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¿Qué es la planificación patrimonial y por qué es importante?

La planificación del patrimonio es lo que algunos pueden considerar un mal necesario. Puede ser muy incómodo pensar, y mucho menos discutir, cómo le gustaría distribuir sus bienes después de su fallecimiento. Cuando tomas en cuenta las decisiones más pesadas, como quién asume la tutela de cualquier menor de edad o quién se hace cargo de su negocio, no le deben extrañar que muchas personas demoren o descuidan por completo la planificación del patrimonio.

Además de la incomodidad general, muchos renuncian a la planificación de sucesiones por que simplemente no comprenden su importancia. Según un estudio reciente, solo el cuarenta y dos por ciento (42%) de los estadounidenses tienen documentos de planificación de sucesión.

En este artículo, explicaremos qué es planificación patrimonial, por qué es tan importante y cómo comenzar.

¿Qué es planificación patrimonial?

La planificación patrimonial es el proceso de preparación de la forma en que desea que se distribuyan sus bienes a su muerte o incapacidad, y la documentación de sus deseos en lo que respecta a la atención médica al final de su vida. Es un malentendido bastante común que la planificación patrimonial esté reservada para los ricos. En realidad, todos los que poseen propiedades, tienen dinero en una cuenta bancaria o poseen artículos personales tienen una herencia y deben planificar su distribución ordenada.

Además de determinar quién recibe qué de su herencia, un plan patrimonial también puede contener componentes cruciales que podrían evitar que sus seres queridos tengan que tomar decisiones complejas por usted, como por ejemplo:

  • Nombrar guardianes para cualquier niño menor de edad
  • Nombrar a los administradores de su patrimonio en caso de incapacidad o muerte

¿Por qué es importante planificar el patrimonio?

La planificación patrimonial tiene muchos beneficios, independientemente del tamaño del patrimonio o las circunstancias personales. Casi todos pueden beneficiarse al contar con documentos de planificación patrimonial que responden a sus necesidades personales, que incluyen, entre otros, los siguientes:

  • Testamento
  • Poder legal
  • Fideicomiso
  • Directiva médica avanzada

Tener sus documentos preparados por una abogada con experiencia en planificación patrimonial de Maryland disminuirá en gran medida las posibilidades de que su patrimonio esté sujeto al proceso de legalización de testamento, que puede ser emocional y financieramente agotador.

Planificación de la sucesión empresarial

No solo es importante la planificación integral de sucesiones para las familias, sino que también es vital que los propietarios de empresas de Maryland tengan una estrategia. En 2014, las pequeñas empresas de Maryland emplearon a 1.1 millones de personas, que representaban poco más del cincuenta por ciento (50%) de la fuerza de trabajo privada. Con esos números, es seguro decir que independientemente de si ha estado en el negocio durante veinte o dos años, es importante crear un plan de sucesión. Al establecer la estrategia de sucesión de su negocio, aquí hay algunos puntos que debe considerar:

  • Identificando a su equipo de asesores principales
  • Determinar si los miembros de la familia desean y están calificados para manejar el negocio
  • Identificar empleados clave para ayudar a manejar el negocio
  • Determinar un cronograma de cuándo y cómo la empresa hará la transición a su sucesor
  • Incorporación de su plan de patrimonio personal en torno a su plan de sucesión de negocios

Muchos dueños de negocios no establecen un plan de sucesión por adelantado. Una enfermedad imprevista o la muerte de un propietario pueden llevar a una empresa a una caída irrecuperable y descendente. Un plan de sucesión sólido puede detallar qué hacer en caso de muerte o incapacidad prematura del propietario.

La información de este artículo se ofrece solo con fines educativos y no constituye asesoramiento jurídico. Para obtener ayuda específica, consulte con un abogado autorizado en su jurisdicción.

Contáctenos

Tener una abogada con experiencia en planificación patrimonial puede garantizar que sus deseos estén delineados adecuadamente según la ley de Maryland. Las Oficinas Legales de Elsa W. Smith, LLC pueden ayudar al redactar documentos de planificación patrimonial que protejan sus bienes, respeten sus deseos y protejan contra el proceso público de legalización de testamento de Maryland. Contáctenos hoy en nuestra Oficina de Annapolis al 410-995-7719, en Laurel al 301-358-4340 o visite nuestro sitio web en elsawsmithlaw.com para conocer cómo podemos protegerlo a usted, su familia y su negocio.

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5 Common Mistakes with Do It Yourself Contracts

A contract memorializes each side’s understanding of the terms of an agreement. Pay special attention to these five common pitfalls when entering into a contract in order to save time and money should the relationship deteriorate.

Mistake #1: Not Having a Meeting of the Minds

Take the time to have an in-depth conversation about what each side expects before the contract is drawn up. Know what it is that you are seeking out of the relationship and aim to have a solid understanding of the other party’s wants so that you can anticipate those elements of the contract that may require later negotiation. This step will result in a well-written contract that addresses the minute details of your specific situation rather than a standard form contract.

