Bayliff, Harrigan, Cord, Maugans & Cox, P.C.FindLaw IM Template2024-01-22T19:29:55Zhttps://www.bhcmlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1101046/2018/10/cropped-OG-image-32x32.jpgOn Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=504452024-01-10T16:24:27Z2024-01-15T16:24:21ZAdministering the estate
The primary duty of the executor is to administer the deceased's estate, which includes managing assets, debts and distribution of property as outlined in the will. This involves a careful inventory of all assets, such as real estate, investments and personal belongings.
This also includes any outstanding debts or liabilities. An executor must settle debts and taxes before giving away the remaining estate to the rightful beneficiaries.
Addressing conflict
In the aftermath of a loss, emotions can run high, and disagreements may arise among family members regarding the distribution of assets. With over 1 in 4 Americans reporting that they dealt with estrangement from a family member, an executor should consider family dynamics during this time.
The executor must navigate these potentially intimidating situations with calmness and diplomacy. This includes resolving conflicts respectfully and following the wishes outlined in the will.
Communicating openly
Effective communication about timelines is important during this delicate period. Keeping heirs informed about the progress of the estate settlement helps manage expectations. Timely updates regarding the distribution of assets and any unforeseen challenges can reduce tension among family members.
In the final chapter of a loved one's life, the executor emerges as a guiding force. Their role demands a delicate balance of knowledge and empathy, making them important figures in the transition from death to legacy.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=504422023-10-12T20:15:31Z2023-10-12T20:15:31Z1. Ensure ownership clarity
Before you commit to buying a property, you need to ascertain that the seller has clear and unencumbered ownership. A title search reveals the history of the property's ownership, which helps you avoid potential disputes or complications in the future. By discovering any liens or claims against the property, you can steer clear of inheriting someone else's legal problems.
2. Unearth financial pitfalls
Hidden financial burdens can lurk behind the façade of an attractive property. A comprehensive title search will expose any outstanding debts, unpaid taxes or mortgages tied to the property. This knowledge helps you avoid unexpected financial obligations that could burden your investment and your peace of mind.
3. Verify accurate boundaries
A property's boundaries should align with what is officially recorded. A title search reveals any discrepancies, helping to confirm the dimensions and shape of the land you intend to purchase. Without a clear understanding of the property's boundaries, you may face issues with neighbors or future construction projects.
4. Uncover usage limitations
Easements and property restrictions can significantly impact how you can use your new land. A title search will uncover any such restrictions, which may restrict your plans for the property. This knowledge empowers you to make informed decisions regarding your investment, be it for personal use or for future resale.
Considering that the average time on the market for residential real estate in Miami County is 13 days, doing a title search can make it easier to make a move when you find the perfect home.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=501282023-07-18T15:32:02Z2023-07-18T15:32:02Z#1: Road structure
A recent report by NPR dug into the cause of pedestrian crashes and noted the high rate of pedestrian deaths is tied to an increase in the use of SUVs and roadways that are not designed to keep pedestrians safe. As a result, the report pushed for a need to address infrastructure issues.
Infrastructure changes that could help increase the safety of pedestrians include:
Use of sharp corners. Having a sharp corner instead of a round corner means drivers generally need to stop before making their turn. This makes it more likely both the driver and the pedestrian can avoid a potential crash.
Reduction of speed limits. Not surprisingly, forcing cars to go slower will also reduce the risk of an accident.
Efforts to adjust walking patterns. If one area is of particular concern, adjust the crosswalk or add more visibility to draw the driver’s attention like flashing lights and painted walking paths through the roadway.
Even small changes can help begin to address the larger problem. These smaller changes could include putting up a crosswalk sign or encouraging enforcement of existing laws.
#2: Education
The writers of G.I. Joe were on to something when they ended their show with a lesson for viewers and the tagline: “Knowing is half the battle.” Sharing information about the risk and safety measures that can help keep pedestrians out of harm’s way can go a long way towards reducing the rate of pedestrian accidents in our communities.
