Splitting up is never easy, no matter your age. However, more and more, elderly couples are deciding to go their separate ways. Divorcing after so many years together may complicate an already complicated matter. According to this Kiplinger article, “gray divorce” is on the rise and there are a few things to keep in mind if this is something you are going through.
- Divide and conquer your financial advisors and attorneys. It may be best for one spouse to keep the existing planner and attorney and for the other to get new providers.
- Consolidate your nest egg to one financial institution so it is easier to keep track.
- Negotiate ahead of time how payments will be split for any upcoming nuptials for your children.
- Update your beneficiaries to reflect your separation. You may want your inheritance to go to an adult child or sibling instead of your former spouse.
- Consider a prenup if you get remarried. This will serve as an added layer of protection for your adult children and grandchildren. Also take this time to update your power of attorney to your new spouse.
It pays to plan ahead. If you’re going through a divorce in your older age, we can help you navigate all of the important considerations and decisions. Give Rhodes Law Firm a call today.
Do you have a plan in place should you become severely ill or incapacitated? It may be grim to think about, but it is vitally important to have a power of attorney in place to make decisions on your behalf. This article explains just how important it is to have someone selected to make your financial and health decisions. A power of attorney would pay your bills, handle your insurance claims, or even file your taxes.
Whether you are young, old, single or married, you should have a power of attorney in place. Without one, your loved ones will likely have to petition the court to step in on your behalf – a time-consuming and pricey process. This also opens up the possibility of loved ones fighting over who should be your guardian. You can save all of this unnecessary stress and frustration by appointing someone now.
An experienced and well-versed estate attorney can help you draft your power of attorney that meets your specific state’s requirements. Whenever you are ready to get a plan in place, contact Rhodes Law Firm. Our team of skilled attorneys are here for you.
Everyone’s estate planning process looks different. A young couple just starting out and a senior with significant assets will need to approach their estate decisions much differently. While there is no one-size-fits-all approach, this article suggests a few top strategies for those making estate plans.
- Revocable trusts – a revocable trust bypasses probate, allowing your property to transfer immediately. This saves your loved ones and beneficiaries much time and stress. It also keeps your estate and your wishes confidential, as opposed to going through probate and having everything made public.
- Family limited partnerships – When you set up a partnership that allocates assets among the partners, you can provide a benefit right then which reduces estate taxes by lowering the book value.
- Gifting trusts – by utilizing an irrevocable generation-skipping trust, you are able to make non-taxable gifts during your lifetime up to $16,000 per person per year. By doing this, it is removed from your estate and allows you to retain control over your assets.
All in all, it’s important to consider these options now. Trusts, estate taxes and the GST are constantly shifting and changing under federal and state laws. It’s crucial to work with qualified legal professionals to create and implement your estate plan. Our attorneys at Rhodes Law Firm are eager to help you create the best plan for your needs. Contact us today!
According to a recent study, more than 50% of Americans think estate planning is somewhat important, but only 33% have a will or living trust.
And while nobody likes planning for when they’re no longer able to take care of things, estate planning isn’t something you should ignore when there are loved ones you might leave behind.
This is where a trust attorney comes in – they help ensure the best possible outcomes for legal estate planning.
Who is a Trust Attorney?
A trust attorney serves as a personal guide throughout the estate planning process. They walk you through federal and state laws regarding estate planning, assess your goals, and find the perfect balance between the two.
From there, they’ll help you set up a legally binding trust that meets your needs. The attorney will also help manage the trust as time goes by to ensure it is effective.
There are plenty of reasons why you should hire a trust attorney, but it all boils down to peace of mind for you and your loved ones. Below are seven signs you should hire a trust attorney.
1. You Need to Update Documents
Legal estate planning documents aren’t prepared once and stored away for good. Regular amendments are essential to match the documents with changing financial conditions and unfolding life events.
