"Is Estate Planning Important for Young Adults" by Attorney Jon J. Gasior For many young adults, the consequences of not having an estate plan in place can be dire. Estate planning is not only tax and probate avoidance, but it is planning for lifetime and incapacity as well. One tragic case that many people are familiar with is that of Terry Schiavo. Terry Schiavo was a … [Read more...] about Is Estate Planning Important for Young Adults?
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Important to Coordinate Beneficiary Designations in Estate Planning
"Important to Coordinate Beneficiary Designations in Estate Planning" by Attorney Nicole Livingston (Audio) Perhaps the most common mistake in estate planning is a lack of coordination. This is not where the client, attorney, or advisor cannot walk and chew gum at the same time. This is a failure to consider all the different aspects of a plan and how they may (or may not) work together. An … [Read more...] about Important to Coordinate Beneficiary Designations in Estate Planning
Avoiding the Probate Process?
Sinclair Prosser"How to Avoid the Probate Process" by Attorney Victor A. Lembo In going through the probate process, personal representatives have important responsibilities in winding up the affairs of a deceased person's estate. Sinclair Prosser Gasior can offer assistance with all aspects of going through probate, from complying with various tax laws, to transferring property to new legal … [Read more...] about Avoiding the Probate Process?
Reasons To Use a Revocable Living Trust
"Reasons to Use a Revocable Living Trust" by Attorney Colleen Sinclair Prosser There are many reasons to use a Revocable Living Trust as an estate planning tool. Let’s talk about a few. The first and most commonly thought of reason is probate avoidance. This is an important reason but not the only reason people think of to use a Living Trust. At death, the assets titled in the name of … [Read more...] about Reasons To Use a Revocable Living Trust
What is Probate and Why Should it be Avoided?
"What is Probate and Why Should it be Avoided?" by Attorney Jon J. Gasior As you begin exploring all of your estate planning options, one aspect of your planning you may have encountered is the concept of probate and probate avoidance. So what is probate? A simple definition is what probate is the court supervised process of transferring title of assets upon death. Take this as example. Let’s … [Read more...] about What is Probate and Why Should it be Avoided?
Basics of Estate Planning: Portability vs. Credit Shelter Trust
"Basics of Estate Planning: Portability vs. Credit Shelter Trust" by Attorney Colleen Sinclair Prosser (Audio) Prior to the advent of “portability,” estate planning attorneys used a “credit shelter trust” as the gold standard to preserve the estate tax exclusion of the first spouse to die. Assets up to the exclusion were placed in the trust for the benefit of the surviving spouse and … [Read more...] about Basics of Estate Planning: Portability vs. Credit Shelter Trust
Top Considerations When Choosing an Agent for Power of Attorney
"Top Considerations when choosing an agent for a Power of Attorney" by Attorney Nicole Livingston An power of attorney lawyer can help you to make a legally valid power of attorney in case you become incapacitated and need someone to act on your behalf. A power of attorney is a powerful legal tool that you can use to protect yourself and your assets in case the worst happens. You want to make a … [Read more...] about Top Considerations When Choosing an Agent for Power of Attorney
Personal Representative: Managing tangible property
"Personal Representative: Managing Tangible Property" by Attorney Victor A. Lembo (Audio) After death, most estates must go through the probate process. The personal representative will need to manage the assets held within the estate, including physically going through the tangible property. Sinclair Prosser Gasior can provide guidance with this challenging task, as the personal … [Read more...] about Personal Representative: Managing tangible property
WHAT TAXES DO I NEED TO WORRY ABOUT WHEN I DIE?
"What Tax Do I Need To Worry About When I Die?" by Attorney Jon J. Gasior (Audio) “In this world nothing can be said to be certain, except death and taxes.” — Benjamin Franklin, in a letter to Jean-Baptiste Leroy, 1789 Although Benjamin Franklin famously wrote these words in 1789, it was not until 1916 that the idea of the modern estate tax was passed. The … [Read more...] about WHAT TAXES DO I NEED TO WORRY ABOUT WHEN I DIE?
Options for Leaving Money to Irresponsible Heirs
"Options for Leaving Money to Irresponsible Heirs" by Attorney Nicole Livingston Estate planning attorneys provide assistance to people who have complicated situations with family members or loved ones who they want to leave assets to. Trusts can do many different things, but one of the key things that a trust can do is make it possible to leave an inheritance to an heir who has special needs … [Read more...] about Options for Leaving Money to Irresponsible Heirs
Should I Agree to Be a Trust Administrator?
"Should I Agree to Be a Trust Administrator?" by Attorney Victor A. Lembo Trust administration can be a complicated process which places demands upon the trust administrator. If you are asked to serve as a trustee, you should be aware that you may become responsible for trust administration after death. In this position, there are many fiduciary obligations to fulfill. Should You Agree to be … [Read more...] about Should I Agree to Be a Trust Administrator?
What Should You Expect as a Trust Beneficiary?
"What Should You Expect as a Trust Beneficiary" by Attorney Colleen Sinclair Prosser Annapolis trust attorneys provide representation to trust creators, or trust settlors as they are also called. Our legal team helps those who are interested in creating a trust to decide on the right trust type, to follow legal formalities for trust creation, and to create a legally valid trust document. … [Read more...] about What Should You Expect as a Trust Beneficiary?
How Does a Spendthrift Trust Work?
"How Does a Spendthrift Trust Work?" by Attorney Jon J. Gasior (Audio) If you are thinking about leaving money to someone who isn't very good with managing financial matters, you may wish to consider using a spendthrift trust. A spendthrift trust is a powerful tool that makes it possible for you to protect a loved one from himself. If you have worked hard to build a legacy that you are … [Read more...] about How Does a Spendthrift Trust Work?
What Do I Need to Know when Selecting Fiduciaries
"What Do I Need to Know when Selecting a Fiduciary?" by Attorney Victor A. Lembo Often, one of the most difficult choices for a client to make is the selection of people to make decisions for them. These fiduciaries may have great control over the client’s affairs, typically at times when the client would be most vulnerable or after death. Sinclair Prosser Gasior can assist with selection of … [Read more...] about What Do I Need to Know when Selecting Fiduciaries
Basics of Estate Planning: Asset Protection
"Basics of Estate Planning: Asset Protection" by Attorney Colleen Sinclair Prosser When it comes to asset protection much depends upon whose assets you are looking to protect. If the assets are those that are coming to you by inheritance, the debtor, then typically, those can be protected completely. The debtor can protect their own assets in three general ways: 1) insuring against the … [Read more...] about Basics of Estate Planning: Asset Protection
How To Create a Durable Power of Attorney
"How to Create a Durable Power of Attorney" by Attorney Nicole Livingston A durable power of attorney is a vital legal tool that you should use if you want to make a plan in case of incapacity. Suffering an incapacitating illness or injury could leave you without the ability to express your wishes on medical care and unable to manage your assets or make any of your own decisions. This could … [Read more...] about How To Create a Durable Power of Attorney
Who Is Responsible for Estate Assets During Probate?
"Who is Responsible for Managing Assets During Probate?" by Attorney Victor A. Lembo Annapolis probate attorneys provide assistance to those who are involved in the probate process. As Investopedia explains, the probate process can take around a year to complete. In some cases, if the estate is a relatively simple one, the process will go quicker. However, in other situations, the probate … [Read more...] about Who Is Responsible for Estate Assets During Probate?
