Navigating the complexities of estate planning is particularly crucial for small business owners. It's not just about personal assets; it involves making critical decisions to ensure the continuity and success of the business you've dedicated yourself to. This process is essential for protecting your business legacy and providing clear directives for its future.
Incorporating strategic gifting into your estate planning can be a powerful way to manage your assets, provide for your heirs, and potentially reduce your taxable estate. Understanding how to use gifting effectively can maximize your and your beneficiaries' benefits.
When a person dies, what happens next depends on whether the deceased person had any foundational estate planning documents such as a last will and testament (otherwise known as a will) or trust, who the living relatives are, and their relationship to the person who died. If the deceased person d...
Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, we can craft a comprehensive estate plan that will help you address three important concerns you may have.
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property.
When creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will take over when you can no longer act (either because of illness or death), it is sometimes helpful to divide the responsibilities between two or more successor trustees. For example, you may decide to have one trustee who manages the accounts and property held by the trust and another trustee who makes decisions about distributions to the trust’s beneficiaries. There are some important reasons why you may want your trust document to bifurcate the trustees’ duties in this way.
9 of the potential conflicts you or your family may face if you don't have an estate plan or your estate plan is flawed.
Check out these four ways technology can be a beneficial addition to the lives of older adults.
Effective retirement planning is an essential aspect of elder law that goes beyond just saving money. It involves understanding the legal and financial structures that can support you in your later years. This blog addresses what you need to consider to ensure a secure and comfortable retirement.
Introducing a new spouse and possibly step-children means that existing wills and trusts may need revision to ensure that everyone you care about is protected.
Real estate often represents a significant portion of an individual's wealth. However, simply bequeathing property to your heirs can be complicated and may result in hefty tax implications. Using trusts can be a strategic way to pass along your property effectively. Here's how: ● Types o...
Steps you can take to protect your family vacation home for generations.
Setting up a trust for minors is a thoughtful way to ensure that the children in your life are cared for financially, both now and in the future. Trusts can provide stability, support, education and manage inheritances until minors are responsible enough to handle their finances.
You've crafted an estate plan and think you're all set. But when was the last time you updated your beneficiaries? Failing to do so can lead to unintended consequences, sometimes overriding even your will.
Revocable trusts, also known as living trusts, are a cornerstone of modern estate planning. Unlike wills, which become effective upon death, revocable trusts offer flexibility and control over assets during one's lifetime. Understanding why you might choose a revocable trust over other estate planning tools can help you make informed decisions about managing your assets and ensuring your wishes are fulfilled.
Let's look at the steps should you take to make your aging spouse or parent staying at home a viable option.
Single parents have a double duty: they must act as both the emotional and financial anchors for their children. This makes estate planning a critical yet often overlooked responsibility.
Estate planning is an essential part of financial planning, but it can be a complex process. Unfortunately, many people make common estate planning mistakes that can have serious consequences. Let's take a look at five of the most common estate planning mistakes and how to avoid them.
When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. In this blog, we'll talk about the advantages and disadvantages of sharing your estate plan details with loved ones.
When we lose a loved one, we often have memories of special events and occasions, the support they provided us, or specific qualities of that person we will never forget. An epitaph, by definition, is a brief phrase or sentence expressing a sentiment, often inscribed on a tombstone. Epitaph Day is a symbolic event dedicated to the contemplation and creation of our desired epitaphs. It is a gentle and meaningful reminder of the impermanent nature of life and the importance of having a plan for the future.
You have likely heard the term estate planning, but you may not be familiar with which legal tools typically comprise a complete estate plan. We want to teach you about the legal tools that should be included in your plan and what benefits and protections each legal tool can provide.
It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one study, half of all couples fail to discuss their dying wishes. Here are four things you and your spouse should discuss before death.
Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead. Your clients love you, and you have built unique relationships with your contractors and suppliers.
We are proud to partner with Docubank to provide easy and secure access for storing healthcare and other documents that may be needed in an emergency.
Asset protection planning is about protecting your assets from creditors — and it is not just for the super-wealthy. Anyone can get sued. Lawsuits can stem from car crashes, credit card debt, bank foreclosures, or unhappy customers, among many other things. If someone wins a monetary judgment aga...
At Johnson Law LLC, we focus on Estate Planning, Elder Law, Business Succession Planning, and Probate and we are here to listen to you and help you navigate the legal system.
Johnson Law LLC is committed to answering your questions about Estate Planning, Elder Law, Business Succession Planning, and Probate law issues in Annapolis, MD.
We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.
