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Provided by the Law Offices of RICHARD MAYBERRY
MAYBERRY LAW FIRM
2010 Corporate Ridge
McLean, VA 22102
(703)714-1554

Committed to providing the highest quality estate planning legal services for individuals, families and businesses

     It has been said that there are only two certainties in life: death and taxes.  Nevertheless, even these two certainties differ remarkably in their respective degrees of certainty. Whereas taxes can be minimized, deferred or even legally avoided (but not evaded*), death awaits us all and is often preceded by a period of incapacity. Whether one is a prince or a pauper, both incapacity and death can arrive without warning.
     Therefore, it is essential that you make appropriate Life & Estate Plans now to take care of your loved ones and your hard-earned assets before it is too late. In this article we will highlight some critical issues to address while there is still time to plan.

Incapacity Planning
     Do you read the newspaper, listen to the radio or watch television? If so, then you know that accidents and dread diseases are part of our everyday human experience. We all believe such tragedies will befall someone else. But what if you made the headlines or the lead story today? What if you did not know who you are, where you are or what time it is? Who would make your important personal, health care and financial decisions tomorrow? Would it be someone you appoint through proper legal instruments or someone appointed for you by a court? The choice is yours.

Long-Term Care
     The number one fear of many Americans, particularly retirees, is running out of money before they die. That is understandable, given the volatile economy and the specter of nursing home costs. Although you cannot control the economy, you can protect your hard-earned assets from the cost of round-the-clock care in a long-term care facility. In fact, you may insure the ability to have your long-term care provided in your own home, but only if you properly contract for such coverage through a proper long-term care insurance contract while you are insurable. If you wait too long, your options are very limited. In a worse case scenario, you may end up depleting your assets and on Medicaid…the program designed for the indigent poor. The choice is yours.  

End-Of-Life Decisions
     For many people, the line between preserving life and dying naturally is quite fine. In the end, according to the United States Supreme Court, every person has the right to define that fine line for his or herself. Where is that line for you?
     Only by executing proper legal instruments can you determine the course of your health care treatment as you approach that fine line. Depending on your unique personal circumstances, you should consult your loved ones and your legal, medical and spiritual advisors regarding your wishes. Otherwise, your failure to address this ultimate end-of-life issue in your Life & Estate Plan can potentially lead to family strife and poison relationships for generations. The choice is yours.

Testamentary Transfers
     You will never see a hearse pulling a U-Haul trailer. In short, you cannot take your worldly possessions with you beyond this life. What will be the legacy of your lifetime of work? Will the inheritance you leave be used wisely or dissipated by your heirs? Will it disappear to their squandering, divorces, lawsuits or bankruptcies? Have you considered protecting the inheritance through long-term discretionary trusts?
     Will your lifetime of work be lost to the IRS unnecessarily? Note: Each taxpayer is authorized an exemption of $1 million from federal estate taxation under current law. However, only through proper planning may a married couple protect up to $2 million from federal estate taxes with rates up to 50%. Single persons with an estate exceeding $1 million, on the other hand, may need to engage in advanced legal strategies to disinherit the IRS. Only through proper legal instruments may you protect your assets from these threats. The choice is yours.

Conclusion
     The process of preparing your Life & Estate Plan is an extremely personal experience. To a large extent, it is not something you do for yourself. Rather, you do it for the people you love. If you do not want to risk leaving a financial and legal mess upon your incapacity or death, we strongly encourage you to seek qualified legal counsel for assistance. The choice is yours. 

* As infamous gangster Al Capone learned, tax evasion is a federal crime.

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Call Richard at (703) 714-1554
Email: mayberry@mayberrylawfirm.com