Law Office of Cheryl Bucker, P.A.Your Tomorrow Starts Today2024-02-01T17:31:23Zhttps://www.cheryllaw.com/feed/atom/WordPress/wp-content/uploads/sites/1100530/2019/10/cropped-site-icon-32x32.jpgOn Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=505182024-02-01T17:31:23Z2024-02-01T17:31:23ZProcrastination
One of the biggest errors individuals make is delaying estate planning. Postponing this task may lead to unintended consequences and unnecessary complications for your heirs.
Neglecting the importance of a will
A surprising number of people underestimate the significance of having a valid will. Only 46% of senior citizens (those over 55 years of age) have a will. Without one, the state decides the distribution of your assets whether they align with your intentions or not.
Overlooking beneficiary designations
Failing to update beneficiary designations on financial accounts and insurance policies can lead to unintended outcomes. Ensure that your beneficiaries are current, reflecting changes due to life events such as marriages, divorces or the birth of children.
Ignoring the impact of taxes
Estate taxes can significantly reduce the amount of wealth passed on to your heirs. Proper planning can help minimize this impact. Be aware of the relevant tax laws and consider strategies to mitigate the tax burden on your estate.
Disregarding asset titling
The way you title your assets matters. Joint ownership, for example, affects asset distribution. Ensure that your asset titling aligns with your overall estate plan to avoid complications down the road.
Failing to plan for incapacity
Estate planning also involves planning for potential incapacitation. Establishing powers of attorney and healthcare directives ensures that others respect your wishes if you become unable to make decisions.
After you complete your estate plan, share your intentions with your heirs to prevent misunderstandings and foster family harmony during a challenging time.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=505052023-10-05T06:06:48Z2023-10-05T06:06:48ZReview your current will
The first step in updating your will is to carefully review your existing will. This will help you identify what changes you need to make, if any.
Consider life changes
You should consider any significant life changes since you created your last will. This could include marriage, divorce, the birth or adoption of children or the death of beneficiaries or executors.
Update assets
Take inventory of your current assets. You may have new property, investments or assets that are not in your existing will or do not have beneficiary designations.
Check guardianship plans
If you have underage children, your will provides the opportunity to designate the individual who should assume guardianship in the unfortunate event of your passing. Verify that your selected guardian remains both willing and capable of undertaking this responsibility.
Review your executor selection
The executor is responsible for carrying out the instructions in your will. If your chosen executor is no longer suitable or willing to serve, it is important to designate a new one.
Once you have identified the necessary updates, contact your attorney to draft a new will or create a codicil that incorporates these changes. You will need to follow the same process you did when creating the original will to ensure the changes are legally valid.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504882023-05-25T17:30:33Z2023-05-25T11:25:01ZState law rules without a will
Every state has specific laws for asset and debt distribution when the deceased has no will or estate plan. During the probate process, the courts need to follow these laws in the absence of a will. In many cases, everything passes on to your spouse, but what happens if you have children who are from a previous spouse? They could lose their inheritance completely.
Your minor children have no named guardian
If you have children, you need to name a guardian in case something happens to you. You likely do not want the courts to decide who your children will live with until they become adults. Instead, you should name someone you trust who has similar values and the ability and willingness to raise your children.
You have no named personal representative
Through the probate process, your estate needs a personal representative. If you do not have a will, the court appoints a personal representative, which can be costly and time-consuming because this individual does not know your desires. This could cause arguments and contention amongst your family and loved ones.
When you draw up a will, you name your personal representative. Choose a person you know well who also understands your desires. This individual should also understand the responsibilities of this position, including closing bank accounts, paying bills and asset distribution.
These are only three reasons you should have a will. You can gain peace of mind by creating an estate plan, which starts with a will.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504862023-04-27T17:46:30Z2023-04-27T17:46:30ZProtect your children's privacy
During your divorce, you must process your own emotions while guiding your children through their own. Be there for your kids, but respect their need for privacy and avoid sharing their emotionally vulnerable moments on social media.
