YOU GOTTA BE KIDDING!
By Timothy S. Barkley, Sr. October 2015. “You gotta be kidding!” Her voice was excited as she looked down at the test results. “We’re pregnant! After trying and trying … we’re finally pregnant!” He smiled and grasped her hand, squeezed softly. Their eyes met and both chorused “Now what?” Fast-forward nine months. A little bundle of joy has descended into their lives and transformed them and their relationship. The baby’s room is decorated, the clothes bought and handed down, and Mom and Dad are enjoying the beneficent sleep deprivation that comes with being new parents. But there was still a nagging feeling that something was missing. It was Mom who realized it – it’s usually Mom who knows what’s missing. “Honey, we need a will. Who’s...
FLY AWAY
Is your will up-to-date? Does it adequately provide for your assets and your loved ones?
THE NURSING HOME
The bill from the nursing home is enormous. In Maryland it averages about $8,000 per month, or about $100,000 per year.
UNCOMPLICATING (MARYLAND ESTATE TAX)
A client visits the attorney and reflects on the experience of her mother in making her own end of life decisions.
LESS TAXING (MARYLAND ESTATE TAX EXEMPTION)
A client visits the attorney and reflects on the experience of her mother in making her own end of life decisions.
WHAT MOM WENT THROUGH (END OF LIFE DECISIONS)
A client visits the attorney and reflects on the experience of her mother in making her own end of life decisions.
WHY PROBATE?
By Tim Barkley. October 2014. “Dad's will leaves everything to me, but when I showed it to the bank they said I needed letters of something. Why can't they just give me the money?” “Can't I just go to the broker and cash in Mom's account? I'm the Executor under the will! I even showed them my driver's license and the will, and they said I need to talk to a lawyer.” “I need to pay my brother's bills, and the will says I can, but the bank won't give me the money!” The will, by itself, doesn't give the person named as executor authority to handle the deceased person's assets, nor does it pass title to the beneficiaries. What if the will were invalid or procured by fraud or undue influence? What if the person named as Executor isn't...
FUNDING LONG-TERM CARE
By Tim Barkley. June 2014. Long-term care. Nursing homes. Adult daycare. Resented symbols of helplessness foisted on a generation of Americans who all their lives have prided themselves on self-sufficiency and independence. No one wants to think of herself helpless and dependent, for an indeterminate time powerless and vulnerable in the hands of others. Sometimes family can rally ‘round and care for the frail elder parent, but even then a two-income family economy can force dependence on professional care providers. By taking steps to assure that the costs of care can be met, you can assure that you can still control the setting in which you receive care. You can retain power over your life even as you are cared for increasingly by...
CHANGE OF PACE
By Tim Barkley. May 2013. The threesome came through the door slowly, helping along Mom on her walker. The attorney welcomed them back to the conference room, helped to seat Mom and stow her hardware. The trio declined coffee or tea, but Mom accepted a glass of water. A tall middle-aged woman, obviously accustomed to her role as spokesperson for the group, provided introductions. "I'm Susan, this is Ricky my brother, and this is our Mom. She's been living alone since Dad died in 2004, but can't stay by herself anymore since she had a stroke in January. She's just gotten out of rehab and we've decided that she needs to go into assisted living." I looked at Mom. She nodded unhappily. "I don't want to move, but it's probably best. Susan...
FEEDING YOUR TRUST
By Tim Barkley. March 2013. Now that you've set up your living trust, you need to feed it to make it grow. In legal parlance, you need to “fund” your trust. The benefits of a living trust – probate avoidance, privacy, efficiency, estate tax avoidance – may be lost if you do not take the time to fund your trust and maintain it. “Funding” your trust means transferring title to your assets to your trust. Funding also includes making your trust the primary or contingent beneficiary of your retirement and insurance assets. Please note: the discussion here is general in nature, and not tailored to your specific situation. Seek professional counsel! You may recall from our last article that when you set up a living trust, you control the trust...
REVOCABLE LIVING TRUSTS
By Tim Barkley. February 2013. One of the most commonly employed planning tools on today’s estate planner’s workbench is the revocable living trust. Revocable. Living. Trust. Separate ideas rolled into one planning tool that might be right for you. A TRUST is a separate legal entity, like a business. Just like you might set up a corporation and control the corporation as sole shareholder, in the same way you can set up a trust and retain control of the trust as Trustee. You decide when you give up or share control – at your death or incompetence, or upon resignation as Trustee – and how to exercise your control over your trust. Some clients have unpleasant or uncomfortable reactions when first introduced to the idea of a trust. “Does that...
END-OF-YEAR PLANNING 2012
By Tim Barkley. December 2012. With each new year comes a new opportunity to consider your estate plan and make sure it is up-to-date – or to make one if you don’t have on already! Because we are time-bound mortals, the change of seasons reminds us of changes in our lives and of their fragility. Have you ever drafted documents at all? If not, you should know that the State’s choices on your behalf are not usually the best ones for you or your loved ones. That should not come as a surprise, but if you fail to plan, you have made the government's decisions your own. Can you find the originals of your documents? Could your family find them? If the originals of your documents cannot be found after your death, your plan will be for naught, and...