"How to Protect Against Spendthrift Beneficiaries" by Attorney Jim O'Brien (Audio) Sometimes, the most difficult part of creating an estate plan is not deciding who to include as beneficiaries, but deciding how to gift assets to those beneficiaries. For example, you may be reluctant to pass down assets directly to a beneficiary because that individual cannot be trusted to manage his/her own … [Read more...] about How to Protect Against Spendthrift Beneficiaries?
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Trust Administration Basics
Creating a comprehensive estate plan usually requires you to incorporate a variety of estate planning strategies and tools in order to achieve all your estate planning goals. One of the most common of those tools is a trust. Although trusts have evolved to the point where there is a specialized trust for almost any estate planning goal, the basic elements that are required to create a trust remain … [Read more...] about Trust Administration Basics
5 Threats to Your Assets
Whether you are just starting out and have a modest estate or you have already amassed your fortune, it is probably safe to assume that you want to protect the assets that you do have. Accomplishing this seemingly simple goal may be more complicated than you think, due in large part to the fact that your assets face more threats than you likely realize. To illustrate, the Bowie asset protection … [Read more...] about 5 Threats to Your Assets
What Happens With My Vehicles At My Death?
Hollywood actor, Paul Walker, died in 2013 with approximately 32 vehicles. Several years later, there is a lawsuit filed by his estate to recover missing vehicles, or renumeration of their value. A car is an asset that many of us depend on in our daily lives to get to work, take the kids to school and run our errands. We put many efforts into caring for our vehicles, so we want our family to enjoy … [Read more...] about What Happens With My Vehicles At My Death?
Will the Social Security Administration Accept my Power Of Attorney?
Many people wisely plan for their incapacity by creating a property or financial power of attorney. A property or financial power of attorney will allow your named agent to speak to various financial institutions in the event that you are not able to manage your own financial affairs at some time. A loved one that needs to help a family member who is incapacitated, but does not have the capacity … [Read more...] about Will the Social Security Administration Accept my Power Of Attorney?
Should I Share My Estate Plan with Family?
I will often get the question, “Should I share my estate planning documents with my family?” The answer usually varies depending on the family dynamics and personal circumstances of each client. One of the reasons many people plan their estate is to make things easier for their family when they pass away. Many clients figure that their family members will have an easier time using the … [Read more...] about Should I Share My Estate Plan with Family?
Do I Need an Attorney If I Am the Executor of an Estate?
The death of a loved one is usually followed by a period of heightened emotions. Finding out that you were named as the Executor of the decedent’s estate can add additional stress during an already trying time. One of the first things you will need to do is to initiate the probate of the estate. That may have you wondering if you need an attorney to help you. A Bowie probate attorney at Sinclair … [Read more...] about Do I Need an Attorney If I Am the Executor of an Estate?
Why Incapacity Planning Should Be Part of Your Estate Plan
When you think about protecting and providing for your loved ones, the possibility of your death is not the only reason to have an estate plan in place. What happens if you become incapacitated tomorrow? Do you have a plan in place that protects you and your loved ones for that potential scenario? If not, you should. An Annapolis incapacity planning attorney at Sinclair Prosser Gasior explains why … [Read more...] about Why Incapacity Planning Should Be Part of Your Estate Plan
Should I Have An Estate Plan If I’m Single?
There is no question that estate planning is often talked about in terms of planning for married couples and families. However, in many ways, estate planning for a single person is more complex than for a married couple. For many married couples, the spouse is the person they trust to make decisions about the disposal of assets and management of medical and financial decisions if they become … [Read more...] about Should I Have An Estate Plan If I’m Single?
What is the Difference Between a Revocable and Irrevocable Trust?
Clients often ask me, “What is the difference between a Revocable and an Irrevocable Trust and which option is best for me?” The short answer is that the creator of a Revocable Trust can revoke or change the terms of the trust, whereas the creator of an Irrevocable trust cannot. For many families a Revocable Trust makes a lot of sense as it is more flexible. The creator of the trust … [Read more...] about What is the Difference Between a Revocable and Irrevocable Trust?
What is a Personal Care Agreement?
WHAT IS A PERSONAL CARE AGREEMENT AND DO I NEED ONE? As our loved ones age, we often find ourselves or other family members acting as an immediate caregiver. A personal care agreement can be a useful tool for the family to consider as the caregiver makes many sacrifices. A formal agreement among the family provides a way to compensate the caregiver and provides transparency for the … [Read more...] about What is a Personal Care Agreement?
How to Choose Your Fiduciaries
One of the most important aspects of estate planning is choosing people for the fiduciary roles within your plan. This is also an area where people frequently make mistakes. A Bowie estate planning attorney at Sinclair Prosser Gasior helps you decide who to choose as fiduciaries in your estate plan. What Is a Fiduciary? The law defines a fiduciary as “a person who holds a legal or … [Read more...] about How to Choose Your Fiduciaries
How to Decide If Contesting a Parent’s Will Is a Good Idea
Making decisions when you are highly emotional is not usually a wise idea; however, there are a number of practical and legal decisions that often must be made shortly after the death of a loved one. You may, for example, be thinking about contesting a parent's Last Will and Testament. Such an important decision should never be made without first consulting with an experienced attorney. An … [Read more...] about How to Decide If Contesting a Parent’s Will Is a Good Idea
Should I Purchase Long-Term Care Insurance?
An important aspect of estate planning is planning for your retirement years. Doing so requires you to do more than just stash as much money away as possible – though saving money certainly is important. Planning for your retirement years should also consider the very real possibility that you, or a spouse, will need long-term care at some point. That possibility may have you considering the … [Read more...] about Should I Purchase Long-Term Care Insurance?
Do I Need to Make My Power of Attorney Durable?
A power of attorney is among the most common estate planning documents. As such, the odds are favorable that you will execute at least one power of attorney during your lifetime. You may, or may not, want the authority you grant in your Power of Attorney to work if you are incapacitated. To ensure that you make the right choice for your situation, the Annapolis powers of attorney lawyers at … [Read more...] about Do I Need to Make My Power of Attorney Durable?
What is the Difference Between an Estate Planning Attorney and a Financial Advisor?
As an estate planning attorney, it is my job to counsel and advise clients. I am tasked with understanding how assets are structured and the tax implications on certain accounts or financial products. Understanding how these things work both practically and legally allows me to counsel clients on how best to structure an estate plan for a particular family. For example, a traditional Brokerage … [Read more...] about What is the Difference Between an Estate Planning Attorney and a Financial Advisor?
How to Fund Your Revocable Living Trust
A Living Trust is a way to hold title to assets, just like sole ownership or joint tenancy. The main reasons most individuals choose an estate plan that includes a Revocable Living Trust is to avoid probate. The only way to accomplish this is to set up the trust properly and fund your trust. Funding a trust is the process of transferring your assets to the ownership of your trust. Once ownership … [Read more...] about How to Fund Your Revocable Living Trust
