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Navigating the complex landscape of estate planning can seem daunting, but the peace of mind it brings is invaluable. At William Day Law, we understand the intricacies involved in safeguarding your legacy and ensuring your loved ones are cared for. Our experienced Maryland estate planning attorneys are dedicated to providing personalized legal counsel to craft the perfect estate plan tailored to your unique needs. Don't leave your Maryland estate to chance; secure your family's future with our expert guidance. 1. Assess Your Assets The foundation of a robust estate plan is a comprehensive inventory of your assets. From real estate and investments to family heirlooms and digital assets, understanding what you own is the first step towards effective estate planning. Our team at William Day Law will assist you in cataloging your valuables, ensuring nothing is overlooked. 2. Consider Your Loved Ones' Future Reflecting on the needs of your family members after you're gone is crucial. Whether it's appointing a guardian for minor children or making provisions for a family member with special needs, our estate planning services are designed to address these critical considerations, offering peace of mind that your loved ones' futures are secure. 3. Designate Your Beneficiaries Estate planning empowers you to dictate the distribution of your assets. Without a clear plan, state laws determine the fate of your estate, often overlooking friends, extended family, and cherished causes. At William Day Law, we're committed to ensuring your legacy reaches those you hold dear, from family members to favorite charities. 4. Detail Your Distribution Wishes Deciding how to divide your estate is a personal and complex process. Whether it involves setting up trusts for controlled asset distribution or other mechanisms, our legal expertise ensures your wishes are executed precisely as you envision. 5. Securely Store Your Estate Documents An estate plan is only as effective as its accessibility when needed. We guide you through securely storing your documents and inform you who needs access to ensure your plan is executed without hurdles. 6. Keep Your Estate Plan Updated Life's constant changes—births, deaths, marriages, and divorces—necessitate regular updates to your estate plan. Our team at William Day Law is here to ensure your plan evolves with your life, safeguarding its relevance and effectiveness. 7. Partner with a Trusted Estate Planning Attorney The significance of professional legal guidance in estate planning cannot be overstated. While online solutions offer convenience, they lack the personalized protection your family deserves. At William Day Law, we're more than just attorneys; we're partners in protecting your legacy. Embarking on your estate planning journey? Contact William Day Law at (240)-600-0174 for a consultation that respects your unique situation and provides tailored solutions for your peace of mind.

Planning for the future with a bit of foresight and guidance from an estate lawyer can alleviate a great deal of stress and financial burden for your loved ones later on.

As a Maryland attorney, I understand that the term "audit" often carries a negative connotation, evoking thoughts of IRS scrutiny and financial distress. However, from a legal perspective, an audit can be an invaluable tool for your business. Conducting a legal audit can not only save your organization money but also preemptively address potential legal challenges down the line. In Maryland, our firm specializes in providing comprehensive legal audits tailored to the unique needs of your business, ensuring that we identify and strategize solutions for any legal issues uncovered. What exactly is a Legal Audit? Think of a legal audit as a proactive health check for your business. Conducted by seasoned attorneys with a deep understanding of business law, these audits meticulously review various facets of your business. From your company's structure and management to its policies, procedures, and day-to-day operations, we assess all areas to identify any potential legal risks or compliance issues. This process is crucial for uncovering vulnerabilities that could lead to costly legal disputes or compliance penalties. The reality of running a business is that it's easy to become engrossed in financial and operational concerns, especially during rapid growth phases. However, the legal well-being of your business is just as critical as its financial success. A legal audit performed by a knowledgeable business lawyer can ensure your company remains in good legal standing, safeguarding its future. Preventative measures through a legal audit can significantly minimize legal risks, acting as a shield for your business against unforeseen legal troubles. Coverage of a Legal Audit The scope of a legal audit can vary based on your company's industry, the services or products it offers, and other specific factors. Nonetheless, there are common areas that most legal audits will scrutinize, including: Protection of Personal Assets : Ensuring your business structure effectively limits personal liability and that you're maintaining this structure properly to shield personal assets from company debts and obligations. Contracts : Evaluating the use of standard contracts that protect your company's interests, ensuring all business aspects are covered by contracts that are both current and legally enforceable. Employee Matters : Reviewing your employee handbook and ensuring your policies are in line with state and federal laws regarding employment and discrimination. Tax Compliance : Confirming adherence to all levels of tax laws, from local to federal, encompassing various tax categories. Intellectual Property and Trade Secrets : Protecting your intellectual property through copyrights and trademarks, and using nondisclosure agreements to safeguard trade secrets. Websites : Ensuring your website complies with copyright, terms of use, and privacy policy requirements. Recordkeeping : Assessing the adequacy of your recordkeeping practices to protect you and your company in legal or compliance matters. Customer Data Protection : Verifying that your data protection policies meet state, federal, and international privacy standards and that there are measures in place to prevent data breaches. Compliance : Reviewing your company's adherence to required permits, licenses, and regulations specific to your business sector. This list is not exhaustive; working closely with an attorney is crucial to tailor your legal audit to your company's specific needs and risks. For Maryland businesses interested in understanding more about legal audits or wishing to schedule one, our firm is at your disposal. We are committed to providing a thorough legal checkup for your company, ensuring its continued success and legal integrity. Contact us to discuss how a legal audit can benefit your business in detail.

