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Thursday, June 24, 2010

The Importance of Keeping one’s Affairs in Order


Actor Gary Coleman died May 28, 2010 from a brain hemorrhage after suffering a fall in his home. Three weeks after his death, he was finally cremated after weeks of legal battles. Since Mr. Coleman’s death, two wills have surfaced, one allegedly created in 1999, and an addendum to a will dated 2007 that names his former wife as sole heir to the actor’s estate.

Click here to read the entire article.

Here is just one story where the importance of keeping one’s affairs in order could have avoided the confrontation and legal battles that followed the actor’s death. Whether celebrity or not, proper planning for the inevitable may avoid the confusion and frustration, and legal/money scuffles after your death.

Last Will & Testament
You have worked your entire life to create a legacy to be passed on to your family, why not execute a Will that will protect your property, your family and carry out your wishes after you are no longer here to oversee how things are carried out. Plan now to protect for later.

Besides distributing property, your will may name a guardian for any minor children. It may also name a personal representative/executor to carry out the terms of the will. If you have pets, you can even name a guardian and provide arrangements for their care. Additionally, with a will you can create a trust and designate a trustee to handle the estate.

Talk with your family, discuss your wishes and then execute legal documents (wills/trusts) that will carry out those wishes long after you’re gone.

Advance Directive
Gary Coleman’s ex-wife, Shannon Price, ordered doctors at Utah Valley Regional Medical Center to disconnect his life support a day after he fell into a coma. With an executed HealthCare Advance Directive you prepare in advance for the inevitable.

The Advance Directive allows for you to inform your health care providers of your medical wishes in case something where to occur that would leave you unable to communicate your wishes to your doctor/hospital/family members and allows for you to designate a health care agent to make sure that your wishes are carried out, and to make decisions on issues not addressed in your Advance Directive in your best interest.

The Advance Directive normally involves these types of issues: Admission and/or Discharge from Hospital, Hospice, Nursing Home, or other medical facility; Request to Receive Protected Health Records as your Personal Representative under HIPAA; Withholding/Withdrawing Life-Prolonging Procedures; Withdrawing Food & Water (Artificially Administered Nutrition & Hydration); Palliative Care; Authorizing Organ, Tissue or Body Donation; Authorizing an Autopsy; Authorizing Disposition of Your Remains; Nominating a Guardian; and Pregnancy (you may indicate whether or not you want Health Care directions carried out in the event of your pregnancy). However, with an Advance Directive, you may specify your care for different situations, or if you wishes are simple, you may leave all decisions to your health care agent to act in your best interest.

We know that NO ONE wants to plan for the inevitable; however, having the proper estate planning protections in place is an investment in your future and the future of your family. We all are aware of the legal battles and emotions that may arise from conflicting legal documents and disgruntled family members, so it is best to discuss these issues now and put them in writing for later so that hopefully, your wishes are carried out when the time comes.

Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.

Monday, June 14, 2010

Post Marital/Separation Agreements – RESOURCES RESOURCES RESOURCES

Welcome Back to the MVP Estate Planning Blog!

Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.

In this post, I have provided several different resources for you to find out any and all things related to Post-marital/Separation Agreements.

POST-MARITAL/SEPARATION AGREEMENT - RESOURCES:

 Divorce HG.com
Separation Agreements

 About.com: Marriage
Postnuptial Agreements: Latest Trend in Promoting Harmony in Marriage

 The Boston Globe
Sealing a contract after the Marriage: Couples spell out duties, finances

 Equality in Marriage Institute
Creating a Postnuptial Agreement

 American Bar Association
Prenuptial and Postnuptial Agreements

 DivorceSupport.com
Separation Agreements

 eHow
How Long Does A Marital Separation Agreement Last?

 The Standard Legal Law Library
Marital Separation Agreement: an Overview Q & A

 Divorcenet.com
Maryland Separation Agreement FAQs

 Ezine Articles
Can a Martial Separation Ever Save a Marriage?

If you know of any additional credible resources, please leave a comment below with the URL. Thank you!

Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.

Thursday, June 3, 2010

Introduction – Post-marital/Separation Agreements

Welcome Back to the MVP Estate Planning Blog!

Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.

In this post, I will provide you with basic information regarding Post-marital/Separation Agreements. Most people are not familiar with the term Post--marital Agreement, yet it is identical to and operates in the same manner as a Separation Agreement.

Preparing a Post-Marital agreement is a process that can be a helpful experience for some and an unpleasant experience for others. However, having a post-marital agreement in place is better than having a Court of Law determine what’s in your best interest.