However, updating these documents isn’t about simply making edits. There are legal matters involved that require extensive knowledge of law to handle. An experienced trust attorney from Rhodes Law Firm can help you seamlessly align your estate plans with your current needs. This will help protect your loved ones while preventing family conflicts.
Moreover, an attorney is committed to adhering to all the legal procedures. Doing so prevents any errors that might adversely affect the distribution of assets once you’re gone.
2. You Need the Best Plan for Protecting Yourself, Your Family, and Your Assets
A good estate plan consists of several documents to ensure that your family doesn’t jump through hoops if and when you pass away. These may include a will, trust, medical directive, guardianship nomination, power of attorney, and general assignment.
All of these documents require the use of precise verbiage to ensure that your assets will end up in the hands of the people you care about most. For example, they can help set up a trust for underage children to receive assets when they reach a certain age.
Mistakes like a missing signature or using the wrong words can be the reason your loved ones aren’t protected. A trust attorney ensures that you cover all of your bases.
3. You Need Help Appointing a Trustee
It’s essential to select a trustee when creating a trust. A trustee will be responsible for managing and monitoring assets in the trust. They also handle filing taxes for the trust.
You need an excellent trustee – accountable, organized, responsible, and trustworthy. Finding someone who fits these criteria can be daunting, especially if it’s your first time.
A reputable estate planning lawyer makes finding a trustee an easier task. They help you understand the responsibilities of a trustee, recommend good options, and help you choose someone who fits your needs.
4. You Need Help Navigating Complications
The estate may be simple for someone with no debt, streamlined finances, and limited assets. However, the following factors may complicate matters:
- Multiple marriages
- Multiple children
- Minor children
- Problem children
- No children
- Real estate in different cities or states
- Disabled loved ones
- Substantial assets
If any of the above complications apply to you, having a trust attorney by your side can make navigating them easier. And even if your estate isn’t complicated, your trust lawyer may have a different opinion.
5. You Need Help Determining or Reducing Tax Liabilities
When determining whether your estate is liable for state or federal taxes, several factors come into play. These include:
- Gross estate value
- The amount owed at the time of death
- Total expenses incurred while settling the estate
- Deductions the estate is liable to take
That said, if you wish to avoid or reduce probate and estate taxes, setting up a trust is the right move. It will provide directives on what happens to your assets and specifies the beneficiaries. A trust attorney can help you achieve this goal while adhering to complex tax laws.
6. You Want to Avoid the Probate Process
The probate process can take up to a year and cost a lot of money. It’s also public, and as such, people can contest it and any legal documents involved.
A trust lawyer can help you set up a trust and avoid probate. The trustee you appoint to manage the living trust will be in charge of distributing the assets.
The living trust is a private document that isn’t a part of the public record. As a result, it will protect your privacy. The document will also allow for faster distribution of assets, which will save on time and costs. A trust attorney will be invaluable in establishing a valid and enforceable trust that avoids probate.
7. You Need an Estate Plan That Will Take Care of a Special Needs Family Member(s)
If you have a child or a loved one with special needs, it makes sense that you’d want to have an estate plan that protects them. This is particularly important because they can lose certain public benefits if they inherit assets outright. Certain types of trusts allow people with special needs to receive their inheritance and still receive government benefits.
However, this area of estate planning is complicated and requires the help of someone with very specific knowledge. An estate planning attorney who is well-versed with special needs trusts can ensure that they get an inheritance that supplements their public benefits.
Need a Trust Lawyer?
No one likes planning for their death or incapacitation. However, every decision you make should be good for you and your loved ones. Your trust attorney will set up your trust and provide valuable legal guidance to you and whoever you name as trustee.
If you are ready to create a solid estate plan, contact us today to meet with a specialized trust attorney at Rhodes Law Firm.
Buying a home is challenging under even the best circumstances. However there are a few steps you can take to help reduce any unnecessary stress during the process. This article helps explain a few of the things you can do now to make your home-buying experience smoother down the road.
