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Thread: Estate Planning

  1. #1
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    Oct 2017
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    Estate Planning

    Hello
    I am located In Maryland. My mom have businesses(that I run) in Maryland and my dad have businesses( I run) in DC. I am currently 24 and my brother is 19. I am trying to plan for future and trying to set up my parents will. Also at the same time, I want to transfer my parents asset to my name right now. Since they have signed the guarantee for all the retail location leases. Just in case something goes wrong in the future. I do not want any of our personal asset to be touched. I assume if it's in my name(the son), it cannot be touched by anyone. I heard it takes 3 years from the time everything transferred to my name for it to take effect. We also all have full life insurance. Any advice and point out would be helpful. Also if any recommendation to a lawyer who can help with the process around silver spring md.

    Thanks


  2. #2
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    Quote Originally Posted by soumikcha View Post
    Hello
    I am located In Maryland. My mom have businesses(that I run) in Maryland and my dad have businesses( I run) in DC. I am currently 24 and my brother is 19. I am trying to plan for future and trying to set up my parents will. Also at the same time, I want to transfer my parents asset to my name right now. Since they have signed the guarantee for all the retail location leases. Just in case something goes wrong in the future. I do not want any of our personal asset to be touched. I assume if it's in my name(the son), it cannot be touched by anyone. I heard it takes 3 years from the time everything transferred to my name for it to take effect. We also all have full life insurance. Any advice and point out would be helpful. Also if any recommendation to a lawyer who can help with the process around silver spring md.

    Thanks
    Perhaps you ought to let your parents handle their own estate planning. Your idea of estate planning on their behalf leaves a LOT to be desired (from their perspective.)


  3. #3
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    Uum, yeah. Why do they need you to do this for them? Give them the names of a few appropriate attorneys, offer to make an appointment for them with the one they choose and leave them to it.


  4. #4
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    Quote Originally Posted by soumikcha View Post
    I want to transfer my parents asset to my name right now.
    That should be their decision, NOT yours. You have no say in the matter - your parents can handle their own estate planning if they so desire.


  5. #5
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    Quote Originally Posted by soumikcha View Post
    Hello
    I am located In Maryland. My mom have businesses(that I run) in Maryland and my dad have businesses( I run) in DC. I am currently 24 and my brother is 19. I am trying to plan for future and trying to set up my parents will. Also at the same time, I want to transfer my parents asset to my name right now. Since they have signed the guarantee for all the retail location leases. Just in case something goes wrong in the future. I do not want any of our personal asset to be touched. I assume if it's in my name(the son), it cannot be touched by anyone. I heard it takes 3 years from the time everything transferred to my name for it to take effect. We also all have full life insurance. Any advice and point out would be helpful. Also if any recommendation to a lawyer who can help with the process around silver spring md.

    Thanks
    There are so many things wrong with this paragraph. So many things. You are entitled to nothing of your parents' assets. NOTHING. You also have no rights to set up your parents' wills.


    Parents should remember 3 things: Love your kids more than you hate your ex; when you have children the relationship with the other parent is until death; your children determine what type of nursing home you end up in.
    Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship.

    Attorney-GAL in Ohio.

    I've removed the knife from my back, polished it, and will one day return it -- long after you think I have forgotten.
  6. #6
    Join Date
    Oct 2017
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    You guys getting this the wrong way. What I am trying to do is find a way to make sure my parents asset do not become a liability if the business fail. So if business fails or something happens, I do not want anyone to come after the personal asset. We are not your typical family. I am not trying to take my parents property. Just trying to protect it from business liability. Because I know sometimes they can come after personal property.


  7. #7
    Join Date
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    Quote Originally Posted by soumikcha View Post
    You guys getting this the wrong way. What I am trying to do is find a way to make sure my parents asset do not become a liability if the business fail. So if business fails or something happens, I do not want anyone to come after the personal asset. We are not your typical family. I am not trying to take my parents property. Just trying to protect it from business liability. Because I know sometimes they can come after personal property.
    Then your parents, NOT YOU, need to get a consult with an estate planning attorney to see what they may or may not do to protect their personal assets.


  8. #8
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    Quote Originally Posted by soumikcha View Post
    You guys getting this the wrong way. What I am trying to do is find a way to make sure my parents asset do not become a liability if the business fail. So if business fails or something happens, I do not want anyone to come after the personal asset. We are not your typical family. I am not trying to take my parents property. Just trying to protect it from business liability. Because I know sometimes they can come after personal property.
    Then have your parents consult a business attorney in their respective jurisdictions. There are much, much better ways to reach the goal of helping to protect their assets than what you propose. Your idea actually would make it worse because you are the one running the businesses so you screw up and you own the assets those assets will potentially be more at risk, not less. Moreover, your idea basically enriches you at your parents’ expense. You might be trying to sell this to them as a way to protect their business, but your proposal really would be nothing more than a way to take the businesses away from your parents. I hope they see through that.

    Moreover, what you propose to do may not be a very tax smart plan.

    As for arranging to pass the businesses to you when they die, they ought to seek advice from an estate planning attorney.


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