Blended families need extra attention during the estate planning process because the inheritance rights of stepchildren are not as clear as those of biological children. One of the biggest mistakes you can make is failing to do any estate planning at all.
Most of us don’t like to think about the possibility of something harmful happening to us or a loved one. Because of this, we rarely think about how to protect ourselves and our loved ones if the worst were to happen.
We often refer to comprehensive estate planning in terms of realizing overall retirement, financial and legacy goals. Estate planning is ultimately about who will eventually control and or receive your property.
When you hear ‘prenuptial agreement’, it may conjure images of family lawyers in anticipation of a contentious divorce. Prenuptial agreements are powerful contracts that also impact estate planning.
Many Maryland residents hold certain beliefs about long-term care that could impede them from proper planning and financing and ultimately undermine their care goals for old age. Let’s take a look at some of these popularly-held beliefs and discuss the facts.
While people and the media often focus on big picture mistakes, it turns out that small errors are the biggest problems in estate plans, according to the Pauls Valley Daily Democrat in "Oversights can cost your heirs money."
What happens when someone dies with a valid Last Will and Testament that has conflicting language with an existing trust? Both are legal documents and each have its own specific role in estate planning. A will designates how property will be distributed after a person’s death.
When setting up a trust as part of your estate plan you may choose a family member to serve as trustee or a professional trustee from a corporation, trust company or law firm. Regardless of your choice of trustee, the trustee should be compensated for their services.
Should adult children be financially responsible for their aging parents? Historically, the answer was yes. Known as filial-responsibility laws, it was once a legal requirement for family members to support indigent relatives.
The findings from a 10 year study by the Journal of the American Medical Association (JAMA) have reported a link between hearing loss and health risks. The risks include a 50% greater risk of dementia, a 40% greater risk of developing depression and a nearly 30% higher risk of accidental falls.
