The Eleff Law Group

Suburban Maryland Legal Law Blog

Protecting your e-legacy

As the digital age increasingly takes over more aspects of our lives, assets that hold tangible and sentimental value are not always something you can hold in your hands. Commonly referred to as digital assets, they can take many forms yet hold equal value to physical possessions.

These “e-assets” include:

Which assets should I include in a prenuptial agreement?

Creating a valid prenuptial agreement before marriage is an effective way to shield certain property and assets from division in the event of a divorce.

If you are considering having a prenup in place, then it can be wise to examine the items you own and determine what you may want to include in your agreement. Below are some common types of property that people protect with a prenup.

Things to consider before bringing in a business partner

Many business owners find that running a business is not a one-person job. There are countless responsibilities and expectations on an owner's shoulders, from hiring and managing staff to developing products and business opportunities. A partner may bring valuable synergy if your talents vary a bit, and help expand the business. Having a partner may provide a welcome release valve, and allow each of you vacation time, and time away from the day-to-day needs of a business interfere with family or health obligations.

A line between enforceable and unenforceable prenup terms

Prenuptial agreements are increasingly becoming mainstream. Not only do you see only the very wealthy or high-profile couples doing them, but lots of people who simply have specific assets or marital interests they want to protect are taking this very important, and valuable step before marriage.

And while the meat and potatoes of most prenups are the terms relating to full disclosure of financial terms and division of assets upon separation or death, other terms "governing" the marriage or relationship are often added. Care must be taken, however, not to cross the line between terms that are uniquely specific and clauses that may be unenforceable.

That difficult talk about end of life arrangements

While the old adage is "nothing is certain but death and taxes," that doesn't mean we like talking about either. This can be especially true when discussing end-of-life arrangements with older loved ones. However, as unpleasant as this conversation can be, it may be a necessary one, and it can save them and you from even greater difficulties in time. Here are a few ways to make this conversation easier and more productive.

Millennials: 4 reasons why you should have an estate plan

Men and women in the younger demographics often assume they don't need to think about estate planning because they don't have much to protect. They might still be looking for a career and paying off student loans; they may not have a house, spouse or children yet.

However, if you are a millennial, or even part of Generation Z, you may not want to dismiss the idea of an estate plan just yet. Actually, you could have more to protect than you think, if you stop to think about it.

Legal counsel crucial when buying, leasing commercial property

If you run a business in Maryland, you likely play many roles on any given day. You might be dealing with employment matters in the morning and by the afternoon, you could be making crucial decisions about new products and services, and in between juggling phone calls, emails and texts demanding your immediate attention.

In other words, business owners have a lot on their plates. Adding in the play-by-play of a commercial real estate transaction can put you over the top. To get back to the business of running your business, consider working with an experienced attorney to facilitate the process. In fact, getting legal guidance with these matters can prove to one of your best decisions for at least a few reasons.

How a special needs trust can protect your child

When it comes to parenting, you know your child better than anyone else. The same is especially true if your child is special needs. You know their routine and the environment that they thrive in. You also understand what it is they will need as they grow and continue through life.

Keeping these needs in mind is especially important when putting together estate plans. While there are many reasons anyone could benefit from having a trust set up, it is particularly beneficial for your child if you set up a special needs trust. This can help them both now and into the future, especially when it comes to protecting their access to government benefits.

Creating estate plans: Preparing after the birth of a child

Now that your little bundle of joy is here, it is time to talk estate planning. Just like how you checked finding a pediatrician and decorating the nursery off your to do list, now is also the time to make sure everything is in place in case anything ever happened to you and your partner.

A will is one of the most important documents you will create after the birth of a child. This document not only specifies how your assets are to be divided, but it should also list who your child’s guardian is. This is a matter not to be taken lightly, as a guardian is someone who will raise your child if something were to happen to you. 

Have you heard about the changes for 529 education savings plans?

Previously, 529 plans could be used only to cover costs for college and other post-secondary educational expenses. The new tax bill changes that, allowing use of 529 savings plans to support children's K-12 education, and authorizes 529 accounts withdrawals for public, private or religious schools. With this expanded flexibility, families not currently setting aside money for education may want to reconsider earmarking some savings toward a 529 plan.