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02/22/2012 APPOINTING AN EXECUTOR You should appoint an executor in your will. An executor locates heirs, lists property, pays debts, and distributes property to your heirs. A relative or friend can serve as your executor, but you should consider using a professional executor (such as a bank or trust company) if you have a large or complicated estate. An executor should be someone who is familiar with managing property, financial matters, and record-keeping. Before naming an executor, confirm that the person is willing to serve. Your lawyers can help you select the best executor. As noted above, your will can state that the executor is not required to furnish a bond, thus saving your estate this expense. APPOINTING A GUARDIAN If you have children under 18, you should appoint a guardian in your will. Otherwise, if you and your spouse die at the same time without such an appointment, a court will select a guardian to care for your children and manage their inheritance until they become adults. You can create a trust to control the property transferred to your children. A trust is useful if you are concerned that the children may lack the maturity to handle their inheritance after age 18. Your lawyer can help you to select a guardian and create a trust in your will that protects your children and your wishes. KEEPING YOUR WILL IN A SAFE PLACE Your will should be kept in a safe place so that it can be promptly located when you die. You may wish to have your lawyer keep the original to protect it from damage or loss. Although you are not required to give your executor a copy of the will, you should tell both your executor and a trusted family member where your will is stored. LIVING WILLS In addition to ordinary wills that state your wishes for your property when you die, the laws of some states permit “living wills” that instruct your doctors to withhold life support equipment while you are alive. A living will is important if you become comatose with no hope of regaining consciousness. Your “living wills” should be written in a document separate from your ordinary will and you should re-sign and re-date it every few years to comply with your state law and to reaffirm your preferences. Give a copy of your “living will” to your doctors and to a close family member. Your lawyer can help you write a “living will” and advise you about re-signing it every few years to keep it valid. MAKING YOUR FUNERAL ARRANGEMENTS You can include instructions for your funeral arrangements in your will. However, you may wish to put these instructions in a separate letter. Give a copy of the instructions to your executor or a family member or friend to avoid delays when you die. You can also include instructions about gifts of your body organs to hospitals for research or transplants. Such instructions for gifts of body organs can be noted on your driver’s license or a separate donor card that you can carry in your wallet. REDUCING THE TAXES ON YOUR ESTATE Federal estate taxes and state inheritance taxes may be deducted from your property before it is transferred to your heirs. A federal estate tax applies if the value of your property exceeds an exempt amount that varies depending on the year of your death. Following is a table of the exempt amount: Year of Death Exempt Amount 2002-2003 $1.0 million 2004-2005 $1.5 million 2006-2008 $2.0 million 2009 $3.5 million 2010 No estate Tax 2011 and after, $1 million, unless Congress extends the repeal of estate taxes. A special $1.3 million exclusion applies to estates that hold investments in family businesses and farms. Your lawyer can help you prepare an estate plan that will reduce federal and state taxes. For example, your lawyer may suggest that you make gifts before you die to reduce taxes, hold property in joint tenancy with your spouse, transfer ownership of life insurance policies to your spouse or heirs, or use a trust arrangement. Your lawyer can also help you shift the tax responsibility among heirs if you would like some of them to receive their shares without being taxed on it. REDUCING PROBATE COSTS Probate costs include court fees, bond premiums and the fees of professionals who assist your executor with the administration of your estate. Your lawyer can help you reduce probate costs with estate planning tools like joint ownership, living trusts, lifetime gifts, and business recapitalizations. For example, your lawyer can prepare a living trust in which you appoint a trustee to distribute your property when you die. Some estate planning tools can help you reduce probate costs, but they may not lower your estate taxes. PREPARING YOUR WILL WITH A LAWYER Your lawyer can help you draft your will and explain the tax consequences. Your lawyer can also help you comply with the detailed requirements for a valid will, see that your property is distributed as you wish, and reduce estate taxes and probate costs. The legal fees are usually well spent and often less than the added costs and taxes that would result from dying without a will. You should have a will if you own any property-a home, a car, bank accounts, stocks and bonds, retirement benefits, jewelry, clothing, household goods, and so on. A will lets you distribute your property as you want with a minimum of costs and taxes. It is an opportunity to select an executor for your estate, a guardian for your children, establish trusts and dispense with costly bonds. If you don’t have a will, ask your lawyer about drafting one without delay. CHECK LIST FOR WILLS (1) ESTATE PLANNING TOOLS A. Will B. Joint tenancy C. Living trusts D. Lifetime gifts E. Business recapitalization (2) SELECTING YOUR HEIRS A. Spouse B. Children C. Parents D. Other relatives E. Friends F. Charitable organizations (3) IDENTIFYING YOUR DEBTS AND LIABILITIES A. Credit cards B. Loans C. Home mortgages (4) LISTING YOUR PROPERTY AND THE HEIRS TO RECEIVE IT A. Automobiles and boats B. Bank accounts C. Computers and electronic equipment D. Home and household goods E. Insurance F. Jewelry G. Rental property H. Stocks and bonds (5) APPOINTING AN EXECUTOR FOR YOUR ESTATE (6) NAMING A GUARDIAN FOR YOUR CHILDREN (7) CREATING TRUSTS FOR ALL OR A PART OF YOUR PROPERTY (8) ALLOCATING TAXES AMONG YOUR HEIRS (9) PROVIDING FOR FORCED HEIRS (10) DISINHERITING UNWANTED HEIRS (11) COORDINATING WITH THE WILL OF YOUR SPOUSE (12) DIRECTIVE TO DOCTORS TO WITHHOLD LIFE SUPPORT (“LIVING WILL”) For additional information contact us today at 1(800)290-1012 or at edamaral@amarallaw.comor visit our new website, www.amarallaw.com. 02/16/2012 Are you aware of the new Massachusetts Alimony Reform Act that has been signed into law by Governor Patrick?  The Act has not been modified since 1974 and the Law becomes effective in March of 2012. The purpose of the new Alimony Reform Act is to spell out the four (4) new types of alimony, that being; General Alimony, Rehabilitative Alimony, Reimbursement Alimony, and Transitional Alimony, and allow for time limits on the same. Our lawyers have been trained in the new Alimony Reform Act and have already started implementing the new law into our client's divorce agreements. If you are currently paying or receiving alimony, please contact our office to set up an appointment with Attorney Amaral to review your case and determine how the new reform will affect you. Click the link below to read the Alimony Reform Act and learn how it may have an impact on you, or someone you know: ALIMONY REFORM ACT 02/08/2012  The key to life after divorce is to follow a post-divorce plan. With so many things affecting your life during and after your divorce, a plan can bring a lot of comfort and needed stability to your life and help you to move more positively into the future. There will inevitably be many things that you cannot control as much as you would like to during this process, so it is important to take hold of those things which you can control and use them to surround yourself with calm during the storm. Just like your children will need predictability, comfort, and safety in order to function most efficiently and effectively, so too is it important to create such an environment for yourself as you embark on this new life after divorce.1. Is a divorce mediator for you? An experienced divorce mediator, who is also a lawyer, can help to keep the peace if you and your spouse are entering divorce on cordial terms and with similar goals for the future. By allowing the divorce process to take place in a collaborative instead of adversarial manner, you can avoid a situation that places you against your spouse, in a negative way. You can even get divorced online through companies such as OnlineDivorceMediation.Com, so that your divorce is as non-confrontational as possible, which truly serves the best interest of your children. 2. Redefine your relationship with your Ex. While you may no longer be husband and wife, you are still parents to your children and a family unit and you need to be allies in this cause. Your children will be experiencing anxiety as it is, so it’s important that they know their parents are still there for them in a strong and collaborative way. You need to set rules and boundaries that will allow you to form a parenting partnership, for this is the healthiest way to move forward. 3. Write it down. Everything is clearer when in print. When things are written down there is no room for he said, she said. The same is true with a parenting plan. It is important that you and your Ex formally write down how you will handle situations with your children, so that even if tensions may heat up between the two of you, your children will not have to bear the consequences. You want to show your children that you can still work as a team when it comes to matters dealing with their well-being. Additionally, it is to your benefit to write everything down that has to do with your divorce agreement, no matter how cordial things may be now, because things do change. You need to have a plan to follow when one spouse does not hold up their end of the bargain or if a situation comes up that had not been previously addressed. 4. Let yourself grieve. Whether you were married for one year or twenty, you gave a part of yourself to your spouse when you said, “I do,” and created a life together. When you get divorced, you are losing a close friend and loved one and it will take time to mourn this loss, even if you were in favor of the divorce. 5. Find your voice. It is very important for you to find you voice and get your emotional strength back for yourself and for your children. A helpful way to find your voice is by keeping a journal. It is a way to clearly outline your thoughts and express things that may not be appropriate to say out loud to your Ex. It is also a great way to track your healing process and reflect on the progress that you are making in redefining your life after divorce. 6. Talk with your children. If your children know there are things they can do to help this transition, it will give them a feeling of empowerment and stability. Talk to them about how they are feeling and what life during and after divorce will look like. Be an example for your children and make sure that they see you as a strong pillar in their life, even if you are not feeling that way. They need the reassurance. 