Decoding the Corporate Transparency Act (CTA) for you, the business owner, in a clear and straightforward manner.

Estate planning is a crucial aspect of life, yet it's often shrouded in misconception. Many people feel it's unnecessary, confusing, or simply not for them. As an estate planning attorney in Maryland with over 18 years of experience, I've witnessed firsthand the negative impact these myths can have on individuals and families. In this blog post, I'll debunk the five most common myths about estate planning and empower you to take control of your future. Myth #1: Estate Planning is Only for the Wealthy This is perhaps the most pervasive myth concerning estate planning. Many people believe it's only necessary if you have vast wealth or extensive assets. However, this couldn't be further from the truth. Estate planning is for everyone, regardless of age, income, or financial status. Even if you have limited assets, it's crucial to have a plan in place to ensure your assets are distributed according to your wishes and that your loved ones are protected. Myth #2: You're Too Young to Worry About Estate Planning Another common misconception is that estate planning is only for older adults. While it's true that planning becomes more critical as you age, it's never too early to start. Unexpected events like accidents or illnesses can happen to anyone at any age. Having an estate plan in place, even at a young age, provides peace of mind and protects your loved ones from potential burdens in difficult times. Myth #3: All You Need is a Will While a will is a fundamental element of estate planning, it's not the only tool available. Other crucial documents, such as powers of attorney and living wills, play vital roles in ensuring your wishes are carried out and your loved ones are prepared for any situation. A comprehensive estate plan should include a variety of documents tailored to your specific needs and circumstances. Myth #4: Estate Planning is Just About Distributing Assets While asset distribution is an important aspect, estate planning encompasses much more. It also involves making decisions about your healthcare, choosing guardians for minor children, and providing for your long-term care needs. A well-crafted plan addresses all these crucial issues, ensuring your wishes are respected and your loved ones are taken care of. Myth #5: You Can Do It Yourself Online While online resources can provide basic information about estate planning, it's not advisable to create your own plan without professional guidance. Each individual's circumstances are unique, and a qualified estate planning attorney can assess your specific needs, identify potential pitfalls, and draft customized documents that meet your specific goals. Take Control of Your Future Estate planning may seem like a daunting task, but it's an essential step in securing your future and protecting your loved ones. By understanding and debunking these common myths, you can make informed decisions about your estate and create a plan that reflects your wishes and values. Remember, estate planning is not about death; it's about life and ensuring your legacy is preserved according to your desires. Contact William Day Law Today If you have questions about estate planning or are ready to start creating your own plan, don't hesitate to contact William Day Law. With over 18 years of experience serving Maryland residents, I'm dedicated to providing personalized guidance and helping you navigate the complexities of estate planning with confidence. Let's work together to build a secure future for you and your loved ones.

