Author: WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning  on Thursday October 1, 2020.

When two people marry, often times financial responsibilities become shared; spouses take on each other’s pre-existing and future debts (credit card debts, collection accounts, student loans, etc.), open joint financial accounts, and file together during tax season. However, when couples divorce, shared assets are divided among both parties, as well as assets gained individually before or during marriage. 

No one wants to lose financial property in the event of a divorce. Marital agreements are contracts between spouses that protect an individual’s assets and address how alimony and property are distributed during a divorce.

Two Types of Marital Agreements

There are two types of marital agreements. A Prenuptial Agreement (also called “premarital agreements”) is signed by the potential spouses before the marriage. A Postnuptial Agreement is put in place after marriage. These contracts don’t have to be renewed and they don’t expire. It is smart financial planning to have a marital agreement in place because it allows spouses control of their individual property during marriage and keeps non-marital accounts, non-marital funds, and separate (not joined, non-marital) property separated. Marital agreements:

• Cover each spouse’s financial rights during marriage and in the event of divorce 
• Can protect individual annuities (life insurance policies, retirement plans, pensions, etc.) from being divided between spouses in event of divorce 
• Determines a waiver of alimony during separation or divorce, or alimony costs and duration
• May ensure individual’s income earned during marriage is not distributed to spouse in the event of divorce
• Protects an individual from incurring the debts of their spouse during marriage and protects against legal obligation of debt repayment on those debts after divorce

For some, it might seem unromantic to discuss with your partner the subject of a marital agreement, but it is a very practical option to consider in the event of a divorce for a variety of reasons, plus it protects personal finances and family fortunes. Marital agreements are ideal for:

• People who owned assets prior to the marriage that they want to protect, 
• People with children from a previous relationship who want to protect their child’s inheritance from being subject to division in the event of divorce, 
• Or people who have businesses they want to keep separate from their marriage in the event of divorce.

To file a marital agreement, it must meet certain requirements. Full disclosure of both spouses’ financial information to include statements and assets must be provided and reviewed by attorneys from different firms representing both spouses and found to meet all legal guidelines. 

At our firm we can help you explore options of asset protection and choose the right marital agreement for your needs. Contact our office to schedule a consultation.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday August 31, 2020

Appointing a power of attorney can be an uncomfortable and terrifying prospect. Choosing the wrong person or people can throw the incapacitated parties, their families, and their estate into disarray. However, the alternate – leaving everything to chance after the incapacitated party’s death – could cause even more problems.

There are multiple factors to consider when deciding on whom to grant powers of attorney.

Types of Power of Attorney

There are two types of power of attorney:

• Durable Power of Attorney: A durable power of attorney has control over the signer’s financial, legal, and business holdings from the moment that the signer finalizes the documents to the moment that the signer revokes the power.
• Contingent Power of Attorney: A contingent power of attorney has control over the signer’s financial, legal, and business holdings from the moment that the signer is incapacitated to the moment that the signer is no longer incapacitated.

Note that both types of power of attorney are revoked if/when the signer dies.

Traits to Seek in a Power of Attorney

Selecting the right power of attorney is more complicated than picking the nearest friend or relative. The power of attorney will have to perform multiple duties under stressful circumstances. Powers of attorney should have the following qualities:

• The power of attorney should get along cordially and respectfully with the signer’s family. Conflicts with the signer’s family can lead to litigation, which would reduce the value of the signer’s states and therefore reduce the chances of the signer’s wishes being met.
• The power of attorney should be free of external influences that would override the signer’s wishes with their own. A strong-willed spouse, family member, or friend might successfully manipulate the power of attorney to gain the signer’s funds.
• The power of attorney should advocate for the signer’s wishes without being unyielding. Compromises may be necessary to make peace with the signer’s family, but the signer’s wishes should be the top priority.
• The power of attorney should not hesitate to put the signer’s best interest above their own. Designating someone as power of attorney grants tremendous influence over the signer’s estate. An unscrupulous power of attorney could take some or all of the signer’s estate. 
• The power of attorney should not inherit from the signer’s estate upon death. This would create a conflict of interest where the power of attorney has little personal motivation to honor the signer’s wishes.

Let Us Help You Appoint the Right Power of Attorney

Our firm can help you manage your estate and ensure that your requirements are met. Call our offices, and we’ll schedule a consultation with you.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday, July 16th, 2020

Estate planning is often an uncomfortable topic for many people. Some think that planning their estates means that they are a step closer to the grave. Although it might be an uncomfortable to do, planning your estate can be instrumental in avoiding chaos after you have passed away. 

For the elderly, planning your estate should be a priority. That’s basically so that should anything happen to you; you’ll know that everything is in order. In cases where the parent is quite senior, having the children involved in the estate planning process and this is why:

Someone You Can Trust

People of advanced age are often taken advantage of by unscrupulous people in our society. As a parent gets older, their bodies or mental faculties might start to fail them. To ensure that all your day-to-day finances are taken care of, you will need to appoint a power of attorney. That power of attorney can be given to your child and as such they should be involved in the estate planning. 

In Cases Where There Is a Minor

In cases where the parent is elderly and they have children under the age of 18, a personal guardian should be appointed. To ensure that everything transitions as planned, it’s good to involve the child when making this decision. If something happens to you and the child is left without a parent, leaving that child to someone they know and trust will work out a lot better. As such you might want to speak to the kids about whom they feel most comfortable with. 

In Matters of Finance

When planning your estate, financial matters take up a huge chunk of the planning. Although it’s not a must to keep your children in the loop when it comes to financial matters, it’s always good practice to keep people in the loop concerning the state of things. If your children are adults, you can speak to them about the state of the finances and also let them know what you expect upon your departure. This is usually beneficial to the kids so that they can know what to expect upon your passing. 

All through this period of time, you should always have a trusted lawyer by your side. At Wickersham & Bowers, we ensure that all matters regarding your estate planning are handled professionally and diligently so that everything stays in order. 

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday, June 9th, 2020

Estate Planning and Will and Trust

The loss of someone we love is a tragic event. When this tragedy occurs in your family, you will require different things than others for your family. At Wickersham & Bowers, we provide you with a range of estate planning services that meet your and your family’s individual needs. We offer over sixty years of expert experience that will help you understand wills, trusts, and probate, and litigation.  

Planning Protects Your Assets

A key component is the ability to preserve the assets that you have spent your lifetime working toward, and you want to be able to determine what is going to happen to them when your life ends. Having an estate plan lets you have the power over your assets even beyond your experience and life. With our team of experts, we can guide you through this process with compassion and understanding as we listen to your wishes in a testamentary document that is enforceable. If it is a family member’s estate, we help you through the complicated process quietly but efficiently understanding well that this is a difficult time, and you need to mourn and heal. 

When developing a will or trust, you will see that we help you evaluate your options and find a plan that will please you and honor your wishes and be in the best interest of your family. For those wishing to protect their finances and the assets that they have accumulated, a trust may be the best option to utilize. A trust will help manage both during your life and help it to transition smoothly in the event of your passing on. Wills, however, are well known for being the most common estate plan as it will designate how your assets and finances are being distributed among your loved ones and family. A will helps families avoid court procedures and disputes. 

Let Us Help You Plan for Your Family’s Protection

Having an attorney guide you is beneficial to you and your family as Wickersham & Bowers put your family’s interests first. To schedule a consultation, call our offices, and we can speak at your earliest convenience to create a plan that works for you.