Jar and piggy bank for education savings - Legacy Law Centers
  • By: Legacy Law Centers

With students returning to school for the fall semester, many remain uncertain whether they will be attending their classes in person or learning online. If you are the parent of a college student, one thing is certain regardless of how your child will be learning during the pandemic, higher education is still going to be costly. This is why it is crucial to start creating a flexible plan for potential expenses that meets your unique needs. Coverdell Education Savings Accounts If you invest funds in a Coverdell education savings account, the money can only be used for “qualified education expenses.” These…Read More

A young lady with an elderly couple discussing Probate Probate Process - Legacy Law Centers
  • By: Legacy Law Centers

After you pass away, your assets and property will be distributed to the beneficiaries named in your will or the state’s default distribution scheme. Following the death of a loved one, most people just want to get through the probate process as soon as possible so that they can grieve in peace. However, the entire probate process can take between 18 and 24 months to complete. During his time, your loved ones can be forced to endure unnecessary stress as they try to obtain access to your accounts and property. While there are many reasons that your loved one’s time can be…Read More

Probate written on paper with judge’s gavel and a roll of money, symbolizing the cost of probate - Legacy Law Centers
  • By: Legacy Law Centers

When a person’s estate passes through probate after their death, it can be subject to a number of different expenses, such as fees for attorneys, executors, appraisers, and accountants. Depending on how complex the estate is, and how long the probate process takes, these fees can add up to thousands of dollars. If you want to reduce such expenses, then consider these three tips that can help you avoid probate. Name A Beneficiary Accounts and other property that is in your name must go through probate after you pass away. But if you name a beneficiary during your lifetime, then…Read More

Legal document about probate with a judge's gavel - Legacy Law Centers
  • By: Legacy Law Centers

Many of the clients we serve at Legacy Law Centers use a revocable living trust instead of a will or joint ownership to plan how their assets and other valuable property will be distributed among their family and other beneficiaries of their estates. When we help clients set up their trusts to ensure that everything is in order, they can avoid the costly and time-consuming process of going to court to establish conservatorship or guardianship (in cases involving incapacity) or to probate the estate ( after a person passes away). While trusts can greatly benefit your family in their time of need, many people fail to properly fund…Read More

Two people shaking hands, symbolizing trust and success - Legacy Law Centers
  • By: Legacy Law Centers

At Legacy Law Centers, we advise clients to include a revocable living trust in their estate plans to make sure their finances are properly managed if they are ever incapacitated. We know how important it is to know your family and other loved ones are financially secure in your absence, which is why we want to explain what you need to do to set up a trust fund. Funding The Trust Trust funding involves transferring ownership of your accounts and property during your lifetime. You can also designate the trust as a beneficiary of an account or piece of property. This will allow the…Read More

Two persons holding a house model on a desk, discussing an estate plan - Legacy Law Centers
  • By: Legacy Law Centers

At Legacy Law Centers, our team of experienced attorneys knows that finding time in your busy schedule to take care of important estate planning matters can be difficult, especially if you are a parent working from home or a frontline worker during this pandemic. If you have been meaning to get started drafting an estate plan to ensure your legacy and loved ones are protected when you are no longer around, then consider the following questions to determine what legal documents you need to include. Who Do You Trust To Handle Your Financial Affairs? How your money and property will be handled is one of…Read More

Three individuals in a room - discussing Estate Planning During The Coronavirus - Legacy Law Centers
  • By: Legacy Law Centers

As the coronavirus (COVID-19) crisis continues to unfold and impact more aspects of our day-to-day lives, many of our clients have been reaching out to our law firm to get advice regarding how to adjust current or draft new estate plans to address the volatility of the financial markets and the possibility of their health being directly impacted by the spread of the virus. Although it is completely understandable that this health crisis is making us all anxious about the future, our legal team at Legacy Law Centers is reminding clients that the present state of the world presents unique…Read More

A man and woman sitting on a couch holding coffee cups - Legacy Law Centers
  • By: Legacy Law Centers

In previous generations, the traditional nuclear family was the status quo. A married, heterosexual couple had 2-3 children, and those children grew up to have kids themselves. But divorce, remarriage, and cohabitation before marriage are now becoming increasingly common and accepted. According to the Pew Research Center, approximately 1 in 6 American children live in a blended family. Although a vast portion of today’s Americans have stepfamily, the laws have not necessarily changed to reflect this pattern. If you live in a blended family, you may need to take additional steps to ensure old laws don’t interfere with modern plans. Furthermore,…Read More

Stethoscope and scrabble blocks spelling HIPAA on a table - Legacy Law Centers
  • By: Legacy Law Centers

The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and privacy. For minors, this is a non-issue because parents, as legal guardians, have access to their children’s medical information and are the ones making most of the medical decisions, as well as paying the expenses. However, once the individual turns 18 years old, he or she is no longer a minor. This means that the hospitals and doctor’s offices must safeguard the patient’s information from everyone, including the parents. While it makes sense that a…Read More

A gavel & set of keys next to a document titled Power of Attorney - Legacy Law Centers
  • By: Legacy Law Centers

The wealth, property, and investments we accrue over a lifetime are often significant. While you have carefully managed your finances through the years, there may eventually come a time when you cannot handle such decisions. To plan for the likelihood that you are unable to manage your financial affairs, it’s important to have everything in order while you’re still of sound mind. For starters, you’ll want to execute a financial power of attorney. It’s perhaps the most important estate planning decision to make while you’re healthy. Assigning the duty to a trusted relative, loved one, friend, or professional can help ensure…Read More

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