First and foremost, you should decide if owning a home is the right choice for you and your lifestyle. Before you dive into owning a home, consider all of the pros and cons and take a good look at your finances and career outlook. How does your credit score look? Do you have enough cash to cover a down payment and closing costs?
Next, it’s good to find out how much home you can afford and get pre-approved before you begin your house hunt. Getting a pre-approval letter also helps you in your bid for a home, as it shows sellers your funding is less likely to fall through.
When you’re ready to make an offer on your dream home, you should be prepared to negotiate. Your real estate agent can help you navigate through the process if there is a bidding war or counter offer by the seller.
When you’re ready to close, it’s important to choose a real estate attorney who can represent your best interests. If you’re looking for an experienced and professional closing attorney, call Rhodes Law Firm today.
This is exactly why only about half of Americans have Wills. Even fewer have considered or executed proper estate planning.
Estate planning is a critical component of protecting your assets and ensuring the wellbeing of your loved ones. It protects your possessions and allows you to decide who will be your beneficiaries.
Estate planning also enables you to decide who will make financial and health-related decisions on your behalf.
Without thorough estate planning, you leave yourself and your family vulnerable. Leaving the fate of your assets up to chance is a reckless choice few would take if they understood the full consequences.
Whether you want to plan for your personal estate or for your commercial property investments – or both – you will find the answers to your estate planning questions here.
Personal Estate Planning Services
A thorough estate plan is the best way to ensure things go exactly the way you want them to after you’re gone. You can think of an estate plan as a legal set of instructions.
Providing these instructions won’t only give you peace of mind. It will reduce the pressure on your surviving loved ones. Learn more about the estate planning services that are most beneficial to you.
Wills and Trusts
The main foundation of every strong estate plan is a will or a trust. A will ensures that your property gets distributed in accordance with your personal wishes.
A trust is a legal relationship that both protects your assets and directs their use. While a will goes into effect after a death, a person can use a trust at any time in their life and after their death.
Trusts are a great way to prevent legal challenges and limit estate taxes. A trust can also be useful when planning a second marriage where either or both parties are bringing assets into the union.
A living will is the end-of-life instructions you provide to your caregiver. These instructions explain what kinds of medical interventions you would and would not like to have.
A living will goes into effect when multiple medical professionals have diagnosed you with a terminal or irreversible health condition.
Some of your possessions and assets can transfer to beneficiaries outside of a will or trust. In these circumstances, it is beneficial to designate a beneficiary and a contingent beneficiary.
Failing to name a beneficiary can result in leaving the fate of your assets up to the court. It is unlikely the court will make the same decisions you would make when it comes to distributing your assets.
Planning for and protecting your children is of the utmost importance when it comes to estate planning. Not all wills and trusts incorporate a guardianship clause. It is important not to overlook this designation.
In the event you do not incorporate a guardianship designation in your estate plan, the court will decide for you. This can mean a relative you didn’t choose gets guardianship of your children or they become wards of the state.
Durable Power of Attorney
Power of attorney is a document that gives a designated agent the legal ability to act and make decisions on your behalf when you are no longer able to do so yourself.
These decisions can be related to finances, real estate, and other assets. Without a power of attorney, your loved ones will need to get a court order to make decisions on your behalf.
A durable power of attorney is an agreement that can be revoked when you want. This can be when you are physically able, mentally competent, or upon your death.
Probate is the legal process that recognizes a will and designates a person to serve as executor of the will. The executor administers the estate and makes sure the assets go to the designated beneficiaries.
Estate Planning Services for Commercial Properties
Those who own commercial real estate or investment properties require an estate plan that takes your investments into account. Failing to incorporate them into your estate can create business issues for your surviving family.
The best approach to estate planning that incorporates commercial and investment properties involves both a Willand/or a Revocable Trusts and the use of limited liability companies.
Revocable Living Trusts and Wills
A revocable living trust or will can be an effective tool for those who own real estate. They simultaneously provide continuity and flexibility in the management of assets.
