Law Offices of Bonnie M. Benson, P.A.Camden Real Estate Attorney | Kent County Estate Planning Lawyer2024-03-07T05:21:15Zhttps://www.bonniebenson.com/feed/atom/WordPress/wp-content/uploads/sites/1100407/2019/07/site-icon-75x75.pngOn Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519772024-03-01T05:21:37Z2024-03-07T05:21:15Z1. Letter of intent
Write a detailed letter of intent providing guidance on your child’s preferences and daily needs. Give input on their interests, likes and dislikes to assist the trustee in making appropriate decisions. Include information about their medical care, living situation, diet and other important details about their lifestyle and care requirements.
2. Trustee and successor trustee
Choose a trustee to manage the assets and distributions from the trust. Many families pick a relative or close friend for this role. Make sure to designate at least one successor trustee in case the primary trustee can no longer fulfill their duties. Select someone trustworthy who knows your child’s needs.
3. Distribution guidelines
Provide clear guidelines and parameters for the trustee on how you wish the trustee to use the funds. For example, funds might cover therapies, vacations, entertainment expenses or other extras not paid for by government assistance programs. Get specific on what expenses you will and will not allow distributions for.
Including these key elements takes some guesswork out of planning for your child’s long-term needs. The more details you include in your special needs trust planning, the easier administration becomes for the trustee that you appoint.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519752024-02-28T03:34:58Z2024-03-05T03:34:25ZExcessive inspection fees
An inspector may offer you a quote for a low inspection fee. This might seem too good to be true, which indicates it might be. Unethical inspectors sometimes offer a fee that is ordinarily too low for a house inspection, only to attach many excess fees later on. In fact, your final bill may double the first estimate.
Usually, a proper home inspection ranges from $300 to $500. To avoid being price gouged, consider requiring an inspector to provide comprehensive pricing information before commencing any work.
Unacceptable home inspections
Some scam inspectors conduct incomplete walk-throughs of properties, which may involve skipping important areas of a home that might potentially show defects. Their superficial reports simply describe surfaces visible to buyers, likely leaving significant underlying issues undetected.
Ensure that an inspector will fully evaluate all home systems, including plumbing, electrical, HVAC and roofing. Also, be certain that an inspector will give you detailed reports noting any deficiencies. In addition, check to see that the inspector has the right qualifications, as some inspectors simply do not have the skills for the job.
Conflicts of interest
Ideally, a home inspector will carry out the job without any conflicting loyalties to anyone else. Unfortunately, sometimes inspectors collude with the selling agent to try to get a home sold quicker, which often means supplying a glowing report of a home to a buyer.
Advance research and scrutiny of the credentials and practices of an inspector might seem like a headache, but the effort can be well worth it so you do not end up with a home that comes with unexpected repair or renovation expenses.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519732024-02-28T03:34:51Z2024-03-05T03:34:23ZMaking sure you truly own the property
Title insurance is there to make sure the home you are buying belongs to the person selling it. It checks if there are any hidden claims or debts on the property that you should know about. Without it, you could end up in a legal mess or owe money for something you did not know about.
Guarding against obscure surprises
Even if you learned as much as you could, there could still be problems with the property's history. There may be mistakes in official records, or someone else might claim they own part of it. Title insurance steps in to cover you if these kinds of surprises pop up, saving you from costly fights or losing the property.
Reducing money worries
Without title insurance, you might find yourself on the hook for debts or bills tied to the property from before you bought it. For example, if the previous owner did not pay taxes or bills, you could end up having to pay them. Title insurance helps by paying for these things, so you can enjoy your new home without money worries.
Making deals go smoothly
Title insurance also helps make buying a home easier. Lenders usually want it before they approve a mortgage loan because it lowers their risk. With title insurance, you and everyone else involved can feel more confident about the deal, and it helps things go smoothly without delays or problems.
During the flurry of activity around homebuying, title insurance is an easily forgettable part of buying a home. This means that when you are looking for a home, setting aside time to learn about title insurance may be helpful.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519712024-02-23T05:51:13Z2024-02-29T05:50:20ZState-specific laws
Each state has its own set of laws governing wills, trusts and other aspects of estate planning. Delaware is no exception. By moving to Delaware, you subject your estate plan to the laws of this state, which may differ significantly from your previous place of residence. Therefore, it is important to review and potentially revise your estate plan to align with Delaware's regulations.
Tax implications
Delaware has no state inheritance or estate tax. If your previous state had different tax laws, updating your estate plan can help optimize tax efficiency and ensure your beneficiaries receive the maximum benefits.
