that means that a lot of people choose to put the process off indefinitely.  There’s the need to gather a lot of documentation together, pay for an estate planning attorney, and not insignificantly, to contemplate one’s own death.  Adult children … Read more

When Mental Decline Derails Your Estate Plan

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Wills and trust attorneys in Upper Marlboro, Prince George’s County, can tell you that there is little as frustrating (and potentially devastating!) as someone who waits until it’s “too late” to start the estate planning process.  Mental decline is a common part of aging, and it is an unfortunate fact that when this decline starts … Read more

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

Be Organized and Ready When Meeting With Your Trust and Estates Attorney

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To better streamline the Maryland estate planning process, it can be incredibly helpful to do a bit of organizing before meeting with your attorney.

This allows you to feel confident in what you’re doing, as well as minimize the time spent on the task at hand.  Both you and your lawyer will benefit from clear, concise communication, and if anything is missing, it will be considerably easier to discover and remedy the situation up front.  A Bethesda or Largo trust and estates lawyer would advise you to consider all of these things in preparation for your meeting.

First, compile a list of your assets and liabilities.  Doing this in advance, rather than waiting to be directed by your estate planning lawyer can save a fair amount of time.  Again, if you’ve overlooked something, the attorney will likely be able to point it out, but you won’t have to go through the basics during your consultation time.  Some of the assets and liabilities you’ll want to include are:

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Your Trusts and Estates Attorney Can Help Plan for Your Religious Needs

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When it comes to estate planning, most of us are aware of the common things we need to discuss with our attorney.  There are so many financial concerns, legal concerns, and even personal concerns regarding a person’s inheritance and other desires.

However, when it comes down to honoring our deepest religious or spiritual desires, many people overlook the necessity of incorporating such wishes into their estate.  When religion plays an important role in someone’s life, it makes sense that it would also be important in the legacy they leave behind.

Many estate planning attorneys don’t necessarily focus a lot of their expertise on the religious aspects of planning, which makes sense.  After all, there are so many religions that it would be impossible for one attorney to be well versed in them all.  However, if there are religious preferences you would like to see incorporated into your estate plan, a skilled attorney can help you legally document the wishes of your faith.

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4 Reasons You Need a Will Now, According to a Bethesda and Largo Wills and Estates Lawyer

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Of course it makes sense that a wills and estates attorney would tell you to create a will, right?  Our job is to help people plan for what will happen to their estates once they’re gone.  But, having been involved in estate planning in Bethesda and Largo for such a long time, it’s clear that message of proper planning is something more people still need to hear.

That’s why I’ve put together a list of four brief reasons that explain why you need a will…and why it must be created sooner, rather than later.  There are certainly many other aspects to consider, but these can have a great impact on the future of your estate:

Reason You Need a Will #1:  It Saves Money

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Bethesda and Largo Probate Attorney Explains How To Avoid Conflicts When Passing Down a Vacation Home

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Leaving a vacation home outright to your loved ones can create more family conflict and problems than you might think.

While a vacation home may have been a peaceful haven for you and your spouse throughout the years, your children may not look at the house the same way when it becomes theirs to manage and maintain.

In fact, many heirs of vacation homes are simply unable to afford the yearly property taxes and related maintenance costs.  What mom and dad meant as a blessing actually becomes a burden to the children who were not prepared to assume these new responsibilities.

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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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