Choosing A Bankruptcy Lawyer

When is it Time for Bankruptcy? We like to succeed as human beings and sometimes succeeding is harder than others. We face many obstacles especially financially. It may be that we lost our job, or medical expenses took all our savings on top of everything else that goes on. We constantly try to correct things only to see no end. A last resort for many of us financially is bankruptcy. When you have made the decision to file for bankruptcy there are several things you need to know, including finding…

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Do you need to change your last name on your passport after you are married – TheLawAdvisory

You recently got married and you just started to live the best days of your life. Other than family drama, the one problem that you face after marriage could be another name on your passport that doesn’t match your current marital status or the signature is different from the one you have. What should you do as an American citizen if you want to travel outside your region? Do you need to change your last name on your passport after you are married? Well, it depends on where you are…

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Creating a Trust: What You Need to Know

Revocable Trust

by Estate Planning Attorney Nydia Menendez You have probably heard some common myths about Trusts: “A Trust is only for wealthy people,” or “I don’t have a great deal of assets, so why do I need a Trust?” Others may think “I already have a Will, isn’t that enough?” or “A Trust is too expensive.” But, if this was a True or False quiz, the response to each of those myths would be a big, fat FALSE!  What is a Trust? Here we will be talking about a Revocable Living…

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Points to Consider Regarding a Will

Points to Consider Regarding a Will

by Estate Planning Attorney Nydia Menendez This may be the most myth-dispelling article you will ever read on the topic of Estate Planning. That’s because Wills are the Estate Planning tool with which most people are familiar. And people also believe Wills are sufficient for their needs. In fact, most clients call our office asking to prepare a Will so that they can leave their affairs in order and their loved ones taken care of. But is a Will the best way to do that? Our goal is to clarify…

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What is Guardianship?

What is Guardianship

by Estate Planning Attorney Nydia Menendez When people hear the word “Guardianship”, they tend to think of someone taking care of a minor child. However, Guardianship also comes into play when someone over 18 years old is alive but does not have capacity to care for themselves or manage their affairs. The incapacitated person, who could be a minor, someone with special needs or a disability, or any person who has lost capacity, is the Ward. The person with responsibility and authority over the Ward is the Guardian. The Guardian…

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Probate: A Nightmare to Avoid

Probate Court

by Estate Planning Attorney Nydia Menendez When someone passes away, their estate consists of everything left behind, including all the deceased person’s assets. Many people think a Will is the key to planning and leaving their affairs in order for when the time comes. But that is not the case. In fact, Wills are very ineffective because they must be administered by a court through the probate process. Simply stated, when someone dies, with or without a Will and nothing more, the dreadful probate process is required. There are several…

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Estate Planning – Six Critical Considerations

by Estate Planning Attorney Nydia Menendez Everyone has an Estate, including you. But what exactly is an Estate? It’s everything you own, and everything that is left when you pass away. Estate Planning, then, is having a plan in advance to ensure that when the time comes, your wishes are carried out with respect to matters related to your health, your person, your children and grandchildren, and, yes, your assets. 1 – The Most Basic Form of Planning The most obvious aspect of Estate Planning is planning for our own…

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Where Would Our Pets Be Without Family Members Who Love Them?

where would our pets be

by Estate Planning Attorney Nydia Menendez As an estate planning attorney, I understand the value of protecting our loved ones. And as a passionate pet owner, I believe that protection must also extend to our four-legged family members as well. That’s why, when clients have fur babies in their families, I offer a comprehensive (and complimentary) Pet Trust for that family. For many of us, our pets are part of our family, much like a child. Yet, we see many plans (not prepared by our firm) which fail to address…

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Planning to Protect Special Needs Beneficiaries

special needs

by Estate Planning Attorney Nydia Menendez In matters of Estate Planning, there is never a one-size-fits-all document. Every family is different, and each of its members have specific needs and concerns that must be met using various planning tools. When a person’s Estate Plan includes a beneficiary with special needs, mentally or physically disabled, the planning needs to include the right tools to implement a Special Needs Trust. Otherwise, if the distributions are done outright to the family member with special needs, this could jeopardize their eligibility for government benefits…

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Puerto Ricans: Non-U.S. Persons With A Lower Tax Exemption

by Estate Planning Attorney Nydia Menendez Our great forefather, Benjamin Franklin warned that “in this world nothing can be said to be certain, except death and taxes.” One good example is the Estate Tax. The Estate Tax is levied on the value of a person’s worldwide assets at the time of death. Currently the Estate Tax has a $10 million exemption; adjusted for inflation the exemption is $11.7 million in 2021 (which is set to be reduced to $5 million by 2026, if not sooner). But, as is the case with…

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