Discuss boundaries with your co-parent
You and your former spouse may have different opinions about your children's social media usage. Consider addressing social media in your parenting plan to ensure that you and your ex are on the same page.
Keep your social life offline
It is a good idea to take it slowly before introducing a new partner to your children. Making your dating life public through social media makes it harder to be discreet. It is generally best to keep mentions of your significant other offline until you are sure the relationship will last in the long term.
Assume your kids will see your posts
Your children may be too young for social media now, but they will not stay that way forever. Nothing on the internet is truly private, and once you post it, it can be impossible to take back. Before publishing anything pertaining to your children or your divorce, consider how you might feel if your children read it.
Social media is a powerful tool, but it is important to use it wisely. If you are a recently divorced parent, what you post on social media may affect you and your children.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504842023-03-28T18:23:57Z2023-03-28T18:23:57ZMarriage, parenthood and digital assets
Estate planning is not just for people above the age of 40, those who are parents or people who have serious health problems. Young people, too, must take a serious look at estate planning and assemble a decisive plan.
Here are a few reasons why even people in their 20s should consider creating an estate plan:
Marriage: No matter what age when you marry your spouse, you should get an estate plan if you have not done so already. Having a will or trust means you are serious about protecting your assets and your spouse.
Living with a partner but not married: If you have lived together for just a few or several years, it is a good idea to get a will. This document should include instructions as to what will be awarded to your partner. Otherwise, he or she may be left with nothing, despite years of personal investment in the relationship.
Property owner: Whether it is a residential home, townhouse, condominium or investment property, this property is a valuable asset. You must understand and address this in your estate plan.
Parenthood: As a parent, you have little ones who are dependent on you. But what if something happens to you? This is why it is crucial to name a legal guardian for your minor children. Also, your will should include a testamentary trust in which a trustee manages the assets until your children reach a specific age.
Existence of digital assets: Whether you own cryptocurrency or have an abundance of social media accounts, digital assets can cause frustration with your surviving family. Delegate the right person to manage your online presence and cryptocurrency.
These examples simply represent some of the reasons why young professionals should seriously consider creating an estate plan.
Protecting your assets
You have proven how responsible you are in your professional and personal lives. But you need to continue to advance and take steps that will ultimately protect your assets. An estate plan will do just that, and the decisions within this document are yours.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504792023-03-24T20:43:25Z2023-03-24T20:43:25ZThe need for compromise
Admittedly, what works for one parent may not work for the other. The objective should be continuing compromise for co-parents when it comes to everything from dinner routines to schooling and religious practices. Even spring break requires negotiation and give-and-take. In a perfect world, both parents would agree for the sake of consistency.
However, parents are not obligated to follow the same paths when it comes to raising their children. In some cases, divorced parents reach out to family and friends for help. Even fellow divorced parents who have traveled down the same roads may be a good resource instead of going it alone.
No parent’s perspective is perfect. Instead, varying and customizing strategies work with different kids in certain times and situations.
A generational impact
If the offspring of divorce eventually become parents, they will have a rich diversity of parenting viewpoints. That wider lens of viewpoints can make them better parents. They can incorporate the best of both parents into their parenting approach.
Divorce is a life-changing and traumatic event that often comes with an uncertain future. Parents who focus on the best interests of their children and shoulder the burden of a marriage ending can ease the difficult transition for their kids.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504742023-02-06T21:18:26Z2023-02-06T21:18:26Zchoosing to execute prenuptial agreements before walking down the aisle.
Minimize conflict
If you are part of a newly engaged couple, you probably are focusing on the positives of marriage rather than the possibility of a messy divorce. If you wait to negotiate important matters until your marriage is on the rocks, conflict may be inevitable.
With a comprehensive prenup, you have broader latitude to define marital and separate property. You also can clarify spousal support and other related issues when you are thinking clearly.