#3: Accountability
Holding those who fail to abide by traffic laws accountable for these tragic accidents can help deter others from making the same mistakes. This can be done through a combination of increased enforcement efforts and civil lawsuits. Civil lawsuits give the victims of these tragic accidents more than just funds to help cover the expenses resulting from the accident, they also give them the power to push for change by holding the responsible driver accountable for their actions.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=501242023-04-21T19:11:47Z2023-04-21T19:11:47ZCustody arrangements to agree on
With situations of abuse and neglect, there are obvious reasons why a judge would award one parent custody. However, custody arrangements should involve the input of both parents to determine a schedule that not only works for the children involved but for the commitment abilities of the parents.
You can give yourself a more realistic view of custody arrangements when you consider what you are capable of providing and committing to. If both parents can agree to some common ground, it becomes easier to work out the details.
Parenting plans and schedules to sign
The custody process often works better when two parents can agree and present a parenting time plan to the judge. Sitting down with negotiators or other professionals can help you work through the questions or demands you have. Realize you may need to compromise or adjust expectations, keeping in mind that your child’s well-being is at stake. Once you have a plan you both agree to, you can present it in court for approval.
Custody battles are not won or lost by who gets to spend more time with the children involved. A child who can spend time with both parents and enjoy their attention will thrive, therefore making him or her the winner.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=499882023-02-16T17:44:28Z2023-01-20T21:16:59ZInclude it in a prenuptial agreement
If you received the inheritance prior to your marriage, a prenuptial agreement is key to protecting that asset from being marital property. Draft a prenuptial agreement defining individual assets versus marital assets and detailing expectations in the event of divorce.
Keep it out of your joint accounts
Any inheritance that you receive, whether before or after your marriage, belongs in a separate account from your joint banking accounts. Keeping the funds separate helps define them as your personal asset, not marital property.
Avoid using funds for joint improvements
If the marital home needs repairs or your spouse is looking at a new car, you may feel tempted to use your inheritance to cover those costs. You should not do this. Avoid using any of that money for joint benefit because that makes it easier to designate the remaining funds as joint property for equitable division in the divorce.
The rules for protecting individual property, such as an inheritance, are specific. Make sure you understand how to keep your inheritance separate from your marital finances, protected with a prenuptial agreement and used specifically for personal purposes instead of for joint benefit.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=499452023-02-16T17:44:34Z2022-10-25T16:40:22ZReal estate and vehicles
Indiana law allows transfer-on-death designations for real estate and vehicles. Before your death, you can sign a beneficiary deed to ensure that a piece of real estate transfers directly into the ownership of a designated beneficiary. The process is similar for a vehicle. You register a beneficiary to automatically take ownership of the vehicle when you die.
Accounts and securities
You can also control the transfer of bank accounts and securities. Indiana allows payable-on-death designations for certificates of deposit, savings accounts and checking accounts. You can also designate a transfer-on-death beneficiary for any securities you own, such as stocks and bonds.
Right of survivorship
Any property you own jointly with another person will transfer directly to the surviving owner. Forms of joint ownership include joint tenancy and tenancy by entirety. The latter specifically refers to joint ownership between spouses.
Trusts and wills
One significant difference between a will and a living trust is the ability to bypass probate. A living trust can, but a will cannot. Both explain how you plan to distribute your assets after death. However, with a living trust, you maintain control until your death, at which time the successor trustee will oversee asset distribution.
An estate plan is not about wealth. It is about ensuring the fulfillment of your wishes after death.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=499432023-02-16T17:44:39Z2022-07-23T14:21:03ZBirdnesting is a co-parenting concept where the children remain in the family home and the parents switch households periodically based on custody and visitation orders.
Psychologists and judges approve of child-centric techniques like birdnesting because they focus on the physical and emotional needs of children during a difficult transition period in their lives.
