When we traditionally think about estate planning we think about wills and trusts and powers of attorney. We think about how these documents will help protect our assets, but often times the discussion of assets is limited to real estate and bank accounts. Today I want to introduce you to something that is becoming an increasingly important part of estate planning but one that is just as often … [Read more...] about How Do I Protect My Digital Assets Through My Estate Plan?
One reason that is often given for not leaving inheritances in trust is that the parent wants the child or other beneficiary to be able to use the inheritance to buy a house, start a business, or invest for retirement. This is a common misunderstanding. Just because an inheritance is left in trust for a beneficiary does not prevent the inheritance from being used for these purposes. Your … [Read more...] about A Common Misunderstanding About Trust Distributions
"What is Included in My Maryland Estate Plan?" by Attorney Colleen Sinclair Prosser … [Read more...] about What is Included in My Maryland Estate Plan? (Audio)
"Importance of a Will - Even If Your Name Isn't Prince" by Attorney Victor A. Lembo … [Read more...] about Importance of a Will – Even If Your Name Isn’t Prince (Audio)
A revocable living trust can be a good choice as an asset transfer vehicle for a wide range of people, but it does not satisfy every single objective. We will examine the value of these trusts in this paper, but first, we will look at the matter of asset protection. It is said that we live in a litigious society. Indeed, there are people out there who like to file lawsuits, especially if they … [Read more...] about Does a Maryland Revocable Living Trust Provide Asset Protection?
"Does a Maryland Revocable Living Trust Provide Asset Protection?" by Attorney Jon J. Gasior … [Read more...] about Does a Maryland Revocable Living Trust Provide Asset Protection? (Audio)
Distributions from trusts to beneficiaries can be structured in a variety of ways. One option is to allow the beneficiary to demand distributions at any time he or she desires. While this option offers the greatest flexibility and freedom to the beneficiary, it offers the least amount of asset protection. It is probably effective for sheltering the inheritance from a divorcing spouse, but is … [Read more...] about Examples of how distributions from trusts to beneficiaries can be structured
If you are contemplating marriage, you probably have heard of a pre-nuptial agreement but may not be sure if such an agreement is right for you. Since many of my clients are older and have acquired valuable assets, a pre-nuptial agreement is a means of clarifying marital expectations such as how expenses are to be paid, how assets are to be distributed after someone dies, and whether the new … [Read more...] about A Pre-Nuptial Can Be A Significant Estate Planning Tool
The uncertainties of life necessitate flexibility in your estate plan. Some questions that may come into mind to clarify this point are: Do you know how much your assets will be worth upon your death? Do you know who will be around to make decisions on your behalf? Do you know if your family will get along? Where they will be living? Unfortunately, no one has a crystal ball to see into the … [Read more...] about Why Flexibility in Your Estate Plan is Important
"Why Flexibility in Your Estate Plan is Important" by Attorney Jon J. Gasior … [Read more...] about Why Flexibility in Your Estate Plan is Important (Audio)