If you are ever unable to communicate your medical wishes, then medical professionals may look to your Living Will, Durable Health Care Power of Attorney, and HIPAA authorization documents to provide the appropriate guidance. A Living Will specifies what you want to have happen to you if you are ever in a terminal condition, persistent vegetative state, or end-stage condition. A … [Read more...] about What Health Care Documents Do I Need During COVID-19?
It is important to know the power of attorney Maryland rules to ensure that you can make a comprehensive incapacity plan. Asset protection is a key part of your incapacity plan, and an experienced Annapolis attorney can provide you with help on making effective use of a power of attorney (POA) and other asset protection tools. When you create a power of attorney, you need to follow the … [Read more...] about Maryland Power of Attorney Rules
If you have married someone and your spouse has children from a different relationship, those are your step-children. Even if you have helped raise the child from a very young age, unless you have adopted the child, they would not be considered your child for inheritance purposes. The implication of this can be significant. Here’s an example: When Harry met Sally, Sally had a newborn child, … [Read more...] about Planning for Step-Children
Leaving money to a grandchild can be more complicated than it appears at first glance. Here are some of the frequent questions that come up during my consultations, along with factors to consider. Q: Can I just name my grandchild as a beneficiary on my life insurance policy? A: You could, however this could make things more complicated when you pass away. For example, if the grandchild is … [Read more...] about Leaving an Inheritance to Grandchildren
"When Should Assets Be Distributed After The Death of a Loved One?" by Attorney Alex Pagnotta (Audio) If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets from the estate to the beneficiaries as quickly as possible. However, if you distribute the assets too soon, you may be held personally liable. This could … [Read more...] about When Should Assets Be Distributed After The Death of a Loved One?
"How to Maximize the Benefits of Donating to a Charity" by Attorney Alexander Pagnotta (Audio) Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be fine with … [Read more...] about How to Maximize the Benefits of Donating to a Charity
"Why an LLC Is Better Than a Sole Proprietorship" by Attorney Alex Pagnotta (Audio) An LLC is a type of business entity that is an alternative to a sole proprietorship or a corporation. LLCs are a good option for many business owners who want more protection from liability than a sole proprietorship or a partnership would provide. LLCs can also be used in estate planning. If you are … [Read more...] about Why an LLC Is Better Than a Sole Proprietorship
"What Do You Miss Out on With a DIY Will?" by Attorney Alex Pagnotta (Audio) If you make a Do-It-Yourself (DIY) estate plan, you miss out on many important things including: Legal advice on whether your estate plan is valid or not. State laws can differ so you need to make certain you follow Maryland rules. Buying a DIY will kit online or otherwise trying to make a DIY estate plan is not … [Read more...] about Dangers of Do-It-Yourself Estate Plans and Updates
"Downsides to Guardianship" by Attorney Alexander Pagnotta Guardianship could become necessary under circumstances where a person becomes incapacitated and has made no advance plans regarding who will manage their affairs. Guardianship or conservatorships are formal legal processes that establish an officially-recognized relationship between an incapacitated person (a ward) and his guardian or … [Read more...] about Downsides to Guardianship
"What is the Money in a Special Needs Trust Used For?" by Attorney Alex Pagnotta The creation of a special needs trust is of vital importance if you have a person in your life who is disabled and you want to provide a financial gift to that individual. Money or property that you wish to give should be placed into a trust so as not to cause a loss of access to important government benefits like … [Read more...] about What is the Money in a Special Needs Trust Used For?