7. Organize your finances. Making sure you understand your finances is a positive way to take charge of your new life. Assess your financial situation; look at your resources to see what your options are in terms of housing, job, and income and expenses. 8. Make new friends. Don’t be afraid to reinvent yourself and in doing so branch out and make new connections. You no longer need to define yourself as half of a couple; it is okay to think of yourself as an individual now. 9. Make a bucket list.Divorce is an opportunity to redefine yourself and to rediscover old interests and find new ones. Stay busy in constructive ways, and think about the things that you may have let go or pushed aside while you were married and allow them back into your life. Create new passions: travel, go back to school, do what makes the new you happy, because when you are happy, you will be a better parent and person. 10. Don’t be afraid or embarrassed to seek professional support. You’re not the first person to go through this and you surely will not be the last. It is hard to move forward and let go of what once was. It is absolutely okay if you need to talk with a therapist to work through your divorce and positively move forward into the future. 11. Look forward, not backward. Try not to think about your negative issues from your past. More often than not married life is filled with wonderful memories and you should take comfort in them and focus on the positive. Look to the future and begin to develop your new self and begin creating new memories, for it is when you look forward, no matter how hard and long the process may be, that you have the greatest outlook on all that lies before you in your life after divorce. For additional information contact us today at 1(800)290-1012 or at edamaral@amarallaw.com for a free consultation. 01/11/2012 With the prospect of divorce comes a lot of unknown territory that is sure to make you uneasy. While you may think of meeting with a divorce lawyer as your “first step,” the preparation should actually begin before you walk into their office. There are many things you can do to make sure that this first step is as productive and useful as possible and that much of the uneasiness that comes along with divorce remains at bay.
For more information regarding divorce preparation or to schedule a free consultation, please contact Attorney Ed Amaral at 1(800) 290-1012 or at edamaral@amarallaw.com. 01/11/2012 Facebook could make your relationship or break your relationship. Social networking is not only responsible for an alarming increase in divorces which begin with an online chatting with a college classmate, old or new friend, but it is also an unraveled leader for online evidence that would later be used to prove one’s fault. Nowadays, it is rare where there is no evidence of Internet based material in a contested divorce case. Facebook has been the couple’s worst nightmare in a divorce proceeding. Two thirds of the lawyers surveyed by the American Academy of Matrimonial Lawyers in 2010 cited Facebook as the “primary source of evidence” in divorce cases. Your words, pictures and videos can all become evidence that subject to discovery by the opposing party. It is noted that photos and videos harvested on the social media also include those posted by family members, friends and co-workers on their own personal pages. These materials are used not just for divorce matters but other related legal battles, such as child custody. For example, videos of drug or alcohol abuse may harm divorce or child custody rulings. Photos of luxury cars and lavish vacations may create a complication in asset division during a divorce. It is not wise where you are ordered not to remove your child out of the state, but post the picture of your out-of-state vacation with the child on Facebook. Bragging about your new job on Twitter after asking the court to reduce alimony or child custody due to the unemployment is also a bad idea. What should you do prior to or during a divorce and other related family law proceedings? (1) Divorce your Facebook and Twitter. When you are contemplating or starting a divorce proceeding, divorce or at least separate yourself from your social media accounts. This means, close your accounts, or carefully scrutinize the archives and delete the substances that seem to be untrue, exaggerating, disparaging, contrary to your attorney’s recommendations, or in violation of any existing court orders. There is not much you can do with photos or videos posted on other friends’ pages which may become damaging evidence. Your friend will do you a big favor if he or she agrees to remove it. However, if he or she sides with your spouse, you are stuck. (2) Gather helpful information through social media. Use your online capabilities to gather whatever information that may be helpful to your attorney and strengthen your position, e.g. examine your spouse’s public social media page and collect evidence that may be used against him or her, but don’t hack into his or her secured account attempting to gain incriminating evidence. If this happens, the judge will not rely on any unlawfully gathered evidence to rule in your favor, and worst of all, you could be subject to criminal prosecution. (3) Learn to be a savvy social networker. Think twice as to whom you want to invite to be your friend and from whom you accepted invitation to be his or her friend. Pause for a few seconds about what you want to post when you log on your accounts. Don’t post anything that might be used against you in the future; don’t post details about your private life; don’t vent about your parent related frustration; don’t condemn your spouse’s alleged infidelity without proof; and don’t post wild and crazy party pictures. A good rule of thumb is not to post anything on social media sites that you want a judge to see and to be used as a piece of evidence against you. A family lawyer can offer you the best course of action as what you should do with your Facebook and Twitter before or during a domestic relation proceeding. You could choose to heed their warning or ignore it. But remember, pictures and videos on world wide websites accessible by everyone can be incredibly challenging. For additional information contact us today at 1(800)290-1012 or at edamaral@amarallaw.com for a free consultation. 