Trusts are also advantageous because they provide privacy and enable you to avoid probate. Overall, having a revocable trust provides enhanced control in the event of death or incapacitation.
Limited Liability Companies
If you own real estate, it is in your best interest to hold those properties in a limited liability company. An LLC is a business entity that exists separately from its members, protecting them from personal liability.
An LLC is a valuable, effective way to protect your assets and plan your estate. With both a revocable trust and an LLC in place, you can rest easy knowing your assets and investments will remain in good hands.
Choosing a Qualified Estate Planning Attorney
Once you’ve decided on estate planning, it is important not to rush into selecting an attorney to hire. Not all attorneys are equally equipped to properly manage an estate.
Here are some relevant aspects you should take into consideration.
A qualified estate planning attorney should have years, if not decades, of experience. When you are researching lawyers, find out how long they have been practicing in the areas of probate, trusts, and estate planning law.
However, simply having experience with estate planning law is not enough. You would do well to find out what percentage of the attorney’s practice is devoted to probate, trusts, and estate planning.
In addition to experience, it is important to hire an attorney with whom you can work well. Aim to hire an attorney who is easy to talk to, who makes you feel comfortable, and who puts you at ease.
It’s a red flag if an attorney doesn’t appear knowledgeable about or interested in your specific situation. It’s also a bad sign if the attorney makes you feel confused and fails to articulate the law in a way you understand.
Estate Planning Costs
The cost of planning an estate can range from a couple of hundred dollars for a basic plan to thousands of dollars for a comprehensive plan. The cost of planning your estate will depend on your needs and your lawyer’s fees.
Find out upfront whether your estate planning attorney charges an hourly rate or a flat fee, and whether they require a retainer. It’s also important to have your attorney provide a written fee agreement.
Learn More About Estate Planning
Estate planning is an essential step in preparing for and protecting your assets and loved ones in the event of your death. You’ve spent your life working for and acquiring these assets – why leave their fate up to chance?
To learn more about the process of estate planning, consult a qualified estate planning attorney.
Buying a home can be stressful and exciting. From getting pre-approved by your lender to closing on your new home, it can be difficult to know what to expect if you aren’t familiar with the entire process. This article helps clarify the home buying process and helps prepare you for what you can expect.
How long does the process take?
From the time you submit your mortgage application to the time you sign the dotted line, it can take about 30-45 days. Lenders now are able to gather your data, documents, and signatures electronically, allowing the process to move more quickly.
What happens at the closing?
You will carefully review and sign all of the various legal documents that will ultimately issue your mortgage and transfer the ownership of property to you. You will need to bring your driver’s license, or other form of identification, your closing disclosure, and a cashier’s check or wire transfer receipt for the funds you owe. There may be other items you’ll need to bring with you, so check with your closing attorney prior to the meeting.
What fees will I owe at closing?
There are a number of payments you will be expected to make at closing. From the lender origination fee, a prorated portion of property taxes, interest that will accrue before your first payment, and a few others.
If you would like to know more about the home buying process, contact Rhodes Law Firm. We proudly offer real estate closings as one of our services, and we would love to answer any questions you may have.
The housing market is hot and people are buying and selling in a frenzy. What do you need to know about real estate law for your home or properties? This is important when dealing with things like antitrust laws real estate issues.
Real estate firms can help you find and buy a house, but they may not be up to date with the law. Read on to find out six important things to keep in mind about real estate law.
1. Real Estate Law Changes
Just like decorators change the style of a house, lawmakers can change real estate laws. This is why a real estate law attorney can help you make sense of changes as they happen.
Real estate investors used to be able to take unlimited rental losses against their ordinary income. This was limited recently to only $250,000 in losses for an individual in the Tax Cuts & Jobs Act.
This was a major hit for real estate investors. These types of changes can happen with federal laws, state laws, and local laws. You want to make sure to have a real estate lawyer who keeps up with all of these changes for you.
