Estate Planning for Single Parents in Clinton

By Ronald Morton | Leave a Comment

Single parents tend to work hard for their children, so it’s no wonder that those in Clinton want to protect the children they would leave behind should the adult be killed or become incapacitated.  Every day it falls to the single parent to provide just about everything for his or her children, and with 13 million single parent households in the US, there are a whole lot of folks doing their best to provide everything their children need today.  Working with a Mississippi guardianship lawyer is the right step to make sure they are also provided for in the future.

As a single parent, your estate plan may look different from that of a married parent.  In those cases, there are laws in place to ensure that both property and custody have a means of passing to the surviving spouse.  In your case, however, the courts would determine your next of kin and disperse your property, as well as appoint a guardian, based on Mississippi state laws.  While it’s great that there are laws like this to rely on when a single parent dies with no will in place, it’s not necessarily such a wonderful thing if the person/people named are not those you would have chosen yourself.

For example, it’s quite common for grandparents to be given custody of a child upon the parent’s death.  In many families, that would be the perfect choice.  In others, however, a better choice could be made.  Perhaps there has been a falling out between family members, or it’s possible that the grandparents are either too old or just otherwise not in the right place in their lives to be starting over raising children.

Clearly, appointing a guardian for your child or children is one of the most pressing issues for which to see an estate planning attorney in Clinton.  It’s not the only one, though.  This lawyer can also help you to create a financial plan which can help support your child even if you aren’t there.  You might be advised to look into a life insurance policy or to participate in a Mississippi college savings plan.  Likely, an guardianship lawyer in Clinton will also help you to create a trust or trusts which can not only protect some of the money from being heavily taxed, but also give you some say over how the money is to be used and by whom.

An estate planning attorney will also help you to make sure that everything is in order.  He or she will ask you about bank accounts, insurance policies, retirement accounts, and even military service, as all of these can possibly be directed to the care of your child or children.  Every family, no matter what the marital status is, is unique.  With the help of a Clinton estate planning lawyer, you can put together a plan that works for your specific situation.

Who Really Needs a Business Lawyer in Clinton?

By Ronald Morton | Leave a Comment

To the average person, the term “business lawyer” or “corporate lawyer” may sound like something that only exists on Wall Street.  In reality, though, nearly every business in Clinton can and should use the services of a good business lawyer.  This means large and small businesses alike.

Business lawyers play a very different role than that of trial lawyers.  Rather than fighting one another, “opposing” attorneys are generally working together to bring about legal transactions between businesses.  It’s also very common for a business or corporate lawyer to help a business set up and review its contracts, to advise on tax issues and to help with the legal setup of the company.

A typical Clinton business lawyer may have expertise in one or more of the following areas:

  • Accounting
  • Bankruptcy
  • Contract Law
  • Intellectual Property
  • Licensing
  • Securities Law
  • Tax Law
  • Zoning

Each industry will have its own specific issues and concerns, too, so it’s possible for a business lawyer to focus his or her practice on a particular type of business.  In fact, some larger companies have their own corporate lawyers right on staff.

Business Planning

A business lawyer in Hinds County can have a really important impact on an individual business.  Not only can they protect it by making sure everything is up-to-par when it comes to setting up and running your business, but they can also help you plan for the future.  For example, is there a succession plan in place for when key personnel leave the organization, either expectedly or unexpectedly?  The ability for a business to survive in this circumstance can balance on how prepared it was for this kind of transition.

A related concern is what will become of the business should the owner (or one of the owners) die?  Who has rights to his or her shares, and how should that be handled?  Will the business be taken over by a family member, or will it be sold, shut down, or something else?  The business lawyer helps to lay out all the options and make determinations about the decisions that need to be made.

It’s also worth noting that many business lawyers in Hinds County have a wide skill set.  For example, in addition to business planning services, they may also provide personal estate planning for wills and trusts, assist with real estate transactions, and assist with divorces or prenuptial agreements.

Getting Help

Whether your business is large or small, a business lawyer in Clinton will help ensure you are set up on a proper foundation and that you are well prepared should you face lawsuits, creditors or unexpected transitions in the future.  To schedule an appointment with our business and estate planning attorneys, simply call (601) 925-9797.