Beneficiaries and executors
Moving to a new state may necessitate updating your list of beneficiaries and executors. Individuals in your estate plan may no longer be suitable or accessible after your move. Therefore, reviewing and revising these designations can ensure your estate plan accurately reflects your current circumstances and preferences.
Asset ownership
Certain forms of ownership, such as joint tenancy with rights of survivorship, may have different implications in Delaware versus your previous state. Adjusting asset ownership can help streamline the probate process and ensure the distribution of your assets according to your wishes.
By reviewing your estate plan when you move, you can gain peace of mind knowing your plan is comprehensive and legally sound in Delaware.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519692024-02-21T09:52:51Z2024-02-26T09:52:22ZWhat is decanting?
Decanting refers to the process of moving assets from one trust to another with different terms. As with decanting wine, one might pour wine from one bottle to another, but with trusts instead. This process allows trust administrators to modify the terms of an existing trust to better suit the needs of the beneficiaries.
How does Delaware's decanting statute work?
Delaware's decanting statute grants trustees the authority to transfer assets from an irrevocable trust to a new trust, altering the terms and provisions. This flexibility can be incredibly valuable in situations where the original trust no longer aligns with the beneficiaries' needs or changing circumstances.
What are the benefits of Delaware's decanting statute?
Moving an existing trust to Delaware to take advantage of its decanting statute offers several benefits:
Flexibility: Trustees can adjust trust provisions to accommodate changing family dynamics, or estate planning goals without the need for court approval.
Asset Protection: Delaware's trust laws provide robust asset protection, shielding trust assets from creditors.
Tax Efficiency: Delaware offers favorable tax laws for trusts, including no state income tax on trusts for non-residents.
Privacy: Delaware allows trusts to remain confidential, offering privacy to beneficiaries and protecting sensitive financial information from scrutiny.
Delaware is also home to many experienced trust companies and professionals who can provide expert guidance and administration services.
Delaware's decanting statute offers trust holders a powerful tool for managing and adapting their trusts to changing circumstances. Trustees can modify trust terms without court intervention. With this, Delaware provides a level of flexibility and control that may not be available in other jurisdictions.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519672024-02-13T05:37:25Z2024-02-17T05:37:13ZCare services offered by Medicare
According to AARP, Medicare can help pay for up to 100 days of rehabilitation or skilled nursing care after a major health issue, based on the recommendation of a doctor. This may include services like physical therapy, skilled nursing care or short-term assistance with daily tasks. However, this does not include coverage for longer stays.
Medicare also does not cover long-term care services that include assistance with activities such as dressing, toileting or feeding for those unable to care for themselves at home without family support. For such services, Medicaid is the proper choice.
Care services offered by Medicare Advantage
Medicare Advantage is a private plan offered by a company that contracts with Medicare. Some of these plans provide nonmedical services at home, such as meals or installing safety devices in a home, including grab bars to help older people support themselves. A special needs plan may also offer support services for recipients in their homes.
Still, these plans do not encompass the range of long-term care that you may need in your older years. At best, they could supplement or reinforce your existing range of care.
Factoring in Medicare services is a wise option, as some people can qualify for both Medicare and Medicaid at the same time. Even so, Medicaid is the appropriate avenue for nursing home coverage and other long-term care expenses if you are on a limited budget.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519592024-02-16T15:15:12Z2024-02-16T15:15:12ZStability and reliability
Did you know that only 46% of people have created a will, but if you have underage children, you need a will that designates a guardian? The first thing you should do is look for stable, reliable individuals. Your chosen guardian should be responsible and have a steady job and a stable living situation.
Emotional connection
Consider the emotional connection your children have with potential guardians. Assess your children’s existing relationships and determine if there is a genuine connection that fosters trust and a sense of security and comfort.
Parenting philosophy
Discuss and understand the potential guardian's parenting philosophy. While it is natural for parenting styles to differ, finding someone whose approach aligns with your values and principles can contribute to a smoother transition for your children.
Health and lifestyle
Evaluate the health and lifestyle of potential guardians. Choose individuals who prioritize a healthy lifestyle and can provide a safe environment for your kids. This includes considerations such as a smoke-free home, a balanced diet and regular exercise.
Support system
A strong support system is important for effective child-rearing. Look for guardians who have a network of family and friends, as this can provide additional emotional and practical support. A well-rounded support system can contribute significantly to your children's overall well-being.