01/09/2012 From the time you were a little girl, you thought about your wedding day and dreamed about the happily ever after that would follow. Thus, when something changes, and divorce proceedings are initiated, it is hard to force yourself to come to terms with the reality of the situation and develop a plan of action to make sure your life can begin to move in a new and positive direction. The reality of the situation however, is that the steps you take before, during, and after your divorce, are going to redefine the rest of your life. And for this reason, just as all things in life that are worthwhile, your preparation for a divorce requires long term planning. Whether you are initiating divorce proceedings yourself, or were blindsided by a spouse who had an affair, the emotions involved may seem all-consuming. However, there are 8 essential steps a woman can take in order to make the transition into their future as smooth as possible. 1. Budget. Going through a divorce cannot only exhaust you emotionally, but financially as well. It is for this reason that budgeting for the time before, during, and after divorce proceedings is very important. You will feel much more secure about what is to come if you have taken the necessary steps to figure out your financial situation. To begin with, you should make yourself aware of your household income and the expenses associated with running it. A systematic way to do this is to sit down and list how much money you spend weekly and monthly. This includes looking closely at the essentials and non-essentials, because non-essential spending may need to be saved in order to prepare for any emergencies that may arise. Monthly expenditures may include things such as: · Grocery bills · Mortgage payments or rent · Utility bills · Auto expenses · Child related expenses – extra-curricular activities, school fees · Medical bills Additionally, you should be aware of what assets you may be required to give to your husband after the divorce proceedings are finished, as well as what assets your husband will most likely be liable to give you. Furthermore, if children are involved, budgeting should include child maintenance, including how much it will cost to provide them with an education. If your husband controls all of the family funds, along with budgeting you should make sure you are proactive and work to acquire the funds you will need to obtain legal counsel. “Choking off the money supply” is a common method for a husband to make sure that the divorce settlement leans in his favor, so you want to make sure that you have the funds needed in order to secure fair representation. It may be helpful to seek professional advice about how to proceed, including making sure that you have sufficient funds as the divorce progresses. 2. Open new accounts in your name. Go to a different bank other than that in which you have joint accounts with your spouse and open new checking and savings accounts in your name. Your divorce attorney may suggest that you withdraw up to half of your joint funds, or as much as state law permits, and you will need a personal account in which to deposit them. Additionally, open a new credit card account in your name. You will need to start building your own personal credit as soon as possible. 3. Open a post office box. Once you have hired an attorney and opened new personal accounts in order to protect yourself, you will be receiving mail that you will want to remain undisclosed to your spouse. 4. Familiarize yourself with all financial documents. It is imperative that you immediately familiarize yourself with and collect all of your financial documents, including, bank account information, tax statements, credit card statements, mortgage statements, investment portfolios, salary slips, insurance policies, wills, etc. Make copies of these documents and put them in a safety deposit box that your husband does not have access to, or entrust them to a family member or trustworthy friend. These documents seem to have a way of disappearing when divorce proceedings begin, so this is a step that should not be missed. 5. Conduct an Asset Search. Conduct an asset search with a reputable online asset search company so that you can get a snap shot of what assets your spouse may own or corporate entities your spouse may be connected to at the outset of your divorce. These searches will be extremely helpful for your divorce attorney during the discovery phase of the divorce proceeding, especially if your spouse comes down with a case of selective amnesia. Asset Searches Plus, Inc. (www.assetsearchesplus.com), for example, charges $185.00 for a nationwide asset search and emails the asset search report to you in 1 to 3 business days. 6. Obtain Lis Pendens protection. Filing a lis pendens, a notice attached to a public record, alerts third parties that you claim an interest in the real estate onto which it is attached and that there are unsettled claims in litigation that may affect the real estate. When a lis pendens is properly recorded and served, it clouds the title of the property and will prevent it from being sold behind your back by a spouse who may be looking to liquidate assets. Prospective buyers will be discouraged from purchasing the property if it is put up for sale because a lis pendens makes the title for the property uninsurable. Even if you are not named on the title of the property, a lis pendens can nevertheless be used to protect real estate that is subject to distribution as part of the divorce settlement. 