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Why It Is Important To Have A Detailed Estate Plan
To some people, the prospect of putting together their estate plan may be akin to medicine they know they need, but view as downright unpalatable. However, a skilled and experienced estate planning attorney can make the process of planning one’s own legacy a rewarding, and even pleasant experience.More importantly, a little effort and expenditure of relatively modest legal fees can prevent much family anguish and unnecessary expense later for heirs or other beneficiaries.
If you don’t bother to execute a will, the state of your domicile will create one for you effectively, under its laws of intestacy.You may be surprised at how your state intends to divide up your assets should you not provide specific direction. Even if you feel you don’t have much to pass on, you may want to consider donating certain funds or items to a favored charity, or passing down cherished mementos to friends, as well as (or instead of) your next-of-kin heirs.
For those with substantial estates, consider the potential conflict, costs and family discord that may come with probate litigation. An experienced estate planning attorney can steer you into documents to minimize that risk.
How important is business succession planning?
If you own a business, you likely spend a great deal of time thinking about the business and what you need to do to protect it.
However, you could be overlooking a critical component of running your business if you do not have a business succession plan in place. These plans can be critical to multiple parties, so it can be important that you have one.
Why it matters for you
Having a business succession plan allows you to make decisions for the fate of your business after you pass away (or retire or otherwise leave the business). Among other things, you will decide who will take your place, whether this is an employee, a family member or outside party.
Knowing that you have taken the necessary steps to leave your business in trusted, capable hands can give you great peace of mind that the right person will step in and take your place if need be.
Protecting your e-legacy
As the digital age increasingly takes over more aspects of our lives, assets that hold tangible and sentimental value are not always something you can hold in your hands. Commonly referred to as digital assets, they can take many forms yet hold equal value to physical possessions.
These “e-assets” include:
- Facebook, Twitter, and other social media accounts
- Business and personal websites
- Professional blog pages
- Email addresses
- Digital libraries of music, movies, and books
- Digitized photographs and home movies from film and video
- Bitcoin and other forms of cryptocurrency
- Frequent flier miles
- Credit card reward points
Things to consider before bringing in a business partner
Many business owners find that running a business is not a one-person job. There are countless responsibilities and expectations on an owner’s shoulders, from hiring and managing staff to developing products and business opportunities. A partner may bring valuable synergy if your talents vary a bit, and help expand the business. Having a partner may provide a welcome release valve, and allow each of you vacation time, and time away from the day-to-day needs of a business interfere with family or health obligations.
If you are thinking about partnering with someone in running a business take some time to consider:
1. Have you partnered professionally before? Even if you and your potential partner are family or life-long friends, the experience of running a business together can be unlike anything you’ve experienced before. If you are new to this arrangement, proceed with caution and only after extensive planning. There may be more than a business relationship on the line: there can also be a friendship or family connection at stake.
Which assets should I include in a prenuptial agreement?
Creating a valid prenuptial agreement before marriage is an effective way to shield certain property and assets from division in the event of a divorce.
If you are considering having a prenup in place, then it can be wise to examine the items you own and determine what you may want to include in your agreement. Below are some common types of property that people protect with a prenup.
Types of property to include in a prenup
If you or your partner owns the following types of property, it would likely be prudent to address them in your prenup:
- Family heirlooms and property
- Business interests
- Real estate, including rental property
- Intellectual property
- Inheritances (received or anticipated)
- Pets (which are property in the eyes of the law)
- Investments
- Debts
- Retirement benefits
A line between enforceable and unenforceable prenup terms
Prenuptial agreements are increasingly becoming mainstream. Not only do you see only the very wealthy or high-profile couples doing them, but lots of people who simply have specific assets or marital interests they want to protect are taking this very important, and valuable step before marriage.
And while the meat and potatoes of most prenups are the terms relating to full disclosure of financial terms and division of assets upon separation or death, other terms "governing" the marriage or relationship are often added. Care must be taken, however, not to cross the line between terms that are uniquely specific and clauses that may be unenforceable.
Understanding lifestyle clauses
Contracts of any kind are most enforceable when their terms are clear and specific. It is important to use precise language, objective measurements and distinct descriptions, as ambiguity or overreaching are the enemies of enforceable contracts.