Financial stability
While it is not necessary for potential guardians to be wealthy, they should have a secure financial situation that allows them to meet the basic needs of your children without undue strain.
Choose guardians who prioritize open and transparent communication. Then, discuss important matters regarding your children with them.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519652024-02-12T10:42:18Z2024-02-15T10:41:33ZClean and declutter
First impressions matter enormously in real estate; an immaculate, clutter-free space appears more inviting than one that is not. Start by deep cleaning every room, including hard-to-reach areas like the tops of cabinets and light fixtures. Remove personal items, such as family photos and keepsakes, to help people envision living there. Consider renting a storage unit for excess belongings to make everything feel more spacious.
Perform necessary repairs
Addressing minor issues before listing your home can make a big difference. Fix leaky faucets, replace burnt-out light bulbs and patch holes in walls to show that the house is well-maintained. Minor touch-ups prevent buyers from worrying about hidden problems and make a home more appealing.
Enhance curb appeal
Mow the lawn, trim bushes and remove any weeds to make the yard look tidy. Add colorful flowers or potted plants near the entrance for a welcoming touch. Painting the front door and replacing old house numbers are other easy projects that can seriously boost your home's desirability.
Price it right
Research the local real estate market to understand what similar homes are going for and price your home competitively. A fair asking price will attract more buyers and could lead to multiple offers, potentially sending the amount you earn skyward.
Follow these tips, and your home will have superior allure, thus increasing the chances of a quick and profitable sale. A dash of elbow grease could significantly enhance your financial security.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519632024-02-02T05:53:27Z2024-02-08T05:53:16ZWhat constitutes a special warranty deed
Buying a house is both a stressful and joyous time. However, before everything is official, you need to look over the deed and make sure you understand what you are getting into.
A special warranty deed is a legal document used in real estate transactions to transfer ownership of a property from one party to another. Unlike a general warranty deed, which guarantees clear title for the entire history of the property, a special warranty deed only guarantees clear title for the period during which the seller owned the property.
Importance of clear title
Clear title is important when purchasing a property because it ensures that the seller has the legal right to transfer ownership without any claims from third parties. With a special warranty deed, the seller is only warranting that they have not personally caused any defects in the title during their ownership.
Limitations of a special warranty deed
While a special warranty deed provides some level of protection, it has limitations. Since the seller only warrants against defects that occurred during their ownership, this does not cover any issues that happened before they owned the property. This means that you could potentially inherit title issues from previous owners.
When to expect a special warranty deed
Special warranty deeds are common in commercial real estate transactions. However, sellers may also use them in residential sales, especially in cases where the seller is a bank or other financial institution. In such cases, the seller may prefer to limit their liability by using a special warranty deed instead of a general warranty deed.
Knowing the differences between a special warranty deed and other types of deeds can help you make informed decisions when purchasing a property. You could also potentially guidance from professionals to help with a successful and hassle-free real estate transaction.]]>0On Behalf of Law Offices of Bonnie M. Benson, P.A.https://www.bonniebenson.com/?p=519612024-01-31T06:21:35Z2024-02-06T04:18:35ZFamily dynamics
Family dynamics can be complex, and it is important to consider relationships when selecting beneficiaries. While it may be tempting to distribute assets equally among children, you should take individual needs and circumstances into account. Consider factors such as financial responsibility, age and personal achievements when making these decisions.
Updates
Life is dynamic, and so are your circumstances. It is important to revisit and update your beneficiary designations regularly. Major life events, such as marriages, births or deaths, can impact the appropriateness of your chosen beneficiaries. A periodic review ensures that your designations align with your current wishes.
Specific and correct names
When naming beneficiaries, clarity is key. Avoid ambiguity in your designations by providing full names and relationships. Vague terms like "spouse" or "children" may lead to confusion, potentially resulting in unintended consequences. Take time to identify individuals and write their legal names correctly to prevent any misinterpretation.
Contingent beneficiaries
When you pick primary beneficiaries, it is equally important to name contingent beneficiaries. Contingent beneficiaries step in if the primary beneficiaries are unable to inherit the assets. This ensures that your assets go to the right people even in unforeseen circumstances.
Tax implications
Understanding the tax implications of your beneficiary choices is important. Some assets may have varying tax consequences for different beneficiaries. Consulting with a financial advisor can help you make informed decisions that align with your goals while minimizing tax burdens for your loved ones.
Choosing beneficiaries is a part aspect of estate planning that you may not think much about at first. However, by understanding the complex parts of this choice, you can ensure that the people you choose are the best options possible.]]>0