Brian Della Rocca, Author at Compass Advocacy

Estate Planning: The Brady Bunch Edition

Posted on October 16, 2023November 29, 2023 by Brian Della Rocca

(To the tune of the Brady Bunch theme song)

Here’s the story, of two single parents
Who were bringing up their children separately
‘Til the one day when they met each other
And they formed a blended family

We all know the story of the Brady Bunch. What you didn’t see on the show, that happened behind the scenes, was how Carol and Mike planned for their blended family. Allow us to take some artistic license to explain to you how we think it went.

FADE IN: The scene starts with Carol meeting with her attorney, Mr. Wills, in his office furnished with mahogany furniture and decorated with orange and black large pill shape wallpaper.

Carol explains to Mr. Wills that she and Mike would like to get married but want to make sure their separate children are protected. Mr. Wills then explains that he can help her by preparing a prenuptial agreement. He also explains that Carol and Mike should consider keeping their finances separated and should execute an estate plan after their wedding. Concerned, Carol says that she loves Mike and doesn’t want to start their marriage off with arguments about finances. Mr. Wills explains that by putting a plan in place now, arguments can be avoided since important decisions are being made at a time when Carol and Mike are happy and rational, not when they are angry and irrational. Carol looks at the camera and says, “You’re right, Mr. Wills. My number one priority is protecting my daughters, and I am going to Mike tonight about the need for a prenuptial agreement and an estate plan.”

CUT TO: The kitchen in Mike’s house at 11222 Dilling Street, Studio City, CA
As Alice prepares dinner, Carol, looking concerned, tells Mike that she has something important to tell him. Mike then tells Carol that he has something important to tell her. They decide that they will say it at the same time. Both Mike and Carol then say together, “We need a prenup!”

CLOSE UP OF ALICE: Alice responds with, “Anyone offering a trip to Europe for the right answer?”
Carol says to Mike, “I just want to make sure my daughters are taken care of and I know we can work something out that we both agree to.” Mike agrees and holds Carol’s hand, “maybe we should keep our finances separate. We can create a joint account for family expenses, but we will maintain our assets separately.” Carol responds by saying, “That’s exactly what Mr. Wills told me! And we can then create an estate plan where we leave our own assets to our kids.” Mike cuts in, “I want to take care of you first, so I am going to have a trust created that will name you as the primary beneficiary with my sons as contingent beneficiaries.”

In the end, Carol and Mike created a loving environment for their blended family by discussing the difficult topics up front. Discussing your estate planning concerns prior to marriage expresses how much you love your spouse and respect that he/she has children of his/her own.

The attorneys at Compass Law Partners can help you in starting your blended family off right!

https://mailchi.mp/compassadvocacy/compass-law-navigator-september-2023-9089528

To Bequeath or Not to Bequeath: That is the question when it comes to vacation homes

Posted on July 1, 2023November 29, 2023 by Brian Della Rocca

For those who are lucky enough to own a vacation home, deciding what to do with that home after your death is often a quandary. Do you leave it to your children, equally? Do you force its sale? Or do you leave it to a trust for the benefit of your descendants?

We, at Compass Law Partners, frequently have to advise on these issues so I will break down a few of the options, one at a time.

Leave Vacation Home Equally to your Children

This option, in my experience, is frequently where problems can arise. After the inheritance, the children will expect equal contribution to the expense of the home but will frequently not utilize the home equally. Perhaps one child lives in California and another is in Maryland. If the vacation home is in Delaware, it is likely the child in Maryland will utilize the home much more. This could lead to resentment by the child in California who may still be expected to cover his/her share of the expenses.

A frequent attempt to settle this dispute is by having the Maryland child buy out the California child’s interest. However, unless your Maryland child has the funding to do so, this is frequently not an option. Instead, the only option may be to sell the property, which could then lead to resentment by the child in Maryland. This potential to create resentment between/among your children is frequently why we typically recommend against this option.

Force the Sale of your Vacation Home

This is frequently the easiest option but may not be very popular with your children. To avoid the potential for resentment between/among your children, requiring the sale of the vacation home after your death may be your best option, especially if the home is the most substantial part of your estate. Once the home is sold, the net proceeds from the sale can be divided equally among your children and, if desired, your child can use those proceeds to buy a vacation home of his/her own.

We frequently recommend this option for those clients who do not have other assets of significant value.