Benefits
Birdnesting works best when parents are amicable and effective at managing a co-parenting relationship during and after divorce. While it may not be a perfect long-term solution for every family, some of the benefits include:
Allowing your child to remain in the same home, school and community with little change to their daily lives
Eliminating the need to transport your child between homes
Saving money by not having to establish two complete child-friendly households
Disadvantages
While birdnesting is often the best situation for minor family members, it can be a significant expense and sacrifice for parents. Some of the challenges include:
Sharing the family home (and possibly a separate dwelling) with your ex
Spending money to maintain one or two additional houses or apartments
Trusting your ex to follow the house rules while staying with the children
Navigating new relationships while maintaining a non-traditional co-parenting plan
It is important to understand your rights under Indiana family law if you are working to create an effective co-parenting plan with your former spouse.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=499402023-02-16T17:44:44Z2022-06-13T22:57:07Zestate plan with their best interests in mind. There are different methods of leaving your assets to your loved ones, and you should have a clear understanding of the relative advantages of each.
Today we examine the three main methods of leaving assets for adult beneficiaries:
Lump sum
Upon your passing, all of your assets designated for a particular beneficiary go to that beneficiary in one fell swoop. While this is the most common method of distributing inheritance, it has its drawbacks. If your beneficiary is young at the time of receiving the inheritance, they may not have the maturity to manage a large sum of money, and they may spend it quickly.
In addition, a lump sum inheritance is vulnerable to other life scenarios your beneficiary may encounter. For instance, the inheritance could be lost in a divorce or lawsuit. Furthermore, a lump sum inheritance can negatively impact a beneficiary’s tax liability.
Trust with staggered distribution
Another option is to set up a trust under which your beneficiary receives inheritance in stages—over a period of years. This method enables you to support your beneficiary over the long term. As with a lump sum distribution, however, inheritance provided in this method may not be protected in the event of a lawsuit or divorce.
Discretionary lifetime trust
A third option is to set up a discretionary lifetime trust. This type of trust works in a similar manner to the above-mentioned trust. However, outside life circumstances have no bearing on the money your beneficiary receives.
There is no one-size-fits-all estate plan that’s right for everyone. It’s important to consult with an experienced estate planning attorney to understand the particulars of your situation and determine an inheritance distribution method that suits your needs.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=499352023-02-16T17:44:53Z2021-10-22T19:13:31ZHow collaborative divorce works
A collaborative divorce is similar to an uncontested divorce but with an added focus on support and cooperation. With this type of settlement, it is important to clarify the most contentious issues and find solutions, maximizing the chance of success in the midst of trying circumstances.
In a collaborative divorce, the couple signs a pledge to work together and reach an agreement without the court's intervention. They agree to exchange honest data in a quest for fair resolutions. If this process fails, the couple will need to pursue a contested divorce instead.
Advantages of a collaborative divorce
The advantages of a collaborative divorce compared to contested divorce include:
A couple can more easily emerge from the proceedings with a solid relationship for sharing childraising and for socializing with mutual friends
The process should cost much less since no one is paying for a dispute in court
The process can take as long as needed to get it right
Participants in a mutually agreed-upon settlement are more likely to honor its terms
With collaborative divorce, an unsuccessful marriage may lead to a separation that goes well, setting the stage for a fine future for all parties concerned.]]>On Behalf of Bayliff, Harrigan, Cord, Maugans & Cox, P.C.https://www.bhcmlaw.com/?p=498682023-02-16T17:45:05Z2021-07-07T19:32:49ZHealth care documents
Whether your ill loved one is a senior or not you need to have knowledge of their general wishes regarding life support, organ donation, and other medical-related issues. Having their advanced directive document on hand is important. You will also need the following documents:
living will
power of attorney
personal medical history
emergency information sheet
insurance card
long-term care insurance policy.
Financial documents
Financial information such as tax returns or documentation of loans and debts may be what your ill loved one needs to get benefits, such as Medicaid or other resources. Important financial paperwork for your ill loved one involves the following:
bank accounts
savings bonds
property deeds
vehicle titles
pension documents
annuity contracts
401 (k) information
financial power of attorney information.
Estate planning and end-of-life documents
Ensuring the end-of-life and estate planning documents are accessible may lessen the legal and financial chaos of having an ill loved one. This includes a will, life insurance policies, trust information, a letter detailing their memorial or item wishes, and an actions letter that describes whatever the will does not cover.
You should store these important documents in a safe place. Usually, people leave them in a safe deposit box, a safe, or at an attorney’s office. An attorney is a great individual to involve in this process since care for an ill loved one often involves legal matters and many of the necessary documents are legally important.]]>