"What Happens to Tangible Personal Property When Settling an Estate?" by Attorney Colleen Sinclair Prosser An important part of the process of settling an estate is to consider the decedent’s tangible personal property, i.e. furniture, jewelry, china, crystal, artwork, electronics, and vehicles. The first duty of the representative of the estate is to obtain an appraisal of these items. The … [Read more...] about What Happens to Tangible Personal Property when Settling an Estate?
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Planning for Frequent Flyer Miles
This article examines the transfer of frequent flyer mile accounts to beneficiaries. It looks at Anthony Bourdain’s will and its disposition of his miles. The article points out that these are contractual rights and you may or may not be able to transfer them at death. "Planning for Frequent Flyer Miles" by Attorney Alexander M. Pagnotta Frequent Flyer miles and other reward points can be … [Read more...] about Planning for Frequent Flyer Miles
What Does Estate Planning Mean?
"What Does Estate Planning Mean" by Attorney Jon J. Gasior Estate planning is a broad term that encompasses planning during lifetime and at death. It is first important to understand, what is an estate? Broadly speaking, your estate is everything you own during lifetime and at death. This means: Real estate Retirement accounts (IRAS, 401ks, TSP, 403b, etc) Annuities Cash … [Read more...] about What Does Estate Planning Mean?
Helping You Cope with a Loved One’s Death
"Helping You Cope with a Loved Ones Death" by Attorney Victor A. Lembo (Audio) Coping with death can be devastating when a close family member or friend dies-- and unfortunately, there is a lot of technical legal and financial issues to deal with, as well as the emotional ramifications of your loss. While there's nothing we can do to alleviate the sadness you feel about losing your loved … [Read more...] about Helping You Cope with a Loved One’s Death
Does a Living Trust Allow You To Avoid Estate Tax?
"Does a Living Trust Allow You to Avoid Estate Tax?" by Attorney Alexander M. Pagnotta One common question that arises when people are creating a living trust is whether or not this type of trust can provide protection from estate tax. It's important to realize that while a living trust does allow you to transfer assets outside of the probate process, this does not mean that putting wealth … [Read more...] about Does a Living Trust Allow You To Avoid Estate Tax?
Aretha Franklin’s Estate Plan vs John McCain
"Aretha Franklin's Estate Plan vs John McCain" by Attorney Jon J. Gasior In recent weeks, the US lost two major figures in the US public spotlight, Singer Aretha Franklin and Senator John McCain. They will long be remembered for their contributions to their fields for decades to come, and are both leaving behind valuable lessons in estate planning. Aretha Franklin died with a net worth of … [Read more...] about Aretha Franklin’s Estate Plan vs John McCain
Your Family Situation May Affect Your Legacy Plan
"How Does Your Family Situation Affect Your Legacy Plan?" (Audio) A legacy plan is vital to control what will happen to your assets after you pass away. Most people hope to leave their families better off with the inheritance they receive. However, it is important to adjust your estate plan to account for your personal family situation so you do not inadvertently place loved ones in a worse … [Read more...] about Your Family Situation May Affect Your Legacy Plan
Paying Decedent’s Expenses
"Paying Decedents Expenses" by Attorney Colleen Sinclair Prosser (audio) One of the concerns I often hear when meeting with families after a loved one has passed away is how to pay the decedent’s expenses and debts. If you pay for a loved one’s funeral and debts and there are no assets in the probate estate, then you may not get reimbursed for these out of pocket expenses. Let me give you … [Read more...] about Paying Decedent’s Expenses
Incapacity Planning
"Incapacity Planning" by Attorney Alexander M. Pagnotta (Audio) We don’t expect to become incapacitated. Nobody wants to be unable to manage their affairs. But, each year countless people become unable to manage them. For some, it’s a temporary illness or injury which removes their ability to function, such as a medical procedure. Others become unable to manage their own affairs due to … [Read more...] about Incapacity Planning
When Is It Too Late To Create An Estate Plan?
"When is it Too Late to Create an Estate Plan?" by Attorney Jon J. Gasior (Audio) You may be considering exploring estate planning options for either yourself or your family, and you may even be wondering if you waited too late to create an estate plan. The answer to that question generally is no. However, there are some exceptions. The Maryland law states that “any person may make a will if … [Read more...] about When Is It Too Late To Create An Estate Plan?
What Happens if You Don’t Have a Power of Attorney?
"What Happens If You Don't Have a Power of Attorney?" by Attorney Nicole Livingston (Audio) An qualified estate planning attorney can help you to create a legally valid power of attorney as part of a comprehensive incapacity plan. Making a power of attorney is important to protect yourself in case you develop a serious illness or suffer an emergency injury and you are not able to make your own … [Read more...] about What Happens if You Don’t Have a Power of Attorney?
Trusts for Privacy
Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. "Trust for Privacy" by Attorney Victor A. Lembo "Trust for Privacy" by attorney Victor A. Lembo Trusts are a very valuable tool when planning your estate in order to provide structure for who will be in … [Read more...] about Trusts for Privacy
5 Key Medicaid Planning Concepts
"5 Key Medicaid Planning Concepts" by Attorney Alexander M. Pagnotta (Audio) Unfortunately, many people do not realize the importance of making a Medicaid plan, or they have misconceptions about the Medicaid planning process. It is important that you make a Medicaid plan so you can keep your assets safe and secure and avoid losing the money and property that you have worked so hard to acquire … [Read more...] about 5 Key Medicaid Planning Concepts
Common Mistakes in Medicaid Planning
"Mistakes in Medicaid Planning" by Attorney Jon J. Gasior Audio Medicaid planning is one of the most important things for you to do if you hope to protect your assets and if you want to make sure you are able to get care you need as you get older. Unfortunately, many people have misconceptions about Medicaid planning or they make mistakes during the process that can cost them. Sinclair … [Read more...] about Common Mistakes in Medicaid Planning
How to Make a Plan to Protect Your Pets
Estate planning attorneys help you to make sure your family members are provided for and cared for even if something happens to you and you are not there to be able to provide care yourself. When you make your estate plan, you don't want to forget your animal family members. If you have dogs, cats, any other domestic pets, or any animals who depend upon you, you need to consider what will happen … [Read more...] about How to Make a Plan to Protect Your Pets
How Often Should You Update Your Estate Plan?
"How Often Should You Update Your Estate Plan?" by Attorney Victor A. Lembo (Audio) When you have created a will, trust, or otherwise made an estate plan, your plan needs to be periodically updated in order to ensure that it is still an accurate reflection of what you hope will happen after you pass away. There are many changes that will occur over the course of your life, and as your situation … [Read more...] about How Often Should You Update Your Estate Plan?
The Importance of Advanced Directives
"The Importance of Advanced Directives" by attorney Colleen Sinclair Prosser The attorneys at Sinclair Prosser Gasior can help you to identify and make use of legal tools that will allow you to protect your future. One of the many important things that you need to think about is what will happen if you get sick and cannot make medical decisions on your own. While no one likes to think about … [Read more...] about The Importance of Advanced Directives