What is a Maryland Will? A will is a written (typed or handwritten) document that directs the disposition of a person’s property after death. Does a Maryland Will Dispose of All Assets? A will is effective only with regard to certain types of assets, often called “probate” assets. Generally, these are assets that belong solely to you or are titled only in your name. A will does not affect the disposition of property that is titled in the names of two or more persons as “joint owners with right of survivorship.” Property titled in this manner will automatically belong to the surviving joint owner(s) upon the death of the first joint owner, regardless of the provisions of the deceased’s will. Similarly, property owned by you and your spouse as “tenants by the entirety” will immediately become the sole property of the surviving spouse when the other spouse dies. However, your interest in property that you own with someone else as “tenants in common” is a probate asset, which will be disposed of by your will when you die. As a general rule, a will does not dispose of insurance proceeds. These proceeds will be paid to the beneficiary designated with the insurance company. A will may only dispose of insurance proceeds if your estate, or trust created under your will, is named as beneficiary (or there is no designated beneficiary). Pension benefits or annuities are not affected by a will unless the estate or trust created under the will is designated as the beneficiary (or there is no designated beneficiary). Who Can Make a Maryland Will? Anyone who is a least 18 years of age and of sound mind can make a will. Are there Formal Requirements for a Valid Will? In Maryland, you must sign your will, and two or more witnesses must sign the will in your presence. Each witness must be at least 18 years of age. Wills do not have to be notarized in Maryland. Is a Will that has been Executed in Another State Valid in Maryland? A will that is valid in the state where it was executed will be valid in Maryland. However, if your will was prepared in another state it should be reviewed to ensure that the language used in the other state will be given the same interpretation under Maryland law. In addition, death taxes and probate laws vary from state to state; therefore, your will should reflect the laws that would apply to your estate when you die. If you move to another state, your Maryland will should be reviewed by a lawyer in the new state in order to determine if any changes are necessary or desirable under that state’s laws. Are there Any Restrictions on the Manner in which a Will May Dispose of Property? Although the ancient “rule against perpetuities” limits how long property may be held in a trust, generally, no restrictions on the disposition of property exist. In addition, Maryland law now allows you to waive application of the rule against perpetuities in your will. A surviving spouse, however, has the right to “elect against the will.” This means that regardless of the provisions of the deceased spouse’s will, the surviving spouse may claim up to one-half of the probate assets if the deceased spouse had no descendants, or one-third of the probate assets if there are descendants. This prevents a spouse from being disinherited. Children have no similar rights in Maryland and may be disinherited. Can a Will be Changed? If you are competent, you can change your will at any time by signing a document called a “codicil” or by having a new will prepared. Either a codicil or a new will must be executed with the same formal requirements as the original will. You should not attempt to change your existing will by writing on it. When Should a Will be Changed? Review your will periodically. A significant change in personal or financial circumstances may mean that your will should be revised or replaced. For example, births, deaths or a change in marital status warrants a review of your will. Changes in federal or state tax laws may necessitate revisions in your will. How is a Will Affected by a Subsequent Marriage or Divorce? In Maryland, a will is not affected simply by a subsequent marriage. But if a child born following that marriage survives you, your will is revoked. A divorce automatically revokes the provisions of the will that pertain to your former spouse, but does not affect other provisions of the will. Thus, provisions benefiting family members of your former spouse will remain in force. What if I Die Without a Will? If you die without a will, state law will determine how your probate assets will be distributed. In Maryland, if you are survived by a spouse and at least one minor child (under the age of 18), your spouse will receive only one-half of the probate assets, and your children will receive the other one-half (a deceased child’s share will pass on to that child’s own children). If you are married and all of your surviving children are over the age of 18, or if you have no descendants, and a parent survives you, your spouse will receive the first $15,000 of the probate assets, plus one-half of the balance of those assets. The remaining probate assets will pass to your surviving descendants or parents. Your surviving spouse will receive the entire probate estate only if you have no descendants or parents who survive you. If you have no surviving spouse, your descendants will receive all probate assets. Your siblings or more remote relatives will receive a portion of your probate estate if a spouse, parent or descendant does not survive you. Under Maryland law, probate assets will pass to the county board of education only if there are no surviving blood relatives. Can a Will Provide for Anatomical Gifts? A will may include specific directions for the disposition of your body and funeral. Because your will may not be reviewed immediately after death, such directions should be communicated to family members so they are aware of your wishes at the time of your death. If you wish to donate your body for research or transplantation, you should also notify family members and carry an organ donor card or note your wishes on your Maryland driver’s license. Maryland law also provides a one-page anatomical gift form concerning organ donation. When are the Contents of a Will Made Known to Relatives? You do not have to reveal the contents of your will to anyone while you are alive. After your death, the person who has custody of the will may disclose its contents to family members. The original will must be filed with the appropriate Register of Wills, where it will be recorded as public record. All beneficiaries named in the will and family members who would receive the probate assets if no will existed will be notified of the opening of the estate upon your death. Who Should Prepare Your Will? Your will should be prepared by a lawyer in order to structure the will so that it reduces death taxes, ensures that the property will be distributed as you desire and satisfies other legal requirements affecting your estate. What Kind of Taxes are Payable When a Person Dies? Both the federal and Maryland state governments impose taxes upon the property of a decedent. A federal estate tax with graduated rates is imposed on all property interests that the decedent owned at the time of death. The federal estate tax applies not only to probate assets, but also to such non-probate assets as joint property and insurance proceeds. An estate may be subject to Maryland estate tax if the value of the assets exceeds the exemption amount. A properly drawn will can reduce federal and Maryland estate tax substantially. Maryland imposes an inheritance tax on probate property, joint property, and certain other property. There is no inheritance tax on assets passing to exempt charities, a spouse, child (which includes a stepchild or former stepchild), other lineal descendant (grandchild, great grandchild, etc.), parent, stepparent, brother, sister, son-in-law, daughter-in-law, or the spouse of other lineal descendants. Inheritance tax at the rate of 10 percent will be assessed if the recipient is a niece or nephew, a more distant relative or a non-relative. Who Should be My Personal Representative? A personal representative is the individual or institution named to handle the administration of your estate. It is not necessary to name a lawyer as a personal representative, but your personal representative should be a person who is capable of handling financial matters, maintaining detailed records and administering your estate. How Should My Will Provide for My Children? In your will, you may name the person who will serve as guardian if you and your spouse both die while the child is a minor (under the age of 18). A will also gives you the opportunity to create trusts that will control how, when and under what circumstances your assets will be turned over to your children. In this way, you can prevent funds from being distributed to children before they are mature enough to handle them responsibly. Where Should a Will be Kept? A will should be kept in a safe place to avoid accidental loss or destruction. Executed wills may be kept in any secure location. Some law firms and banks retain clients’ executed wills in their vaults. In addition, an executed will can be filed for safekeeping with the Register of Wills in the county where you live. You should only keep a will in a safe deposit box if someone other than you has access to the box.

