Walsh & Company, P.A.

11/16/2022

Power of attorney explained in under 4 minutes.....

https://www.youtube.com/watch?v=hWACaCZFnag&ab_channel=Walsh%26Company%2CP.A.

09/16/2022

https://m.youtube.com/watch?v=mBfZVHTqMlk

Attorney Joseph Fried presents the 4 main parts of a will! To learn more, visit walshlaw.com, or call 410-312-5690. PLEASE NOTE: This is for educational purp...

08/17/2022

PROBATE, AND HOW TO AVOID IT:

We've all heard the word "probate" before. What exactly does it mean? Probate refers to the process by which the personal representative (executor) of an estate works with the State of Maryland to distribute the decedent's assets according to the decedent's will, or if there is no will, according to the laws of intestacy (the default system for lack of a will).

Compared to certain other states will outrageously long probate periods (cough cough California cough cough), Maryland's probate process isn't so bad. Standard probate cases in Maryland can last anywhere from 7 months to a year and a half. However, aside from the length of time the process can take, probate can be costly. Personal Representative and attorney's fee for a probate estate are established by statute: 9% of the first $4,000 of the estate ($1800) + 3.6% of the estate. Additionally, probate documents are public, so anyone could search for an estate and see potentially sensitive documents, such as the value of an estate.

CAN I AVOID PROBATE?

Yes. For the aforementioned reasons, much of estate planning is focused on saving your loved ones from having to go through probate. Generally, the best way to avoid probate is by placing your assets into a trust, with named beneficiaries. This way, all of the assets in the trust can bypass the probate process completely. The assets will be private, and there is no lag period or cost of distributing the assets to the beneficiaries.

Another way is to jointly title assets. However, this should be approached with caution because jointly titled assets are subject to all owners' creditors.

08/09/2022

GOING ABOVE AND BEYOND!

Our clients’ satisfaction means the world to us. When a client expresses their appreciation to us, either verbally, through a review, or some other way, it makes our day.

Recently, one of our wonderful clients was so appreciative that they gave us a model ship that their late dad had carefully constructed. The shop (as shown in the photo) is incredibly detailed and wonderfully crafted. It adds so much to our office, not merely in aesthetics, but in sentiment.

We so appreciate this gesture! Our clients are our family.

Experienced law firm specializing in wills, trust, medicare, probate, guardianship, senior services, legacy, tax & business succession planning.

06/10/2022

THE LEGAL SIGNIFICANCE OF A STAPLE:

During a meeting yesterday, my client astutely noted that her powers of attorney documents were held together with paperclips, while her will was fastened with a staple.

She assumed that I had run out of either paperclips or staples, and naturally attributed the difference of how her documents were bound to a low inventory of office supplies.

I smiled, cracked my knuckles, and launched into the following explanation:

When it comes to drafting wills, a major consideration is ensuring that it can stand up against challenges. One way to do this is by numbering the pages - that way it is harder for outside pages to be introduced to the original will. Another way is to bind the will together so that the pages do not get separated. In that vein, if a will shows a marking that it was ever unbound, or rebound, then the attorney (or whomever submits the will) must provide an affidavit explaining why the staple or other binding mechanism was removed or altered. After all, any indication that a will was tampered with can call a will's validity into question. Therefore, it is important to keep the pages of the will from separating, especially if a binding mechanism, such as a staple, is removed (if you opt for a staple, heavy duty staples are recommended). In fact, the doctrine of integration says that since wills have multiple pages, they do not have to be signed on every page, since each page is an integrated document, as long as the testator intended all of the pages to be included together and all of the pages are there at the signing.

Also, I added, we were low on paperclips. (Joking)

The law is funny sometimes. You can go from discussing the complexities of generation skipping tax to the legal significance of a single staple in the same conversation.

04/26/2022

Don't miss tomorrow night's webinar, given by Joseph Fried: " The Five Estate Planning Keys." Here is the link to register, we hope to see you there!

Walsh & Company, P.A.

04/01/2022

It's time to make a plan. Help us help you!

03/01/2022

But Isn’t Estate Planning Only for the Wealthy?

