When your child turns 18 (in most states), it might be hard to imagine that the little child who once needed you for everything has now become – overnight – an adult.
But did you know that if your (legally) adult child is hurt in an accident and needs somebody to make critical medical decisions, you cannot be the one to do that without your child having named you as healthcare power of attorney, even if you’re still paying for your child’s health insurance?
Here's what you need to know to make sure your child is protected: https://www.mcdonaldesq.com/powers-of-attorney-coming-of-age/
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Powers of Attorney: Why Your Adult Child Needs One | McDonald Law Firm
When planning for death, most people assume they will die before their beneficiaries (e.g., their spouse, children, and grandchildren). While these assumptions are often well-founded, they do not always come to pass. Sometimes a beneficiary of an estate or trust dies before the person leaving the inheritance. If this has happened to you, you may be wondering what is next. How does this event impact your original plans? The truth is, it depends on a number of factors.
https://www.mcdonaldesq.com/what-happens-if-my-beneficiary-dies-before-me/
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What Happens If My Beneficiary Dies Before Me? | MD Estate Planning
In the hectic and sometimes dangerous world that we live in, it is an unfortunate fact of life that accidents happen and people get hurt. Sometimes injuries are so severe that the injured individual receives a significant sum of cash through a personal injury settlement or court judgement.
Such a sudden and large infusion of cash can be overwhelming to an individual and the individual’s family, and without sound legal planning, can be lost or mishandled.
https://www.mcdonaldesq.com/personal-injury-settlement-estate-planning/
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Estate Planning After a Personal Injury Settlement | McDonald Law Firm
The unpredictable can occur at any time: fires, hurricanes, floods, earthquakes, pandemics—you name it. Because September is National Disaster Preparedness Month, we want you to be prepared for whatever life throws at you.
Although none of us can predict the future, there are some things you can do to ensure that you and your family are ready. Here are a few questions to consider to help protect the people and possessions you value most.
https://www.mcdonaldesq.com/disaster-preparedness-checklist/
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Disaster Preparedness: 5 Questions to Ask Yourself | McDonald Law Firm
Mistakes can be made when it comes to inheritance and Medicaid. Those mistakes can be costly.
When a person is receiving Medicaid benefits and inherits money or property, that inheritance jeopardizes the benefits. The inheritance must be handled carefully to minimize expensive penalties. What “careful” means, though, can be misunderstood without the necessary expertise.
https://www.mcdonaldesq.com/inheritance-and-medicaid/
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Inheritance and Medicaid: Be Careful, Plan Ahead | McDonald Law Firm
Ask a group of friends if they have experienced family fights over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance.
Having counseled families for years, we offer the following pearls of wisdom to help your loved ones avoid family fights over property when you are gone.
https://www.mcdonaldesq.com/avoiding-family-fights-over-property/
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7 Ways to Avoid Family Fights Over Property - McDonald Law Firm, LLC
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When your spouse, child, or other loved one inherits your retirement account, creditors have the power to seize it and use the funds to satisfy their claims. This means one lawsuit and POOF!—your life-long, hard-earned savings could be gone. Your loved one could be left penniless.
Fortunately, there is a solution to this problem.
https://www.mcdonaldesq.com/protect-your-retirement-accounts/
5 Reasons to Protect Your Retirement Accounts Now | McDonald Law Firm
Did you know that inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims against your beneficiaries? Fortunately, retirement accounts can be protected, but only if you take action.
Click below to learn more:
https://www.mcdonaldesq.com/standalone-retirement-trust/
How to Use a Standalone Retirement Trust to Protect Your Inheritance
As it has for 30 years, early March marks the beginning of Brain Injury Awareness Month. Millions of Americans are affected by a brain injury every year, including the family members who make adjustments to accommodate the “new normal” brought about by a loved one’s brain injury.
https://www.mcdonaldesq.com/brain-injury-estate-planning/
Brain Injury & Estate Planning | McDonald Law Firm, LLC
March is Developmental Disabilities Awareness Month. If you have a loved one with a disability, it’s important to have a proper estate plan that ensures your loved one is taken care of. Click below to learn more.
https://www.mcdonaldesq.com/developmental-disabilities-awareness/
Developmental Disabilities Awareness | McDonald Law Firm, LLC
The death of a loved one is never easy. Regardless of your relationship with the deceased (blood relative, life partner, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one’s death. We are here to guide you through the main areas of focus of your review.
https://www.mcdonaldesq.com/updating-your-estate-plan-after-loved-one-dies/
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Updating Your Estate Plan After a Loved One Dies | McDonald Law
Diversity of citizenship among friends and family is extremely common these days. However, it also creates a fair share of complications. One such complication is in the area of estate planning, which may be one of the more overlooked challenges of citizenship diversity within a family.
Click below for some factors to consider relating to naming noncitizens to estate planning roles:
https://www.mcdonaldesq.com/noncitizens-in-estate-planning/
Including Noncitizens in Estate Planning | McDonald Law Firm