Estate Planning with Step Families

Four of every ten Americans have at least one step-relative in their family – either a stepparent, a step or half sibling or a stepchild — according to the Pew Research Center. The National Center for Family and Marriage Research estimates that about one-third of all weddings in America create stepfamilies. With that in mind, it may be necessary to …

Two Ways To Contest A Will

There are two ways to contest a will, a Caveat Prior to Probate Decree, and an Appeal from Probate Decree Caveat Prior to Probate Decree A will contestant may initiate attack on a Will by filing a caveat with the Register of Wills. This must be done before the probate. The caveat requests the Register not probate the Will, until …

6 important steps to business continuation planning

There will come a point where every business owner will want to retire from their business. Other times, the owner may not be able to leave voluntarily, but instead be forced to do so due to incapacity or death. Inthese instances, the loss of such and individual can wreak havoc on a business. Therefore having an appropriate “exit strategy” could …

What is the Nature of a Trust?

Trusts are useful for many purposes, including avoiding probate, reducing or eliminating federal estate taxes, and managing property for a beneficiary when direct ownership by the beneficiary is not desired. Trusts also can be very useful for asset protection if the creditors of the beneficiary are prevented from reaching trust assets. A trust can be an effective way to place …

What is an Advanced Health Care Directive?

An Advanced Health Directive is a written document which provides special directions to your agent as to whether or not you wish to have limitations placed on your health care options. Essentially, you are laying out under what circumstances medical care will be provided to your person if you become seriously ill and are unable to make a competent decision …

Reasons to Designate a General Power of Attorney

A Durable Power of Attorney is a formal written document whereby an individual (called a “principal”) can designate a family member or some other trusted person (called an “agent” or “attorney-in-fact”) to have the power to act on his or her behalf. Through this document, the principal can share with the agent almost every power the principal has, including the …

What is the purpose of a Will?

A Will is a document by which a person (called a “testator”) can direct a person (called the “executor”) how to distribute the testator’s assets when he or she dies. The Will is used to carry out the intention of the testator as to who gets his or her assets and what each person gets at his or her death. …