2. Real Estate is Often the Biggest Part of Estate Planning
For most people, their real estate holdings are the biggest part of their full estate. This means how you do your estate planning has a lot to do with real estate law.
Passing your property to your loved ones and making sure it doesn’t become a burden for them with taxes is an intricate process. You want to make sure that your estate is up to date and current with local and federal laws.
Changes in capital gains taxes and inheritance taxes can seriously affect your ability to pass on real estate. The recent step-up basis change if implemented would have serious consequences on your heir’s real estate tax liabilities.
Staying current with the laws helps your property to be a blessing to your loved ones and not a negative financial consequence.
3. Rental Properties Have Different Rules and Requirements
Rental properties have many different rules specific to them. As a homeowner, you want to be aware of what you can and cannot do with your rental property, as well as when you should do things to your property.
Things like depreciation and capital improvements have different requirements for reporting on your taxes. These affect when you should make major improvements and when to put your property on the market.
How you take care of maintenance expenses and keep up with them is also an important part of rental ownership. You want to be aware of the latest laws and how they affect your rental property improvements.
4. Different States Have Different Laws
Whether you have rental property or own multiple homes in different states, understand that the laws affecting your property are different in each state. You may know your local laws well, but that doesn’t help you in another state.
Texas has a proposal up for voting to change their homestead exemption. New York recently passed a property tax relief credit to benefit homeowners with high property taxes.
These are just a few examples of how different states can make changes each year. Real estate contract law can differ in each state so you want an expert to make sure you are in compliance with your properties.
5. Life Events Can Affect Your Real Estate Legal Needs
Major life events like a marriage or the death of a spouse can bring up some issues with your real estate holdings. How names are listed on titles and the current laws of the state all factor in on what happens to property
Taking the time to review your real estate documents can help prepare you for any changes you may go through. A legal expert can assist you in making sure your titles are set up properly.
They can also prepare your real estate documents for changes ahead of time. This will help you be able to relax and not worry about your property if there is a major life change.
6. Agents Are Not Legal Experts
Real estate agents are incredibly knowledgeable about many things but they may not have a full grasp of real estate law. You will want to make sure you understand the law yourself.
Agents will represent their clients based on the law of agency real estate, but that client may not be you. You want to make sure someone is keeping up with your interests in every real estate transaction.
Getting advice from an agent is great, but it may or may not fit with the legal side of your state or local ordinances. You will want to find a real estate lawyer who looks out for your interests and the interests of your estate.
A Real Estate Law Partner
There are many different changes and aspects of real estate law to keep up with. Most people do not have the time or the knowledge to stay up to date with the legal changes in the market.
This is why you want to have an expert who partners with you and focuses on real estate law for you. At Rhodes Law Firm, our real estate lawyers stay up to date with current laws and possible changes that are coming.
Contact us and let us help you make sure all of your real estate documents are up to date. We can also help you plan for future real estate transactions and take care of estate planning with real estate law in mind.
In today’s digital age, most people have numerous online accounts and subscriptions. From social media and streaming services to bank accounts and apps, it can be overwhelming. So what happens when we pass away? It’s important to consider what your family members may need to know in order to access or delete accounts as needed. This Kiplinger article addresses the steps you can take now to prevent any unnecessary confusion or frustration for your family members after your passing.
- Keep a list of all your logins for online accounts. From your Facebook and Amazon accounts to your frequent flier login, it’s important there is a record of all your accounts and your heirs are able to access them.
- What do you wish to be done with your accounts after your passing? Whether you want it closed, saved, or otherwise, it is very helpful to notate these wishes in your list of accounts.
- Make sure someone whom you trust is named as online executor of your digital will. Put all of these wishes into writing to make it official. An attorney can help you with the proper language.
If you need assistance with your digital will, Rhodes Law Firm is happy to help. Give us a call today!
In the United States, only 16% of people between the ages of 18 and 34 have a will or another type of estate planning document. One reason why people are less likely to have a will is that they do not know where to start.
Something that can make estate planning a simple process is hiring an estate planning lawyer.
