Monday, March 25, 2019

Five Key Considerations for Your Estate Plan


Maintaining your estate plan can feel overwhelming when faced with all the changes life can bring. Calling your attorney may not be your first instinct when you’re faced with a significant shift in income, investments, or employment, but consulting with us is a wise way to ensure your legal health is always maintained. Read on for five events that should capture your attention and prompt you to reach out to us for some personalized advice.
  1. You’ve opened a new retirement account or established a new retirement plan.
As we all know, planning for one’s retirement is crucial. The peace of mind provided by a solid retirement plan is irreplaceable. The way you and your financial advisors choose to structure your retirement plan and invest your retirement assets will vary, as they are designed to meet your particular needs, wants, and goals. Keep in mind that if you open a new account, your estate plan will need to be reviewed and possibly updated as well. A new taxable investment account may need to be “funded” into your trust. If you’ve set up or started contributing to a tax-deferred account, such as a 401(k), IRA, Roth IRA, employee stock ownership plan, or another type of retirement plan, contact us about your estate plan, too, since we want to be certain that your beneficiary designation is exactly what you intend.
  1. You’ve started a new job.
Congratulations! A new professional opportunity is exciting, and it is accompanied by plenty of financial change. As we’ve seen above, taking a new retirement plan or account into consideration is quite important, and a new company often means a new account. You may also have new employer-sponsored life insurance, so it’s important to seek our help to verify that your life insurance beneficiaries remain up to date.
  1. You’ve kept the same job.
Even if this year finds you in the same job as last, open enrollment for life insurance from last fall is now in full effect. This means that verification of your life insurance beneficiaries and retirement plan benefits is also in order. We can help ensure that everything is as it should be.
  1. You have teenaged children.
Your child’s 18th birthday is not only a rite of passage but also a significant change in legal status and planning needs. Be sure to schedule a meeting with us to learn what you and your teen need to do as your teen becomes an adult.
  1. You started a business.
Whether you’ve fully jumped in or kept your day job, starting a business is a bold step! It’s in your best interest to take precautions to ensure your business is fully protected. In addition to the business entity issues, tax planning, and growing your business, there are estate planning implications with a new business. We can help you coordinate your new business with your estate plan.
 
We are here to help and to ensure the health of your estate. Let us bring our attention, experience, and care to the big changes in your life. Together, we can develop or enhance your estate plan to meet your goals and secure your family’s future.


Check out more valuable information about Guam's Laws and working with Mark Williams, Guam's Best Lawyer, on Dededo Law Office's website, www.GuamLegal.com.

Sunday, February 03, 2019

TOP 10 BENEFITS OF BANKRUPTCY - CHAPTER 7

TOP 10 BENEFITS OF BANKRUPTCY - CHAPTER 7


1.         Stop Creditor’s Harassing Calls. Creditors call at almost all times of the day and night and the weekend as well; they intentionally look for inconvenient times to add additional pressure on the debtor. The automatic stay in bankruptcy law makes it illegal for creditors to continue those calls or any other form of harassment the moment you file for bankruptcy.

2.         Keep your house and car. A myth of Chapter 7 bankruptcy is that you will lose your belongings.   As long as you don’t have too much equity in your home, you keep the house (otherwise you'd file Chapter 13 in order to protect an abundance of equity).  Bankruptcy is about protection and Attorney Mark Williams can help you with which Bankruptcy Chapter is best suited for you.

3.         Protect most of your household possessions. The state and federal exemptions that block what a bankruptcy trustee can seize typically cover all household goods and tools of a trade. Even if you have valuable jewelry or electronics, they often are not seized because of their age and condition. In fact, in 90 percent of all Chapter 7 cases, no property at all is seized.

4.         Wipe away unsecured debt. The amount you owe on credit cards or any debt (that is unsecured) can be completely liquidated if you qualify for Chapter 7 bankruptcy.

5.         Help with secured debt. With no more unsecured debt, paying the monthly mortgage and car note becomes much easier again. For many debtors, spiraling  unsecured debt eventually makes it impossible to pay all creditors every month; our debt relief agency with Attorney Mark Williams can help you with that!

6.         You Can Qualify. There is an income limit with Chapter 7 which is determined through a Means Test. That’s a process to determine if you have any leftover income at the end of the month to pay unsecured creditors. Notwithstanding our salary, if there is little or no money left over at the end of the month, you may qualify for Chapter 7 bankruptcy.

7.         You may never see the bankruptcy judge. Under the Chapter 7 process, there is one mandatory appearance before the bankruptcy trustee during the creditor’s meeting. While it’s possible questions from the trustee or creditors could lead to a hearing before in bankruptcy court, the overwhelming majority of cases do not involve court appearances. 

8.         Take a deep breath. While you wait to find out if you qualify for Chapter 7, you have the opportunity to relax a little from the financial pressures. The automatic stay stops any harassing calls and you do not have to pay your unsecured creditors while in bankruptcy.

9.         Fast and easy. If there are no complications, a Chapter 7 bankruptcy case can be over in as little as 4 to 6 months.

10.       Start over more quickly. The fact that Chapter 7 is a straight bankruptcy; you can begin changing your financial habits and re-establishing your credit quicker than you’d predict.



Check out more valuable information about Guam's Laws and working with Mark Williams, Guam's Best Lawyer, on Dededo Law Office's website, www.GuamLegal.com.