Estate Planning

How To Tell If Your Loved One’s Finances Are Out of Control

by

Elder law attorneys in Upper Marlboro, Prince George’s County, focus on bridging the generations, and because of that, we understand many of the nuances that create a disconnect between adult children and their aging parents.  One major issue can be that of finances.  In the older generation, it is still considered fairly taboo to discuss … Read more

When Mental Decline Derails Your Estate Plan

by

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

by

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

The Letter of Intent as a Part of Your Special Needs Planning in Bethesda and Largo

by

The documentation that you create with your special needs planning lawyer in Bethesda or Largo will be quite detailed and will take an incredible amount into consideration, but it will likely not cover every possible concern or wish you may have for your child’s future care.  For that purpose, many parents work with their lawyer to create a Letter of Intent.

The Letter of Intent is along the lines of a personal letter, rather than being a more formal legal document.  It is used to supplement the special needs plan to provide additional information.

Read more

Business Planning for the Unexpected in Maryland

by

Business planning tends to revolve around where you are right now, where you’re going in the near future, and hopefully, where you’re going to be quite a ways down the road.  One aspect of business planning in Maryland that is easily overlooked, however, is what happens to the business after you are gone.  Sure, there may be succession plans in place in preparation for your retirement, but what is going to happen if you pass away unexpectedly instead?

For a lot of people, a business is their biggest asset. Certainly, you want to make sure it’s protected–no matter what happens.  By planning now, you can help ensure that your business will go on to survive without you instead of falling apart because you’re no longer at the helm.

Step One:  Choose a Successor for Your Business

This should have already been taken care of in the event that you are planning to retire, but other situations can arise in which you are unable to continue to run your business.  Having named someone you trust who is prepared to take the reins should it become necessary will ensure your business stays running during an otherwise chaotic time.

Step Two:  Share the Knowledge

Read more

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

by

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:

Read more

What Does It Mean to Contest a Will?

by

contest a willWhen it comes to the administration of your will in Bethesda or Largo, you likely assume that the hard work and planning you put in with your lawyer will ensure everything goes off without a hitch.  The good news is that this is precisely what happens the majority of the time.  Wills and trust administration is a big job, and the sole purpose of creating a will is to make your wishes as clear as possible to simplify the process.

When a will is “contested” that means that it is being challenged for some reason.  Fortunately, heirs can’t simply overturn your will because they’re not happy with it.  Instead, they have to show a legal reason that the will itself is invalid.  If it is found to be invalid, then the administration process changes dramatically for all involved.

Read more

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

by

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.

Read more

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

by

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

Read more

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

by

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.

Read more