You’ve heard the term “estate planning” thrown around by family, friends, and news reports, but you don’t quite know what it all means and why it’s so important. Is estate planning just making sure you have a will written out or are there other aspects to the process? And, if you’re still young, do you need to worry about estate planning yet? What Is Estate Planning? Estate planning is making plans about who will receive your personal items – cars, house, financial assets – in the event of your death. Additionally, designating who will care for your children, finding…
Beginning a family is an exciting time full of memories and milestones. No one wants to consider bad situations while marriages are new and the kids are young. But, unfortunately, sometimes tragedy hits and families are left to pick up the pieces. Planning for the worst is a way for parents to show they care about their family and will continue to do so even if something happens to them. Estate planning for young families is extremely important to ensure a safe and secure future for children and other dependents. While it may appear to be a confusing process, there are…
What happens if you become mentally or physically ill? What happens if you have an accident? If something happens to you, who will look after your affairs? Can you imagine your family having to ask what should be done or could be done because you did not put your affairs in order? Yes, you are busy at work and managing the lives of your children, but if you are reading this article and have not considered an estate plan, you need to do one now. As a businessperson, you probably encounter problems every day and are…
Estate planning is primarily about how to pass your property on after your death to the recipients of your estate with a minimum of fuss, expense and taxes. But it's about a lot more as well. Over the years practicing estate and elder law planning, I have seen many families torn asunder by poorly planned estates. (Of course, the cracks were already present.) Whether and how you plan your estate can mean that your children will or will not be on speaking terms after you're gone. It can determine whether they will be shortchanged by Medicaid claims or estate taxes,…
The knowledge that we will eventually die is one of the things that seems to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your demise until it is too late, you run the risk that your intended beneficiaries — those you love the most — may not receive what you would want them to receive whether due to extra administration costs, unnecessary taxes or squabbling among your heirs. This is why estate planning is so important,…
Customers who claim LegalZoom’s document-preparation services amount to the unauthorized practice of law won’t be able to take their case before a judge. The Arkansas Supreme Court ruled earlier this month that a mandatory arbitration clause in LegalZoom’s customer agreement must be enforced, the ABA/BNA Lawyers’ Manual on Professional Conduct reports. The ruling (PDF) reverses a judge’s decision that arbitration would encroach on “the exclusive jurisdiction of the state courts to determine whether or not something constitutes unauthorized practice of law.” LegalZoom’s troubles may not be over, however. Although the court ruled for LegalZoom on its bid to compel arbitration,…
Once upon a time, when life was less complicated, the key to a safe deposit box was all loved ones needed to gain access to important documents and accounts following a death. Today, many aspects of our lives — both financial and personal — are lived in places accessible only by password. We have e-mail addresses, Facebook and MySpace profiles, and accounts with PayPal, eBay, and online brokerages and banks. In addition, many people communicate regularly with people they know only through game or social networking sites. When a person dies, access to these accounts and contacts can be lost…
1. DEFINE YOUR GOALS: What do you want to happen to your assets in the event of your death or disability? If your beneficiaries predecease you, who are your alternate selections? How will your assets be distributed, and when will these distributions take place? Decisions on distribution of your estate assets should take into account the size of the estate, the ages and abilities of your children, and your personal desires. For example, a distribution to children over time might consist of 10 percent of the estate at age 18, 25 percent at age 21, 50 percent at age 24…
Estate planning is a financial process that can protect you and your family, and is a very important component of your overall financial planning. If you don’t have an up-to-date estate plan and you happen to get hurt or sick and cannot manage your financial affairs, the courts, through a guardianship, will appoint someone to manage them for you. The person they appoint might not be the one you would want to perform those tasks. Without an estate plan when you pass away, your affairs will be settled by default through a complex legal system called “probate.” The handling of…
Most people assume they will automatically inherit any assets their parents leave behind. However, without a will, “dying intestate”, those assets can be held in probate court and distributed according to Maryland law. Consequently, if you wish to eliminate potential issues, speak to an estate planning attorney about wills and trusts. Additionally, wills and trusts are important. However, naming people who should make your financial or medical decisions on your behalf should you become incapacitated, are the most important documents. Here are the three main documents we recommend: • Will: create a will as soon as you start acquiring assets…
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