It can become daunting or bordering on impossible to craft enforceable provisions when parties contemplate regulating their marital expectations with what has become known as lifestyle clauses. These terms refer to those that are not financial but have to do with personal habits and behaviors. Infidelity, appearance standards and housework allocations are some of the lifestyle clauses making their way into prenups, and they can be grounds for contest.
That difficult talk about end of life arrangements
While the old adage is "nothing is certain but death and taxes," that doesn’t mean we like talking about either. This can be especially true when discussing end-of-life arrangements with older loved ones. However, as unpleasant as this conversation can be, it may be a necessary one, and it can save them and you from even greater difficulties in time. Here are a few ways to make this conversation easier and more productive.
Bringing Up the Topic
Broaching the topic in a sensitive and gentle way will help set the stage for the rest of the conversation. Aging Care has a great tip on how you can get this going: talk about your own end-of-life arrangements. Start a conversation about the difficulties you might face by not preparing, and from there, move into asking them about their own arrangements. You might find that they’ve wanted to discuss the matter, too, but also found it difficult to bring up. At the end of the initial conversation, leave the door open by saying something like "Let’s talk about this another time," so you can easily pick up where you left off later.
Millennials: 4 reasons why you should have an estate plan
Men and women in the younger demographics often assume they don’t need to think about estate planning because they don’t have much to protect. They might still be looking for a career and paying off student loans; they may not have a house, spouse or children yet.
However, if you are a millennial, or even part of Generation Z, you may not want to dismiss the idea of an estate plan just yet. Actually, you could have more to protect than you think, if you stop to think about it.
Your health
An estate plan is not just about protecting assets. It also protects your wishes in terms of your health and health decisions. For instance, as this article discusses, an advance care directive can specify the medical measures you would and would not want if you become incapacitated. You can also give someone power of attorney, allowing him or her to make healthcare and financial decisions on your behalf – – invaluable if you do become incapacitated, temporarily or permanently, and particularly important if you’d rather not leave those decisions to chance, or to next-of-kin.
Legal counsel crucial when buying, leasing commercial property
If you run a business in Maryland, you likely play many roles on any given day. You might be dealing with employment matters in the morning and by the afternoon, you could be making crucial decisions about new products and services, and in between juggling phone calls, emails and texts demanding your immediate attention.
In other words, business owners have a lot on their plates. Adding in the play-by-play of acommercial real estate transaction can put you over the top. To get back to the business of running your business, consider working with an experienced attorney to facilitate the process. In fact, getting legal guidance with these matters can prove to one of your best decisions for at least a few reasons.
Negotiating terms
Whether you want to lease or buy commercial space, expect to negotiate. One or both parties may want to adjust lease terms, payment structure or restrictions. Rather than managing this element of a purchase or lease agreement alone, you can work with an experienced attorney to handle such matters as you choose to delegate, while retaining final say-so on decisions. Unlike a real estate broker, whose interests are aligned with getting to closing to earn his commission and then moving on, your real estate attorney is your advocate, promoting your interests, and working to save you from missteps.
How a special needs trust can protect your child
When it comes to parenting, you know your child better than anyone else. The same is especially true if your child is special needs. You know their routine and the environment that they thrive in. You also understand what it is they will need as they grow and continue through life.
Keeping these needs in mind is especially important when putting together estate plans. While there are many reasons anyone could benefit from having a trust set up, it is particularly beneficial for your child if you set up a special needs trust. This can help them both now and into the future, especially when it comes to protecting their access to government benefits.
Special needs trust keeps assets low enough for benefits
If your child does receive – or will receive – government benefits, such as Supplemental Security Income, their assets cannot total more than $2,000. If they have assets over $2,000, this could result in no longer being able to receive benefits.
With offices in Bethesda, Silver Spring, and Washington D.C., The Eleff Law Group provides legal help to clients throughout the surrounding areas, including North Bethesda, Chillum, Potomac, Chevy Chase, Germantown, Takoma Park, Wheaton, Rockville, Towson, Glen Burnie, Bel Air, Montgomery County, Prince George's County, Baltimore, County, Loudoun County, and Fairfax County.
12305 Kemp Mill Road, Silver Spring, MD 20902
301-857-1990