Clinton Lawyer Explains How To Tackle Estate Planning When You Live in Two States

By Ronald Morton | Leave a Comment

Being able to split your time between two or more places you love is a much-desired retirement dream for many people.  A great example are those folks referred to as “snowbirds” who live farther north in the US during the summer and then head back to the warmer southern states for the winter.  That allows folks to enjoy our gorgeous Mississippi spring and fall, and relatively mild winter, while escaping our punishing summer humidity.

Many people living this lifestyle completely overlook the fact that it can have a major impact on what happens to their assets when they die.  If you were to pass away in Mississippi, the laws governing your estate may be totally different than those in New York, Vermont, or whatever cooler state you’ve chosen for the hot season.

Some Laws Differ from State to State

Basically, you need to make a decision about which state is your true legal residence.  This may be affected by the amount of time you spend in each or some other factor.  If you’re in a situation where you truly can choose, then you really want to work with a Hinds County estate planning lawyer to figure out which state’s laws are going to be the most advantageous to you and your estate.  There are all kinds of factors which can influence this decision, such as the property laws of each, your marital status, and even tax rates.  For example, Florida has been known for not having estate taxes at all.  This is great, but it does have other taxes that could come into play.

When you pass away, your estate can end up going through probate in both states.  This can be time consuming and expensive, and you may be able to avoid it by working with a Hinds County lawyer to set up some trusts and other protections.  There are some documents, however, that you might want to consider creating in both states where you reside.  For example, it may be helpful to have medical and financial powers of attorney drawn up in both Mississippi and the other state in order to avoid problems and delays should they be needed.

What Do You Do When You Live In Two States?

Even if you “live” in both states, you can only officially reside in one.  You are considered a visitor in the other state.  A Mississippi attorney will be able to help get you up to speed on the laws of our state and can help you compare them to similar laws in the other state where you reside.  Just as you’ve chosen to live in two states for the advantages to your life, there are also advantages to what happens after!

 

Clinton Lawyer Explains How To Tackle Estate Planning When You Live in Two States

By Ronald Morton | Leave a Comment

Being able to split your time between two or more places you love is a much-desired retirement dream for many people.  A great example are those folks referred to as “snowbirds” who live farther north in the US during the summer and then head back to the warmer southern states for the winter.  That allows folks to enjoy our gorgeous Mississippi summers while still keeping warm all winter long.

Many people living this lifestyle completely overlook the fact that it can have a major impact on what happens to their assets when they die.  If you were to pass away in Mississippi, the laws governing your estate may be totally different than those in Florida, Arizona, or whatever warmer state you’ve chosen for the cooler seasons.

Some Laws Differ from State to State

Basically, you need to make a decision about which state is your true legal residence.  This may be affected by the amount of time you spend in each or some other factor.  If you’re in a situation where you truly can choose, then you really want to work with a Hinds County estate planning lawyer to figure out which state’s laws are going to be the most advantageous to you and your estate.  There are all kinds of factors which can influence this decision, such as the property laws of each, your marital status, and even tax rates.  For example, Florida has been known for not having estate taxes at all.  This is great, but it does have other taxes that could come into play.

When you pass away, your estate can end up going through probate in both states.  This can be time consuming and expensive, and you may be able to avoid it by working with a Hinds County lawyer to set up some trusts and other protections.  There are some documents, however, that you might want to consider creating in both states where you reside.  For example, it may be helpful to have medical and financial powers of attorney drawn up in both Mississippi and the other state in order to avoid problems and delays should they be needed.

What Do You Do When You Live In Two States?

Even if you “live” in both states, you can only officially reside in one.  You are considered a visitor in the other state.  A Mississippi attorney will be able to help get you up to speed on the laws of our state and can help you compare them to similar laws in the other state where you reside.  Just as you’ve chosen to live in two states for the advantages to your life, there are also advantages to what happens after!

