Same-Sex Couples May Need to Review Estate Plans

Obergefell v. Hodges, the historic Supreme Court decision requiring all states to recognize legally valid same-sex marriages, will certainly have rippled effects in the estate planning world. Why? Because couples in the LGBT community need to now review their estate plans to determine whether the language used to transfer assets to their significant other is still legally accurate and valid. Many states, including Virginia, did not recognize same-sex marriage prior to the Obergefell decision, so many LGBT couples opted not to put together estate plans where their significant other received assets for fear that they may not be legally valid upon their death. In addition, even if LGBT couples decided to put together an estate plan, they may have done so with under a civil union or domestic partnership agreements. These agreements offered some protections and benefits, but not at the same level as a married couple. For example, married couples are...

04 March

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Blended Families and Estate Planning

Posted by Bobby Feisee

in Bobby's Blog

If you, or your significant other, have been through a divorce, the impact on how you plan your estate can be significant. The absolute worst thing you can do in this situation is nothing and hope your loved ones just “figure it out.” What if your ex-spouse comes out of nowhere and claims they are entitled to certain benefits? It’s happened before. Check out this article I published a few months ago about a Maryland case that involved such a fast pattern: https://insightlaw.net/current-events/attack-of-the-ex-spouse-maryland-court-allows-former-wife-to-receive-50-percent-of-deceased-ex-spouses-pension-benefits. So what should you do? Well, a good first step is to review all of your current estate planning documents. This includes your will, durable power of attorney, insurance policies, any trusts, etc. A common mistake people make is not updating their documents and, suddenly, something happens and the relevant documents have outdated directives. For example, if you have a power of attorney naming your ex-spouse as the...

30 December

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Estate Planning Tip: Leave a Personal Touch

Posted by Bobby Feisee

in Bobby's Blog

Many people experience a common nostalgic scenario – you’re cleaning out your closet or rummaging through the pile of boxes in your attic and stumble upon family photos. Your mind is inundated with a wave of memories and emotion. For some people, they embrace this moment and take a trip down memory lane. Your estate plan should incorporate this type of personal touch with a reflection of the life you’ve lived and loved ones you've left behind. Unfortunately, many estate planning attorneys focus solely on the nitty-gritty of estate planning such as making sure you have a valid will, properly established trust, a durable power of attorney, etc. There’s no question these documents are vitally important, but they also carry a level of sterility. They are words on a page. Your estate plan should have sentiment and feeling, and not just be word processing. A simple way to incorporate a...

21 August

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LegalDoom: Cookie Cutter Estate Planning Site LegalZoom Being Sued For Flawed Documents

Posted by Bobby Feisee

in Current Events

In 2007, Anthony J. Ferrantino was suffering from a terminal illness, so he sought the assistance of his niece to help him write a Last Will and Testament and Revocable Living Trust. They decided to use a popular web site, LegalZoom. Unfortunately, once the LegalZoom documents were created and signed, Mr. Ferrantino's assets could not be funded into the Revocable Living Trust because the financial institutions that held Mr. Ferrantino’s money would not accept the LegalZoom documents as being valid. LegalZoom provided no assistance to Mr. Ferrantino’s family when they had questions and needed help in getting the trust funded. Sadly, the trust still had no funds when Mr. Ferrantino passed away a few months after completing the LegalZoom documents. The result? A lawsuit was filed against LegalZoom, since the Ferrantino family is not alone is confronting the stressful, disheartening realization that their LegalZoom estate planning documents are flawed and...

18 July

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Under 40? Top 5 Tips for Getting a Jump on Estate Planning.

Posted by Bobby Feisee

in Bobby's Blog

I know what you’re probably thinking – “I’m not even 40. Why do I need to even think about planning my estate? Isn’t that something I do when I get my AARP card?” Answer: It's never too early to start planning your estate, especially if you have a family or close loved ones. None of us have a crystal ball showing the future. You may think you have decades ahead of you, but the truth is you only have the present. It is important to remember estate planning should involve disability planning too, not just planning for death. The sooner you start planning, the more prepared you are for life's unexpected twists and turns. Below is a list of 5 critically important tips for planning your estate 1. Start right now, regardless of your net worth. You may not have much. You may even be paying off student loans and/or credit...

17 May

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Importance of Having a Durable Power of Attorney

Posted by Bobby Feisee

in Bobby's Blog

This article deals with the scenario of a loved one who becomes incapacitated and therefore needs someone to execute appropriate planning of their estate. The fact is, in the absence of an estate plan, only a properly drafted General Durable Power of Attorney will afford a level of flexibility necessary to make critical decisions about an incapacitated person’s estate. In this article, I’ll talk about how the Power of Attorney plays an important role in the planning and protection process. What does a Durable Power of Attorney do? Well, this is a legal document that an individual prepares while they are mentally able to read and understand the document. The document cannot be drafted after you’ve become incapacitated. Once you become incapacitated, the document states who will be appointed an Agent (which is either individual or multiple individuals) to act on the incapacitated individual’s behalf. Think of this agent as...