Leave the Vacation Home to a Trust for your Descendants

For clients who have significant assets other than their vacation home, we typically recommend the use of an irrevocable trust created after your death to hold the vacation home. The home would held and maintained by a Trustee of your choosing (frequently an independent Trustee) and you would provide additional seed money to the trust to cover expenses for a period of years. That way, your children and/or grandchildren are able to utilize the vacation home but do not have to contribute to its expenses for a period of time.

At the expiration of that period of time (or when the money runs out), the Trustee can decide whether to sell the property or to request money from the beneficiaries to maintain the property. This option frequently creates the least amount of friction among children so clients, if they can provide additional funding to the trust, will frequently choose this option. For clients with the ability fund a trust, we frequently recommend this option for their vacation home.

If you have a vacation home and are not sure how to leave it to your children, the attorneys at Compass Law Partners are here to help you.

New Parent and Legal Documents: What You Need to Know

Posted on June 1, 2023November 29, 2023 by Brian Della Rocca

With Mother’s Day celebrations wrapping up and Father’s Day plans in the making, Compass Law has compiled a new parent checklist to assist new parents and remind current parents of the many forms you will want to have secured when your family expands.

Being a parent is tough – so let us help make it easier!

Will
- Guardianship Document
Living Will (for those moms-to-be)
Trust
Advanced Medical Directive

Beneficiary change form
Changes to your IRA, 401k, life insurance
Life Insurance policy
Health insurance card
W4

Preparing for Vacation

Posted on February 1, 2023November 29, 2023 by Brian Della Rocca

As Spring (slowly) approaches, many families are starting to finalize their vacation plans. March and April are big months for winter-weary families to get away.

However, as families prepare for their vacations, one item is typically never found on their “To Do” list – estate planning. If you plan to travel with your family, you should really have your affairs in order in the event the unthinkable happens. Whether it is death or disability, an estate plan will provide your heirs with the information they need to carry out your wishes. Otherwise, you are at the mercy of State law and, potentially, a Judge who has no idea who you are.

The core documents in an estate plan are a Last Will and Testament, Financial Power of Attorney and an Advance Medical Directive. While preparing an estate plan may seem like an onerous task, the attorneys at Compass Law Partners will walk you through the process and ensure your estate plan is completed in a timely manner.

Wrapping Up 2022 with the Gift of Estate Planning in 2023

Posted on December 6, 2022April 12, 2023 by Brian Della Rocca

It is amazing how many people think about how they need a Will yet push it off from year to year. If you do this (and you probably do) you are definitely not alone!!

Creating your estate plan (including a Will, Financial Power of Attorney, a Health Care Power of Attorney) is not only difficult from a “finding time” perspective but also from the perspective of thinking about your own mortality.

Compass Law Partners can help you on both fronts. First, CLP offers either in-person meetings or virtual meetings. Virtual meetings (one of the positive things coming from the Covid-19 pandemic) allow you to schedule a meeting from your home, car, or office without having to add “commute time.” For some, removing “commute time” opens up your availability to meet.

Also, CLP’s experienced attorneys will provide empathetic guidance to you as you traverse the realities of estate planning. In the end, CLP clients walk away from creating their estate plan with a sense of satisfaction and the security of knowing that your loved ones will be taken care of after your death.

As 2022 comes to a close, make creating an estate plan in 2023 your gift to those you love.

Back to School Time!!

Posted on September 1, 2022October 6, 2022 by Brian Della Rocca

Parents

I, like many other parents, look forward to the kids heading back to school…not because I don’t love them but more because towards the end of the summer, they are just a bit much.

Now that the kids are back in school, you have time to focus on projects you have been putting off (for years) – including estate planning (Wills, Financial Powers of Attorney, Health Care Powers of Attorney, etc.).

Estate planning is the one extremely important service that is constantly kicked down the road. It is likely that whenever you see a television show or movie with reference to a Will, you say “I/We need to do that.” Then, that thought passes and the millions of other thoughts take over.

I am writing this to tell you that you should stop delaying and just contact Compass Law Partners. The attorneys at Compass Law Partners will walk you through the process and make it as easy and understandable as possible. If you make that call, not only will you be protecting your family, but you will never have to have that moment again where you say, “I/We need to do that.” Instead, you can say, “I’m so glad we did that.”

