Providence Law Group, LLC

08/16/2023

Q:What happens to my life insurance if the beneficiaries pass away?
A: If the primary beneficiary of a life insurance policy passes away before the insured, the contingent or secondary beneficiary comes into effect. The contingent beneficiary is the individual or entity named by the policyholder to receive the death benefit if the primary beneficiary is deceased.

If both the primary and contingent beneficiaries are deceased, the proceeds of the life insurance policy typically go to the insured person's estate. The executor or administrator of the estate will then handle the distribution of the funds according to the insured's will or the laws of inheritance in their jurisdiction.

It's essential to review and update your life insurance policy regularly to ensure that your designated beneficiaries are up to date. Life changes such as marriage, divorce, or the passing of a beneficiary may require updating your policy to reflect your current wishes. Consulting with an insurance professional or attorney can provide you with the best guidance for your specific situation.

08/14/2023

Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to learn more.

Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately...

08/11/2023

If something happens to you, who will care for your children?

08/09/2023

It’s National Book Lover’s Day! What are you currently reading?

08/07/2023

Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective share, rather it’s about a clever attempt at avoiding one state’s slayer statute. Read on to learn more

Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the...

08/04/2023

Is my home still considered an asset if I still owe money?
Yes, your home is still considered an asset even if it isn't fully paid off. An asset is something you own that has value and can be used to generate income or be sold for a profit. In the case of a home, it is typically a valuable asset that can appreciate over time.

Even if you have a mortgage or owe money on your home, the portion that you have already paid off and the equity you have built up in the property still represent an asset. The equity is the difference between the market value of your home and the amount you owe on your mortgage.

Owning a home can provide various financial benefits, including potential appreciation in value, tax advantages, and the ability to borrow against the equity if needed. However, it's important to consider factors such as ongoing mortgage payments, maintenance costs, and market fluctuations when assessing the overall financial impact of homeownership.

08/02/2023

Is your estate plan outdated? If it has been more than 3 years, chances are it's time to review and update your estate plan! Here's a friendly reminder about how often you should revisit your plan:

🔍 Regular Check-ins: Estate plans should be reviewed every 3 to 5 years. A periodic review ensures your plan aligns with your current goals and circumstances. Stay proactive and keep your plan up to date.

💑 Life Milestones: Major life events like marriage, divorce, welcoming a child, or the loss of a loved one can impact your estate plan. When these milestones occur, it's essential to reassess your plan and make necessary adjustments.

🌟 Shifting Priorities: As time passes, your goals and wishes may evolve. Maybe your charitable intentions have changed, or you want to adjust asset distribution. Keep your plan in line with your current desires and aspirations.

📜 Laws and Regulations: Stay in the know! Estate planning laws can change, affecting the validity and effectiveness of your plan. Stay informed about any legal updates that might impact your estate plan and consult an expert when needed.

⚠️ Don't Miss Out: Ensure your plan includes vital provisions like healthcare directives, incapacity planning, or special needs trusts. If your existing plan lacks these essential elements, it's time for an update.

📞 Seek Professional Advice: To ensure your estate plan remains comprehensive and tailored to your needs, consult an experienced estate planning attorney. They can provide personalized guidance based on your specific circumstances.

👉 Remember, keeping your estate plan current is crucial for safeguarding your assets, protecting your loved ones, and ensuring your wishes are honored. Stay ahead by reviewing and updating your estate plan regularly!

07/28/2023

07/26/2023

Who can contest a Will? In order to contest a Will in Maryland, the state requires that you have an interest in the estate. This means you are named in the will as a beneficiary or if there is no will, you would have inherited something under Maryland intestacy laws.

07/19/2023

What does a Personal Representative do? A Personal Representative is responsible for opening the estate, collecting the assets of the estate, protecting the estate property, preparing an inventory of the property, and paying various estate expenses. All of these responsibilities may seem overwhelming. An Estate Planning Attorney can also assist in administering the estate.

07/15/2023

National Give Something Away Day was established on July 15, 2015, by Linda Eaton Hall-Fulcher. The day encourages people to give freely to others without expecting anything in return. Giving is contagious! A 2010 study found that when a participant gave money away, the recipients of that money were also likely to give themselves.

07/12/2023

One of our number one questions, is “How long does probate take? In Maryland, probate can last over a year. Creditors have six months from the date of death to submit a claim.

07/11/2023

Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case represents an important lesson for attorneys and consumers alike about what happens when an attorney decides to ignore their responsibilities to a client and helps another client obfuscate an Estate Plan. Read on to learn more.

Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a c...

07/06/2023

While ChatGPT can provide information and suggestions, it is important to note that it is an AI language model and not a substitute for professional legal advice. Estate planning is a complex and highly individualized process that requires careful consideration of your specific circumstances, local laws, and regulations.

ChatGPT can provide general information about estate planning concepts and offer some suggestions, it is crucial to consult with an experienced estate planning attorney to ensure that your estate plan is comprehensive, legally valid, and tailored to your specific needs and wishes. An attorney can provide personalized advice based on your unique situation, assist in navigating legal requirements, and help you address potential issues that you may not have considered.

07/03/2023

Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s estate. The inclusion of the property in the surviving spouse’s estate could be an unwelcome surprise for the beneficiaries of the survivor’s estate. Good thing Internal Revenue Code Section 2207A exists. Read on to learn more.

Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to...

06/30/2023

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06/28/2023

This is your friendly reminder to review your coverage and make sure your beneficiary designations are up to date!

06/27/2023

https://providencelg.com/understanding-and-manipulating-estate-and-gift-taxes/

Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to...

06/20/2023

https://providencelg.com/what-it-means-to-disclaim/

Disclaimers are an effective Estate Planning tool for the Trust and Estate Practitioner. They allow the disclaimant to alter an Estate Plan if they follow the statutory requirements exactly. Disclaimers can be tricky but when used correctly, achieve great results for a client.

06/18/2023

Happy Father’s Day

06/14/2023

Have you ever found yourself lying in bed, concerned about who will assist your child with special needs in managing their inheritance? Or do you have a less fortunate grandchild whom you want to support with funds for college? Fortunately, there are estate planning resources available that can help guarantee your desires are executed as intended.

06/12/2023

https://providencelg.com/should-in-re-gregory-hall-trust-change-the-way-we-think-about-amending-trusts/

Revocable Trusts offer many great benefits for the grantor and the beneficiaries both during life and after death. Grantors or creators of the trust retain the right to amend, revoke, alter, or change the trust during their lifetime. Well-written trusts contain explicit directions regarding how the....

06/09/2023

Getting ready for a vacation can be exciting, but the possibility of an unforeseen emergency may not be something you're prepared for. That's why it's always a good idea to ensure that your important documents are easily accessible in case of an emergency before you leave. It's important that your family members know where to find your Will, Power of Attorney, and Medical Consent Letter (HIPAA). If you don't have these essential documents in place, we're here to help you get started.

06/06/2023

The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the conference.

The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference providing education and learning for and inspiring excellence in its Members.

06/04/2023

Today is National Cancer Survivors Day, a day to celebrate those who have overcome cancer and honor those who are still fighting. To all the survivors out there, your strength and resilience inspire us every day. You remind us that cancer is not a death sentence and that there is hope for a brighter future. To those still fighting, we stand with you and will continue to support you every step of the way. Let's use today to raise awareness, spread hope, and celebrate life!

06/02/2023

Did you know that estate planning is especially important for the LGBTQ+ community? Without proper planning, your assets could end up going to people who don't support your identity or lifestyle. Plus, there are unique considerations for same-sex couples when it comes to inheritance and taxes. Protect your legacy and your loved ones by creating a comprehensive estate plan. 🌈

05/26/2023

Fun Fact Friday!
Did you know the first use of the Will as we know it can be traced back to ancient Greece and Rome? These documents were used to transfer possessions between deceased male citizens and their heirs.

05/24/2023

Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more.

Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A rece...

05/17/2023

👨‍👩‍👧‍👦 Do you have minor children? Have you assigned a guardian for them in the event of your death?

❤️ It's a difficult thing to think about, but assigning a guardian is one of the most important things parents can do to ensure their children are taken care of if the unexpected happens.

📝 Without a legal designation, the court will decide who will take care of your children. This could result in someone you wouldn't have chosen being appointed as their guardian, and may cause unnecessary conflict and uncertainty for your children during an already difficult time.

💡 Take the time to choose a guardian you trust and who shares your values and parenting style. Discuss your wishes with them and document your decision in a legal will or other document.

👉 Don't leave your children's future to chance. Make sure they are taken care of by someone you trust.

05/16/2023

People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of this series continues by exploring the various non-tax reasons to create a comprehensive Estate Plan. Read on to learn more.

People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the...

05/12/2023

If you need a probate attorney, we can help!

05/10/2023

When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. Read on to learn more.

When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. Whil...