We have assembled a brief Q&A regarding the basics related to the planning and preparation of your Post-Marital Agreement.

What is a Post-Marital Agreement?
A post-martial agreement is an agreement made between spouses after marriage. The post-martial agreement is similar to the pre-nuptial agreement; however, it is entered into after the marriage of the parties, and normally when circumstances have changed. It is a way for couples to legally resolve property distribution matters, divide debt, and provide for or deal with children. The agreement must be in writing and signed freely and voluntarily by both parties, with fair and reasonable terms free from fraud and duress to be enforceable in court. The agreement may provide specific financial benefits to ensure that if your spouse fails to live up to their end of the agreement, a court will enforce it.

Should I execute a post-marital agreement?
The post-marital agreement is growing in popularity and as a result many more individuals are deciding to enter into post-martial agreements for various reasons. Some of those reasons have been: failure to create a pre-nuptial agreement; change in financial status; disagreement about finances and want a resolution; starting a business, and a host of other reasons for making the decision to create a post-marital agreement.

However, a couple should be aware of the advantages and disadvantages involved with a post-marital agreement. Most use the agreement as a blue print for eventual divorce, but this type of agreement has been used as an efficient and effective way to save a marriage. The very process of working with your spouse on this type of arrangement is a positive exercise for most couples.

What types of things can a post-marital agreement cover?
Just like a pre-nuptial agreement, a post marital agreement may cover a variety of issues:
• Alimony/spousal support
• Property rights (real and personal)
• Personal rights
• Household responsibilities
• Child Custody and Visitation
• Child Support & Support Guidelines
• Child-rearing issues
• Debts
• Health Insurance coverage
• Life Insurance coverage
• Retirement & Survivor benefits
• Business Interests
• Bank Accounts & Investments
• Income Tax Returns
• Jurisdiction/Controlling Law
• Merger/Incorporation clauses
• Attorneys fees
• Waiver clauses

Should I seek the services of an experienced Attorney?
Yes, you should seek the services of an experienced Attorney to draft a post-marital agreement that meets your specific needs. We also suggest that each spouse obtain independent counsel to ensure the rights and interests of both of you are fairly represented.

Can I revoke a post-marital agreement?
A Post-Marital Agreement is revocable if signed in writing by both parties, freely and voluntarily absent fraud and duress.

Can it be modified?
Certain provisions may be modified UNLESS there is an express waiver or provision stating that the particular provision is not subject to court modification. Additionally, a provision may be included in the agreement that provides that modification will not occur except on the occurrence of an express condition (cohabitation by the supported spouse, substantial change in circumstances).

Provisions dealing with child support/custody/care/education and visitation are always going to be modifiable by a Court if in the “best interests of the child,” even if there is a waiver or other provision providing otherwise.

How is it enforceable?
A post-marital agreement standing alone has the same force as an independent contract; however, if the separation agreement is incorporated or merged into a divorce decree, then the type of enforcement varies.

If incorporated into the divorce decree, the Post-Marital agreement will be enforceable via contempt proceedings and as an independent contract.

If merged with the divorce decree, the agreement will only be enforceable through contempt proceedings.

Separation agreements provide a way to ease tension and have become favored by the courts as a peaceful means of terminating marital strife and discord. Although many may see entering into a separation agreement as a romance killer, or a white line to divorce; it has the same purpose of a pre-nuptial agreement; to lay out the rights, duties and responsibilities of the parties during and upon termination of the marriage through death or divorce. Even if the underlying interest is to obtain a divorce, a separation agreement is a way to work it out without having a Judge determine the terms of your separation.


Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.

PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 15, 2010

Wednesday, June 2, 2010

Prenuptial/Premarital Agreements – Need More Information?

Welcome Back to the MVP Estate Planning Blog!

Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.

In this post, I have provided several different resources for you to find out any and all things related to Prenuptial/Premarital Agreements.

PRENUPTIAL/PREMARITAL AGREEMENT - RESOURCES:

 Prenuptial Agreements
Your Guide to Prenuptial Agreements

 About.com: Marriage
Prenuptial Marriage Agreements

 I Do! Take Two: Guide to Second Weddings, Second Marriage and Vow Renewals
Prenuptial Agreements

 Equality in Marriage Institute
Creating a Prenuptial Agreement

 USA Today
Prenuptial Agreements: Unromantic, but Important


Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.

PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 8, 2010