Talk productively about sensitive subjects
It can sometimes be difficult to discuss finances, goals and other sensitive topics even with those closest to you. When you write a prenuptial agreement, you have a framework for talking about potentially awkward subjects in a way that is both productive and proactive. Doing so may strengthen your relationship and give you some peace of mind.
Set a precedent
If your marriage lasts a long time, your prenuptial agreement may no longer meet your needs. You have the option to execute a new agreement that supersedes your existing one. That is, you may decide to draft a postnuptial agreement that better fits the intricacies of your relationship. By working on any prenuptial agreement, you set a precedent for planning ahead that may boost your odds of succeeding as a married couple.
Additional planning in any marriage makes sense. Put simply, with a well-written prenuptial agreement, you protect your future. Even better, executing a prenup before your wedding may actually improve your relationship.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504702023-01-13T18:37:07Z2023-01-13T18:36:20Z1. Maintain consistency and routine.
One of the most important things you can do to help your child adjust to living in two households is to maintain consistency and routine. This means establishing regular schedules for meals, bedtimes and other activities. Both co-parents should ensure the child sticks to the routine as closely as possible in both homes.
Another way to help them feel more comfortable and connected is to have your child take their favorite belongings, such as a toy or blanket, with them when they move between homes.
2. Communicate openly and honestly.
It is important to remain honest with your child about the reasons for the divorce and to answer any questions they may have in an age-appropriate way. Encourage your child to express their feelings and be there to listen and provide support. You should also keep the lines of communication open with your ex-partner about your child’s needs and stay willing to work together to meet them.
3. Seek support for yourself and your child.
Transitioning to living in two homes can feel emotionally challenging for everyone involved. It is essential to seek support for yourself through therapy, a support group or talking with friends and family. You should also encourage your child to talk about their feelings and consider seeking support for them through counseling or therapy.
Your child can thrive in this new living arrangement with patience and understanding.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504652022-12-16T21:05:36Z2022-12-16T21:05:36Zdivorcing parents navigate disagreements about custody.
Avoid using child support as a motivating factor
In custody hearings, courts typically do not like to hear parents justify their position by pointing to the implications that a specific custody arrangement would have on child support. Financial considerations about custody may be relevant, but creating the impression that receiving payments or evading support obligations is a motivating factor could lead to unfavorable outcomes.
Do not force children to take sides
Parents should definitely be considerate about their children’s preferences and concerns about which parent they’ll be with most of the time. However, parents should take care to avoid pressuring their children for support. Treating children’s desire to spend time with another parent as an act of betrayal is likely to be hurtful and distressing to them.
Leave anger out of it
Any hostility that divorcing spouses have over the breakdown of a marriage should not affect how they interact when they discuss custody arrangements. Focusing on the children rather than litigating grievances from the marriage will support constructive dialogues.
Ultimately, working cooperatively to reach compromises and practicing good communication can diffuse tension and conflict in child custody disputes.]]>On Behalf of Law Office of Cheryl Bucker, P.A.https://www.cheryllaw.com/?p=504602022-11-02T13:57:34Z2022-11-02T13:57:34Z1. Find representation
Ideally, you want to obtain your divorce without litigation. Settling outside the courtroom is less taxing on you and your finances. However, you are still going to need to negotiate and should have legal representation. The right attorney will be sympathetic to your case and help you with negotiations during your settlement.
2. Gather your financial information
Then, get a clear picture of your financial situation. Gather records showing what you own and owe.
3. Determine your income
You will also want to have documentation of your income. Find your most recent pay stubs and your most recent tax returns.
4. Prepare your budget
Now that you have an idea of your finances, create a budget for your life after your divorce. Chances are, your household income will drop drastically. You will probably find yourself with many bills to pay related to the divorce or your spouse, and you need to save for those. It would be best if you also prepared for how your spouse affected your credit and factor that into your budget.
You may find some of these steps harder than others, but they are all necessary. Go through them with friends and family if you need them, and remember to take care of yourself during this time.]]>