 

Making Long-Term Care Insurance a Part of Your Estate Plan in Clinton

By Ronald Morton | Leave a Comment

Working with a trust and estates attorney in Clinton is an excellent way to prepare for the future and to protect the assets you want to pass on to your loved ones after you’re gone.  A qualified Hinds County lawyer will be able to offer you valuable advice, not only on setting up a will or trust, but also on creating other important documents, such as medical directives and powers of attorney.

One area that often gets overlooked in the estate planning process is long-term care insurance.  There are different reasons why it gets ignored:

  • I’m too young to think about long-term care (whether you’re 40, 50, 60, or more)
  • I already have medical insurance, isn’t that good enough?
  • I don’t want the added expense of long-term care insurance
  • I have enough money set aside for nursing home or other long-term care

Some or all of these justifications may be true, but it really does make sense to at least discuss the risks with your Clinton trust and estates attorney.  For example, were you aware it is estimated that 60% of people over the age of 65 will need some kind of long-term care in their life?  Also, how confident are you that your health insurance will pay for long-term care?  You will definitely want to double-check that, as most private insurance, as well as Medicare, do not cover most long-term care services.

Keep in mind, too, long-term care isn’t just for the elderly.  Many younger people involved in accidents or who are diagnosed with a particular disease or illness will also require long-term care.  In many cases, this type of care will take place in a hospital or rehabilitation center, and it’s important to know where the money will come from to pay the expenses.

Of course, that’s not to say that everyone needs long-term care insurance.  Again, your Hinds County estate planning attorney can help you assess your risks and determine the right course of action.

What Long-Term Care Insurance Does

Long-term care is certainly beneficial in paying for nursing home expenses, but it doesn’t necessarily exclude other types of care settings.  It may be used to pay for in-home care, for example, or to help with the costs of adult day care or assisted living facilities.

Basically, long-term care insurance comes into play when an individual has lost the ability to take care of two or more of their own daily activities. These are usually defined as:

  • Bathing
  • Continence
  • Dressing
  • Eating
  • Toileting
  • Transferring

There are some other impairments which can trigger the need for long-term care, even if the person involved is still able to function in all of the ways listed above.  For example, a person with Alzheimer’s may still require long-term care, even if he or she is able to perform all six of the daily activities.

Of course, long-term care isn’t just about daily activities.  It can also be used to pay for health care and rehab costs recommended by a physician. Physical or speech therapy may be covered, as well as the need for professional care by a registered nurse.

Your trust and estates attorney in Clinton will work with you to help answer the most important questions in purchasing a long-term care insurance product.  Based on knowledge of the Hinds County area, the lawyer can guide you as you determine where in the community you might be most interested in receiving care and help base estimated coverage needs on this and other criteria.

 

Does Your Blended Family Need an Advanced Estate Plan?

By Ronald Morton | 1 Comment

With a high divorce rate, blended families are a norm in American society. Such families include a variety of dynamics: step-children, half-siblings, unmarried couples with children and more. A basic estate plan may be enough to cover your blended family, but there are many advantages of advanced estate planning that may suit your family situation better.

Avoid Disinheritance

Having an estate plan is important to make sure your loved ones receive the inheritance you wish to leave. If you do not have an estate plan, members of your blended family may be disinherited when you pass away. Estates with no Last Will and Testament must abide by state intestacy laws to determine heirs-at-law. If you are part of a blended family, there is a good chance some of your loved ones may not be your heir- by-law.

Once you have an estate plan in place, make sure it is comprehensive enough to protect the inheritance of your spouse and children. If you have a Will that leaves your entire estate to your spouse and he or she is not the biological parent of your children, your children may be disinherited. If you pass away first, your spouse will choose the future inheritors of your estate. With an advanced estate plan, you can create a special arrangement to safeguard your children’s inheritance.

Assist Probate

Through features such as Revocable and Irrevocable Trusts, an advanced estate plan may help your blended family speed up or avoid the process of probate. If you use a basic estate plan with a Last Will and Testament, probate may take more time as blended families offer complicated family situations to deal with in the inheritance process.

Provide Flexibility

Many advanced planning devices, including Trusts, offer flexibility in the estate planning process. You can tailor a plan to fit the needs of every member of your blended family. A Last Will and Testament offers limited flexibility in leaving inheritances, which may affect some members of your family.