Mistake #2: Not Reading the Fine Print

Remember that you will be forced to uphold all parts of the contract, not just those that you read. Neglecting to point out and re-work any confusing provisions may result in that language being used against you at a later date. Pay special attention to any bolded, capped or larger-print block sections. This is generally done because those sections contain language alerting you that you are waiving some sort of right. For example, when signing a lease, you may see block print that discusses the right for the landlord to enter a confession of judgement against you for failure to pay. You’ve potentially allowed the landlord to enter a judgment against you without your having the ability to defend against it, even if you have a valid excuse for not paying.

Mistake #3: Neglecting to Consider Choice of Venue, Choice of Law

Be mindful of language related to the location of any potential dispute resolution. This generally refers to where a trial would be held in the event of a breach. If you are entering into a contract with a supplier to produce a good, you want to be sure that any litigation takes place in your city and state, not that of the supplier. If you live in Maryland and your supplier is located in California, it is not advantageous for you to spend thousands of dollars merely in travel to litigate your claim. Similarly, choice of law provisions dictate which jurisdiction’s laws will apply as to the construction, interpretation and litigation of the contract. If you want to file a suit due to a breach of contract, you have three years in Maryland, but the statute of limitations may be shorter (or longer) in the other party’s state, and that statute of limitations may apply if their state’s laws were chosen in the contract.

Mistake #4: Eliminating Boilerplate Language

Boilerplate provisions are standard in most contracts. They serve several purposes such as: defining the parties’ rights and responsibilities, how the parties may make changes to the contract, how the parties may provide notice and control the remedy in case of a breach. It is important to understand the meaning of each type of boilerplate clause and only choose those that are beneficial for your particular contract. Eliminating them altogether may cost you money and peace of mind down the road.

Mistake #5: Not Hiring An Experienced Attorney

Contracts are written in a language that can be extremely difficult for an average untrained person to understand. Hire a lawyer experienced in reviewing and drafting contracts, particularly one who has practical experience in the area that underlies the basis of the contract. For example, if you are a landlord and need a contract for a new tenant, seek out an experienced real estate attorney. This is especially important if the other side has an attorney who has drafted the contract.

Contracts can be the start of a prosperous relationship, but they can also result in a chain of negative consequences. Avoid the above mistakes in order to benefit from business relationships and to protect your interests.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.

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What is Estate Planning and Why It Matters

Estate planning is what some may consider a necessary evil. It can be very uncomfortable to think about, let alone discuss, how you would like your assets distributed after your passing. When you factor in heavier decisions, like who takes guardianship of any minor children, or who takes over your business, it is no wonder many people delay or neglect proper estate planning altogether.

Aside from the overall discomfort, many forego estate planning because they simply do not understand its importance. According to a recent study, only forty-two percent (42%) of Americans have estate planning documents in place.

In this article, we will explain what estate planning is, why it is so important, and how to get started.

What is Estate Planning?

Estate planning is the process of preparing how you would like your assets distributed upon your death or incapacity, and documenting your desires as it relates to end-of-life medical care. It is a fairly common misunderstanding that estate planning is reserved for the wealthy. Actually, everyone who owns property, has money in a bank account or owns personal items has an estate and should plan for its orderly distribution.

Aside from determining who receives what from your estate, an estate plan may also contain crucial components that could keep your loved ones from having to make complex decisions for you, such as:

  • · Naming guardians for any minor children
  • Naming administrators of your estate in the event of incapacity or death

Why is Estate Planning So Important?

Estate planning has many benefits irrespective of estate size or personal circumstance. Almost everyone can benefit from having estate planning documents in place that speak to their personal needs, including, but not limited to the following:

  • Will
  • Power of Attorney
  • Trust
  • Advanced Medical Directive

Having your documents prepared by an experienced Maryland Estate Planning Attorney will greatly decrease the chances that your estate will be subject to the probate process, which can be both emotionally and financially draining.

Business Succession Planning

Not only is comprehensive estate planning important for families, but it is vital that Maryland business owners have a strategy as well. In 2014, Maryland small businesses employed 1.1 million people – which accounted for a little over fifty percent (50%) of the private workforce. With those numbers, it is safe to say that regardless of whether you have been in business for twenty years or two, creating a succession plan is important. When establishing your business’ succession strategy, here are some points you should consider:

  • Identifying your team of core advisors
  • Determining whether family members desire to and are qualified to run the business
  • Identifying key employees to help run the business
  • Determining a schedule of when and how the business will transition to your successor
  • Incorporating your personal estate plan around your business succession plan

Many business owners fail to establish a succession plan in advance. Unforeseen illness or death of an owner can throw a company into an unrecoverable, downward plunge. A solid succession plan can detail what to do in the event of an owner’s untimely death or incapacity.

This article is for educational purposes only, not to provide specific legal advice. It should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

Contact Us

Having an experienced estate planning attorney can ensure that your wishes are outlined appropriately under Maryland law. The Law Offices of Elsa W. Smith, LLC can assist by drafting estate planning documents that secure your assets, honor your wishes, and safeguard against the public Maryland probate process. Contact us today in our Annapolis Office at 410-995-7719, in Laurel at 301-358-4340 or visit our website at elsawsmithlaw.com to learn how we can protect you, your family and your business.