7. Protect your credit history. Make sure to protect your personal credit rating by closing joint credit cards and by blocking your spouse’s access to other joint credit, including home equity loans. Get a copy of your credit report and screen it from time-to-time to see if your husband is dissolving marital assets. Furthermore, monitor your credit score and look into ways to maintain or improve it as a proactive move for life after divorce. 8. Update your will, life insurance policies, etc. If you currently have a will, you should update it. Additionally, you will want to revise your life insurance policies to reflect a change in beneficiaries where applicable. This will ensure that should anything happen to you, your children, or whomever else you name as beneficiaries, will be taken care of. It is essential that you come out of your divorce with the means to begin a new and, hopefully, better life and ensure that you have a strong financial plan to support you well into the future. Accordingly, be proactive and take the financial steps necessary to make the next segment of your life a secure one. For more information regarding financial preparation prior to your divorce or to schedule a free consultation, please contact Attorney Ed Amaral at 1(800) 290-1012 or at edamaral@amarallaw.com. 11/21/2011 For many people, falling in love and preparing for marriage is a process that is so wonderful that they lose sight of the harsh reality that anything can happen and marriages often end. Therefore, the idea of a Pre-Nup is many times not spoken of, as it implies that there is a possibility that the soon to be marriage could potentially result in divorce one day. If you have assets, it is in your best interest to have a Pre-Nup prepared, but initiating a conversation with your spouse regarding the same is not always easy. The following are a few tips to assist you in asking your spouse for a Pre-Nup, while decreasing the chances of bringing turbulence to your relationship: Bring it up in the Beginning If possible, at the beginning of any relationship, make it known that you intend to sign a Pre-Nup with whomever you marry. Your soon to be spouse will be aware and prepared for the conversation, eliminating any shock or personal concerns that you doubt the marriage will last. Use Good Timing If you are already engaged and you haven’t discussed your desire for a Pre-Nup, choose your timing wisely. Avoid having the discussion during or close to any time of celebration, as you do not want to ruin the mood. Try to have the conversation much earlier than your wedding day. Be Informative and Prepared Make sure that you illustrate to your spouse that you will make sure that he or she is taken care of in the event of a split. Be prepared by knowing what you are going to give and what you are asking for, and explain the reasoning to your spouse in a way that he or she can relate to. Both parties can benefit from the Pre-Nup if it is negotiated fairly. Concern for the Children Asking for a Pre-Nup is easier if either of you have children from a previous marriage. Anyone can understand the need to protect the assets that your children are entitled to. For more information, contact us at 1(800)290-1012 or at edamaral@amarallaw.com. 11/21/2011 There are several myths regarding Pre-Nuptial Agreements that prevent many couples from broaching the topic. Keep reading to find if a Pre-Nup is right for you! MYTH #1: ONLY PROTECT WEALTHIER SPOUSE False. Pre-Nuptial Agreements must be fair for both parties. If the Agreement is found to be unconscionable by the Judge, it will not be honored. MYTH #2: ONLY FOR THE RICH False. Even if you and your spouse do not have much now, over time your income and assets will most likely increase. Your home and retirement accounts will probably become more valuable and you may even inherit additional money or assets from your families. A Pre-Nup can protect the accumulated wealth and decide how it will be dealt with. MYTH #3: MUST COVER EVERYTHING/ ONLY USEFUL IF YOU SPLIT False. The agreement can be as detailed or broad as you like. It can be limited and cover one specific asset or inheritance, or deal with a wide range of areas. You may also specify in the Pre-Nup issues that you will encounter during the marriage, such as the usage of funds, career expectations, child support from a previous marriage and the like. MYTH #4: KILLS THE ROMANCE False. Pre-Nuptial agreements have a stigma of being unromantic, however, they are actually endearing in a way. If two people love each other, they should be open and reasonable enough to plan for a possible future without each other and want to make sure that they will both be taken care of. Moreover, statistics have shown that marriages can actually last longer between couples who have Pre-Nups, as neither party is worried about how the length of their marriage will affect the division of their assets and, instead, can work together towards saving their marriage. For more information, contact us at 1(800)290-1012 or at edamaral@amarallaw.com. 8 records found. |
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