Legacy planning is a rewarding aspect of estate planning. It’s truly a feel good, I love you planning. Legacy planning is about passing on a part of who you are to those you love. Here are 5 ways to leave a legacy. You certainly are free to develop your own legacy. Creativity is encouraged. Leave an Ethical Will: An ethical will is like a love letter. You write whatever you want to express … [Read more...] about 5 Ways to Leave a Legacy with Estate Planning
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Attorney Colleen Sinclair Prosser on being a member of the American Academy of Estate Planning Attorneys
The American Academy of Estate Planning Attorneys (AAEPA) requires its members to take 36 hours of continuing education each year. This requirement allows the AAEPA to keep its members educated and informed on estate planning matters. As a member of the Maryland Bar Association, once I graduated from law school and passed the bar exam, I am not required to take continuing education classes to … [Read more...] about Attorney Colleen Sinclair Prosser on being a member of the American Academy of Estate Planning Attorneys
What is Hospice?
Rather than a place to receive medical care, hospice is an approach to medical care for patients nearing the end of life. Its goal is to enhance the quality of life for patients with terminal illness. Hospice focuses on pain management and symptom relief, while addressing the patient’s emotional, social and spiritual needs – as well as those of family members. Hospice lets patients and … [Read more...] about What is Hospice?
Estate Plans – Like Life – are Ever Changing
Once you set up your estate plan you can put it aside, pat yourself on the back and congratulate yourself for accomplishing an important step in securing your financial future and the future of your loved ones. However, every once in a while you will want to pull out your estate planning documents and review them. My rule of thumb is to review your plan with your attorney every five years. Some … [Read more...] about Estate Plans – Like Life – are Ever Changing
A Power of Attorney is an Essential Piece of Your Retirement Planning
A Power of Attorney is a legal document that only works for you while you are alive. You name a person, usually a family member or friend, to step into your shoes to handle your financial or medical affairs when you are unable to do so yourself. Did you realize that you can not automatically access your spouse's IRA or TSP if they are incapacitated? You do not want to go to court to access these … [Read more...] about A Power of Attorney is an Essential Piece of Your Retirement Planning
HERE ARE THE TOP 10 REASONS YOU NEED TO REVIEW YOUR ESTATE PLAN PERIODICALLY:
Do you know where your original documents are? We gave them to you in a separate folder and told you to put them in a safe place. We do not keep your originals! Without the original signed documents you have no estate plan! 1) Marriage. Marriage can automatically give each spouse some rights in each other’s property. However, marriage does not automatically change your will … [Read more...] about HERE ARE THE TOP 10 REASONS YOU NEED TO REVIEW YOUR ESTATE PLAN PERIODICALLY:
Gifting – A Powerful Estate Planning Tool in Maryland
While we know the act of giving is a very personal thing, gifting part of your estate to lower your estate taxes may be a good idea. In Maryland gifting is a very powerful estate planning tool and the results can be rewarding. Unlike the Federal Estate tax, when you transfer assets out of your Maryland estate, the asset is not brought back into your estate for Maryland estate tax … [Read more...] about Gifting – A Powerful Estate Planning Tool in Maryland
Understanding Incapacity Planning, Part 2
If you have yet to begin your incapacity planning, now is the time to do so. Don’t allow your fears, uncertainty, or busy lifestyle, keep you from planning. Without incapacity planning in place, you will have no control; the court will take charge. Please take a look at answers to the following frequently asked questions, to better understand this planning technique. If you have any … [Read more...] about Understanding Incapacity Planning, Part 2
FAQ: Understanding Incapacity Planning (Part 1 of 2)
Incapacity planning is an estate planning technique that every adults needs if he or she wants to stay in control of medical decisions and finances; however, it’s often overlooked. Take a look at answers to the following frequently asked questions, to learn more. If you have any questions, or if you’d like to implement incapacity planning, contact an estate planning attorney. What types of … [Read more...] about FAQ: Understanding Incapacity Planning (Part 1 of 2)
Your Estate Plan is an Instruction Book
During the estate planning process you and your estate planning attorney identify your goals, concerns, and needs; then, an estate plan is designed based upon the choices you make. The attorney drafts your estate planning documents based upon the results of this process; and, once you sign the documents, your estate plan is in place. Your estate plan is updated as time goes by to reflect changes … [Read more...] about Your Estate Plan is an Instruction Book
DOES YOUR EXECUTOR OR TRUSTEE UNDERSTAND THE DUTIES?
By choosing an executor and successor trustee when planning your estate, you will be able to have control over who is handling your final affairs. Choose trusted helpers who are trustworthy and reliable as well as fully capable of handling all of the duties. Take a look at the following information to better prepare for this decision. If you have any questions about how to choose a great executor … [Read more...] about DOES YOUR EXECUTOR OR TRUSTEE UNDERSTAND THE DUTIES?
Have You Considered All of Your Estate Planning Needs?
Estate planning is very beneficial because it allows you to plan for multiple needs. It’s important to think about your own personal needs as well as the needs of your loved ones. If you’re just getting started with your planning, take a look at the following information. If you have any questions about how certain estate planning tools work, meet with an estate planning attorney. Do you have … [Read more...] about Have You Considered All of Your Estate Planning Needs?
Estate Planning Checklist: Getting Your Affairs in Order (Part 2 of 2)
If you’re just getting started with your estate planning, you likely have a lot of concerns about how to get started with your affairs. You likely want to make sure that you have a full plan in place, so that you’re always protected. Take a look at the following information, to learn what documents and techniques you may want to consider. If you have any questions, or if you’d like to begin … [Read more...] about Estate Planning Checklist: Getting Your Affairs in Order (Part 2 of 2)
Estate Planning Checklist: Getting Your Affairs in Order (Part 1 of 2)
It can be confusing knowing where to begin when handling your estate planning affairs. If you’re wondering what documents and planning techniques you should utilize in your plan, take a look at the following checklist. This will help you to be better prepared for the future. If you have any questions, or if you’d like to begin your estate planning affairs, contact an estate planning … [Read more...] about Estate Planning Checklist: Getting Your Affairs in Order (Part 1 of 2)
4 Long Term Care Options and How They Can Help
It can be difficult to understand differences between the many long term care options that exist; so, it’s important to take the time to get to know more. Take a look at the following 4 long term care options, to learn more. If you have any questions, or if you’d like help choosing a long term care facility, contact an estate planning attorney. A nursing home is meant for individuals with … [Read more...] about 4 Long Term Care Options and How They Can Help
Special Needs Trust
The best way to ensure that a disabled family member will be provided for after you are gone is to create a Special Needs Trust (SNT). The SNT is developed to manage resources while maintaining the individual’s eligibility for public assistance benefits. How is this done? Simply put, the family leaves whatever resources it deems appropriate to the SNT, which is managed by a trustee on behalf of … [Read more...] about Special Needs Trust
Yes or No: 4 Common Estate Planning Questions
Many people don’t fully understand the need for estate planning, or they have questions about the process. If you’re new to planning, it’s important to make sure that you fully understand your options, and that you plan correctly. Take a look at the following information, to learn more. If you have any questions, or if you’d like to discuss your estate planning needs, meet with an estate … [Read more...] about Yes or No: 4 Common Estate Planning Questions