College Students

Do you have a child in college? Do you want to make sure you have the authority to speak with your child’s school (since you are paying his/her tuition) or with your child’s medical provider/therapist?

Well, surprise, you cannot. Your child may still look like the fun 3-year-old (in my opinion, the best age) but, legally, he/she is an adult and must provide authorization to any medical providers and school administrators to speak with you. The easiest way to provide that authorization is to have your college student sign a Financial Power of Attorney and a Healthcare Power of Attorney.

Although it is likely your child is already in school, this can still be accomplished using video conferencing. Compass Law Partners has the technology and know-how to meet with clients through video conferencing software. Then, your child can sign his/her documents when he/she visits you (a great reason to get them to visit). Or, alternatively, Maryland law now allows Maryland residents to sign estate planning documents virtually. The attorneys at Compass Law Partners have experience in virtual signings and can easily guide your child through the process.

Now is the time to make sure you remain an important part of your child’s life. Do not hesitate to contact Compass Law Partners to set up a consultation today.

Electronically Signed Wills

Posted on June 27, 2022October 6, 2022 by Brian Della Rocca

On April 21, 2022, Governor Hogan signed Senate Bill 36 (Chapter 177) into law. His signature codified the procedure for electronically signing Wills that [-‘had been implemented by Executive Order during the pandemic. This means that Maryland residents can execute their Wills in the comfort of their own homes. Witnesses can be present in the “electronic presence” of the testator/testatrix via Zoom or other video conferencing software. However, to ensure all formalities are followed, the law requires that a supervising attorney be present via video conference and that attorney must certify the electronic signing. The certification will then become a part of the Will.

Have you been putting off drafting your Will? If so, please contact the attorneys at Compass Law Partners to get the process started.

Phishing Scams

Posted on May 24, 2022August 31, 2022 by Brian Della Rocca

Phishing scams have been on the rise over the past few years. Phishing is the act of sending an email to an individual or business purporting to be a vendor/creditor and notifying of a recent account change. Frequently, the fraudulent emails so closely resemble previous emails from the actual vendor/creditor that it is extremely easy to become a victim. While individuals are also victims of phishing scams, businesses seem to fall prey to these scams at a much higher rate.

If you become the victim of a phishing scam, you should notify your bank immediately upon learning of the scam. Your bank will then notify the bank that received the funds. At times, there may be some funds remaining in the account that will be reimbursed to you. You should also notify the FBI and complete a report. The FBI is dealing with this every day and they will let you know that you are unlikely to recover the funds.

The final step you should take is to set up a consultation with an attorney at Compass Law Partners. During that consultation, you will discuss the options available and the potential of successfully recovering some or all the lost funds. While these types of recovery are difficult, they are not impossible.

The Importance of Having a Will for your Children

Posted on March 19, 2022August 31, 2022 by Brian Della Rocca

With all the hype surrounding all of the twos last month, it made me think about the terrible twos and those of us with minor children.

No matter what stage our children are in, parents know their needs better than anyone else. As parents, we should be the ones to decide how to best meet those needs, whether we’re here to take care of our children ourselves or not. If you and the other parent of a child die, it is imperative to have a Will where you decide who will serve as the guardian of your minor child(ren). Without it, a court will decide who is “best suited” to care for them.

Not only could this take a very long time and become very expensive, but it could easily create enemies among your living family members (who may feel they are better suited than the others to care for your children). Your children need you to make that choice for them the same way they need you to help them through those terrible twos, pick them up from soccer practice, and teach them why the music of your generation is better than theirs. The best way to do so is to create a Last Will and Testament.

The attorneys at Compass Law Partners can help you through this process to make sure your children are in the best hands in the event you aren’t able to be with them in their formative years.

Cybercrime

Posted on February 18, 2022August 31, 2022 by Brian Della Rocca

According to the FBI’s Internet Crime Complaint Center (IC3) most recent Internet Crime Report, the number of internet crime complaints more than doubled in 2020 (791,790 complaints) compared to 2019 (300,000 complaints). The 2021 report should be released soon but is sure to show the number of complaints continue to increase.

The ease with which a criminal can open a bank account now thanks to the banking industry providing consumers with the opportunity to open a bank account online is a primary reason for this trend.

Have you or has your business been the victim of a cybercrime? Have you lost money as a result? Compass Law attorneys have experience recovering the money you lost.