(If you have kids read this!)

Folks often make the mistake of believing that estate planning is only for the wealthy. Actually, “estate planning” includes many other important things that everyone should consider, such as preparation for incapacitation scenarios - when something happens and you can no longer make medical and financial decisions. If something should happen to you or your loved one, don’t leave your important decisions to the bank or hospital.

Additionally, for those of you with children, estate planning means establishing a guardian in case something happens to you. Courts give great weight to a parent’s selection of guardian in their last will and testament. This is one can that should not be kicked down the road. Make this decision today, and have the appropriate documents drafted.

Furthermore, even if you have minimal assets, but you do have a life insurance policy, it’s important for you to direct how and when those proceeds are directed to you children. After all, most parents don’t want their child to inherit a large lump sum at a young age.

All of the above scenarios fall under the broad umbrella of “estate planning.” Even though we hope to never need these documents, the key is to prepare today. We understand that it is difficult to imagine death or incapacitation, and after a short complementary conversation with the attorneys at Walsh & Company, P.A., you can finally have peace of mind.

02/16/2022

A TALE OF TWO CITI BANK ACCOUNTS:

Ed was a hard working, single dad, who managed to raise two children, Trevor and Melissa. When Ed retired at the age of 68, Melissa had a family of her own and lived out of state. She had a successful start-up business, yet managed to visit her dad every few months, though they spoke on the phone at least once a week. Trevor, more impulsive by nature, was not married, and had made a series of poor life decisions which led him to serious financial woes. He had bounced up and down the east coast, never holding down a job for more than a few months. He rarely spoke to their dad on the phone, but usually showed up at his house a couple times a year. Nevertheless, Ed's will gave each child half of his estate.

As Ed got older, his daily routine was affected. Traveling, paying the bills, and picking up his medications were becoming increasingly more difficult for him. At Thanksgiving that year, Melissa mentioned this to Trevor; she wondered aloud if their dad should get an aide. Trevor, his mind calculating, offered to live with their dad to assist him. "Are you sure?" asked an incredulous Melissa, surprised at her brother's generosity, "this isn't a 9-5 job you know." Trevor waived her off, "I can handle this Mel. I'll move in with Dad next week." With Ed's approval, Trevor did just that.

True to his word, over the next few months Trevor helped his dad with his daily errands. He was generally on top of the bills, yet forgot to pay a few, resulting in late fees. "You know Dad, I couldn't pay your utilities bill on time because I needed to transfer money from the savings account to the checking account, but I had no access to your account to do this. Why don't you add me as a joint account owner, so I can pay the bills conveniently and stay up to date?" Ed thought that this was a good idea, and did so. This arrangement continued, until Ed's passing.

After the funeral, Melissa and Ed met with an estate administration attorney. The attorney informed them that, per Ed's will, all of Ed's assets would be split down the line between Melissa and Trevor. Melissa, relieved, knew her share was going to her kids' college funds.

However, a few weeks later, Melissa received a phone call from that same attorney, informing her that, unfortunately, 90% of her dad's estate, which was held in his bank account, was going to Trevor, as he was listed as a joint account owner. "But the will says it gets split equally," she exclaimed, "that's what my dad intended!" "Nevertheless," the attorney insisted, "this kind of joint bank account is is kept out of probate and is not subjected to the will's declarations. I am very sorry. You can speak with your brother about whether he wants to give you anything, but under the law, all of the assets in the account are his."

Unfortunately, the above fictional scenario is common.

REMEMBER: before re-titling any assets, speak to a qualified estates and trusts attorney.

02/14/2022

No concept, however detailed and intricate, should leave a client feeling confused, especially regarding something as important as estate planning.

At Walsh & Company, we pride ourselves on our ability to effectively and patiently explain any Estates and Trusts or related tax concept to our clients. No matter if you're a visual or auditory learner, we'll make sure that you feel calm and confident about your plan.

02/09/2022

Tip of the day :)

Maryland is the only state that in the U.S. that collects both estate tax and inheritance tax (not including federal estate tax, which, albeit, is a high threshold at the moment).