BERYS LAW | Business, Real Estate, Wills/Trusts

Protecting foreign assets in estate planning requires meticulous planning and a comprehensive understanding of international laws. Here are several strategies to help ensure that your assets located abroad are safeguarded and transferred according to your wishes:

1. Understand Local Laws and Tax Implications

Each country has its own set of laws regarding inheritance and taxation. It's crucial to understand these regulations to avoid potential legal issues. Engaging a local attorney who specializes in estate planning can provide invaluable insights into local inheritance laws, tax obligations, and any other legal requirements that might affect your assets.

2. Create an International Will

A traditional domestic will might not be recognized in other countries. Creating an international will, which complies with the laws of each country where you hold assets, ensures that your estate is administered according to your wishes. An international will should be clear, precise, and adhere to...

Families often find themselves in need of legal assistance for a variety of reasons throughout their lives. From planning for the future to resolving disputes, legal services play a crucial role in ensuring that families' rights and interests are protected. Here are some common legal services that families can avail themselves of to navigate life's complexities.

Estate Planning

Estate planning is essential for families to ensure that their assets are distributed according to their wishes after they pass away. This service includes drafting wills, setting up trusts, and establishing power of attorney. A well-drafted estate plan can help minimize tax liabilities, avoid probate, and ensure a smooth transition of assets. Legal professionals can also assist in updating these documents to reflect changes in family dynamics or financial situations.

Read more: Reasons You Need An Estate Plan

Family Law

Family law encompasses a wide range of issues, including divorce, child custody, and...

The death of a parent is a deeply emotional and challenging time for any family. Amidst the grieving process, disputes among siblings regarding the division of the estate can add further stress and strain to familial relationships. To minimize conflicts and ensure a smooth transition of assets, careful estate planning is essential. Here’s a comprehensive guide on how to address and prevent sibling disputes after a parent’s death through effective estate planning.

Importance of Clear Communication

One of the primary causes of sibling disputes is the lack of clear communication regarding the deceased parent’s wishes. It’s crucial for parents to discuss their estate plans with their children beforehand. Open and honest communication can prevent misunderstandings and ensure everyone is aware of the parent’s intentions. Parents should explain their decisions and the reasoning behind the distribution of assets to avoid any surprises that might lead to...

Guardianship planning is a crucial aspect of estate planning that ensures the well-being and protection of your loved ones in the event of your incapacitation or death. It involves appointing a responsible individual or entity to manage the financial, legal, and personal affairs of a person who is unable to make decisions for themselves due to disability, diminished capacity, or age. This article will delve into the importance of guardianship planning, its various forms, and the legal processes involved in establishing and managing guardianships.

Why Is Guardianship Planning Important?

Guardianship planning is essential for individuals who have minor children, dependents with disabilities, or elderly family members who may require assistance in managing their daily lives. Without a guardianship plan in place, the court may appoint a guardian, which can lead to uncertainty and potential disputes among family members. By establishing a guardianship plan, you can ensure that your loved...

A Special Needs Trust (SNT) is a legal arrangement designed to manage assets and funds for the benefit of a person with disabilities. This type of trust is crucial for individuals who are unable to manage their financial affairs independently due to physical, mental, or developmental challenges. By establishing a Special Needs Trust, families can ensure that their loved ones with disabilities receive the necessary care and support without jeopardizing their eligibility for government benefits.

Understanding the Purpose of a Special Needs Trust

The primary purpose of a Special Needs Trust is to enhance the quality of life for individuals with disabilities while preserving their eligibility for public assistance programs such as Medicaid and Supplemental Security Income (SSI). Without proper planning, a significant inheritance or financial gift could result in the loss of these crucial benefits, leaving the individual without essential resources for medical care, housing, and other...

Ensuring your assets are distributed according to your wishes after your passing is an important aspect of estate planning. One of the most common methods to designate beneficiaries is through beneficiary designations on accounts such as retirement plans, life insurance policies, and investment accounts.

However, mistakes in these designations can lead to unintended consequences and conflicts among loved ones. Here are some of the most common beneficiary designation mistakes to avoid. Read on. 

Failing to Update Beneficiary Designations

Life events such as marriage, divorce, births, and deaths can significantly impact your intended beneficiaries. Failing to update beneficiary designations after such events can lead to assets being distributed contrary to your wishes.

Regularly review and update your beneficiary designations to ensure they align with your current circumstances and wishes.

Naming Minors as Beneficiaries

Designating minors (individuals under 18 years old) as...

In healthcare, uncertainty can arise unexpectedly, leaving individuals unable to express their wishes regarding medical treatment. To address this potential scenario, advance directives serve as important legal documents that empower individuals to outline their healthcare preferences and appoint trusted representatives to make decisions on their behalf if they become incapacitated. 

Understanding advance directives and their importance ensures that one's medical wishes are respected and honored during times of incapacity.

What Are Advance Directives? 

Advance directives, also known as advance healthcare directives or living wills, are legal documents that allow individuals to specify their preferences for medical treatment and designate surrogate decision-makers to act on their behalf if they are unable to communicate their wishes. 

These documents serve as invaluable tools for ensuring that healthcare decisions align with an individual's values, beliefs, and...

Estate planning is a critical process that allows individuals to protect and manage their assets during their lifetime and ensure their wishes are carried out after their passing. For families with loved ones who have special needs, estate planning takes on added significance. 

Integrating special needs planning into your estate plan means protecting the long-term financial security and well-being of your loved one with special needs. Here's why and how you should incorporate special needs planning into your comprehensive estate plan:

Preserve Eligibility for Government Benefits

Many individuals with special needs rely on government benefit programs such as Supplemental Security Income (SSI) and Medicaid for essential support and services. However, eligibility for these programs is often contingent on meeting strict income and asset limits. 

Without careful planning, inheriting a significant sum of money or assets could jeopardize your loved one's eligibility for these...

Probate is the legal process through which a deceased person's estate is settled, debts are paid, and assets are distributed to beneficiaries. While probate is intended to be a straightforward process, it can often be plagued by delays and complications, leading to frustration and uncertainty for heirs and beneficiaries. 

Below, we'll explore the common causes of probate delays and provide insights into how to navigate them effectively.

1. Complex Estate Assets

One of the primary reasons for probate delays is the complexity of the deceased person's estate assets. If the estate includes a variety of assets such as real estate, investment accounts, business interests, or valuable personal property, it can take time to gather and assess the value of these assets. 

Additionally, assets located in different jurisdictions may require separate probate proceedings, further complicating the process.

2. Disputes Among Heirs and Beneficiaries

Disputes among heirs and beneficiaries...

Estate planning is a comprehensive process that goes beyond drafting a will. One often overlooked but crucial aspect of estate planning is the designation of beneficiaries. 

While many individuals may focus on the distribution of assets through a will, the importance of beneficiary designations should not be underestimated. Below, we explore why beneficiary designations matter and how they play a pivotal role in the overall estate planning process.

1. Direct Asset Distribution

Beneficiary designations allow for the seamless transfer of certain assets directly to the intended recipients without the need for probate. Assets such as life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts typically pass directly to the named beneficiaries. This direct transfer mechanism provides a quicker and more efficient distribution of assets to heirs.

2. Avoiding Probate Delays

Probate is the legal process through which a deceased person's assets are distributed...