Understanding Estate Planning: A Comprehensive Guide

As a Maryland attorney with 18 years of experience, let me simplify the concept of estate planning for you. Imagine you're creating a roadmap for your family to follow once you're not there to guide them. It's not just for the wealthy or elderly, but for anyone who has something of value to pass on, whether it’s heirlooms, a car, a home, or a savings account. The First Step in Estate Planning The journey starts with making a list. Write down everything you own and owe, like your home, car, life insurance, retirement funds, and any debts. It’s like taking stock of your life's collection. Choosing Your Captain Next, think about who you want to be the captain of your ship, steering it to the right ports after you’re gone. This person is your executor, and they’ll ensure your treasures are handed out just as you wish and all your bills are paid. Mapping Your Wishes Now, it's time to draw your treasure map – that’s your will. It’s a document where you put down in words how you want your things to be divided and who will take care of your kids. It needs your signature and the signatures of two witnesses to be legally strong. Avoiding Choppy Waters To avoid the court stepping in and taking a long time to distribute your assets (that’s called probate), you might consider setting up a living trust. It’s like a safety deposit box that only opens when you can’t manage your affairs or after you pass away. It's private and swift, ensuring your loved ones get their inheritance without delay or public scrutiny. Understanding Probate Probate is like an official audit of your estate by the court. It can be a slow and public process, and it can eat into the inheritance you leave behind. That's why planning ahead is crucial. Frequently Asked Questions What's the very first step in estate planning ? The very first step is to create a will where you list your possessions and decide who gets what, including who will look after your children. What shouldn’t you put in a will? Avoid funeral instructions or leaving things to pets in your will. Instead, talk to a trusted person about these matters. How can you skip the probate process? Start your estate planning early, use a living trust, and make sure your accounts have named beneficiaries. What are the key parts of estate planning? Remember these five things: a will, a trust, a financial power of attorney, a health care directive, and beneficiary designations. Why is this all important? Because you care about your family's future. An experienced attorney can make sure your estate plan is solid, so you can rest easy knowing your loved ones will be taken care of according to your wishes.

Updated 4/3/2020 at 12:07 PM EDT: As of the this time most banks are still not taking applications as they wait for further guidance from The Small Business Administration (SBA). Bank of America is taking online applications from businesses that have a current relationship with the bank. What is the Paycheck Protection Loan Program? The [..] The post COVID-19 Financial Relief CARES Act: PPP Loans Q&A appeared first on William Day Law Group.