Do you want help choosing estate planning lawyers in your area? Keep reading this article for the top seven factors you should consider before you hire an attorney for your estate planning.
1. How Long Has the Attorney Been Practicing in the Areas of Probate, Trusts, & Estate Planning?
The most important factor to consider when hiring an estate planning lawyer is their estate planning experience. Make sure you ask each potential attorney how long they have been practicing law.
Not only do you want to make sure they have plenty of experience in law, but you also need to learn how long they have been practicing in the specific areas of law, including probate, trusts, and estate planning.
When an estate planning lawyer has more experience, you are more likely to get high-quality service.
2. What Percentage of the Practice Is Devoted to This Area of Law
Another important factor to consider when choosing a durable power of attorney is what percent of their practice is devoted to estate planning, trusts, and probate. Even if your lawyer has technically been practicing in these areas for years, they may not have many resources devoted to these areas of law.
If your attorney has not worked on estate planning in recent months, they may not be up-to-date on the current laws and requirements.
Make sure the attorney is up-to-date with estate planning so that you get the help you deserve.
3. Is the Attorney Friendly and Easy to Talk To?
Because there are so many options for lawyers, you must find one that is friendly and easy to talk to. While this isn’t the only thing you should take into consideration, it is important that you feel comfortable with your lawyer.
This way, you can trust that they will give you the time and resources that you need. Plus, you will be more comfortable asking your attorney questions and you will not have to deal with an attorney that is too blunt or unkind.
Often, you can learn more about a lawyer’s personality and customer service by researching their references and reviews.
4. How Much Will Your Estate Plan Cost
While cost is not the most important factor to consider when you hire a lawyer, you should still start by comparing lawyer fees before you choose an attorney. You should learn how your attorney charges their clients, whether it is an hourly rate or a flat rate.
While you are considering your attorney’s fees, you should learn whether or not they require a retainer for their services. A retainer is an upfront fee that you must pay to your lawyer before they begin working.
This shows that you are financially able to hire your lawyer but may make it financially difficult if you have to pay upfront. Comparing these costs before you hire your attorney will help you find an attorney that meets your budget.
5. Is the Attorney Knowledgeable and Interested in Your Situation?
To make sure your attorney is on the same page, you should make sure you hire an attorney that is knowledgeable and interested in your situation. For example, if you are remarried and creating your will, you may want to find a lawyer that specializes in 2nd marriages.
If you have any other factors that will make your estate planning process more complicated, you should hire a lawyer that specializes in your type of situation to make sure you are taken care of.
6. Is the Attorney Understandable and Able to Clearly Explain the Law?
The estate planning process can be quite complicated. If you have an attorney that only speaks in legal jargon, it is difficult to know exactly what you are getting from their services.
Instead, you need to hire an attorney that is easy to understand and can clearly explain the different areas of law. This will also confirm that your lawyer knows what the current laws are surrounding estate planning, so you will not have to make changes to your estate in the future.
To make sure your attorney is a good communicator, you can see if they offer consultations before you hire them. Having a conversation with a potential attorney will also help you see whether or not their personality is a good match for your own.
7. Does the Attorney Provide a Written Fee Agreement?
Finally, you must make sure your lawyer provides a written fee agreement. This is a legal document that is necessary when you are working with an attorney, even if you think your case is simple.
This contract will tell you exactly the fees and compensation that you will owe, what work will be done, and more.
Having a written fee agreement will prevent disputes between you and your attorney over money and will make sure you are both on the same page.
Need Help Choosing Estate Planning Lawyers?
Estate planning is essential for planning for and protecting your children, your assets, and everything else you have. Hiring the best estate planning lawyer will put your asset in the best hands.
By following each of these tips, you can get help choosing estate planning lawyers in your area. Do you need help planning for your wills and trusts in Georgia or South Carolina? Rhodes Law Firm can help!
Contact our team today for more information about our estate planning services and to meet with our estate planning experts.