3 Reasons Why Everyone Needs an Estate Plan Right Now
Jan 27, 2023

Although most estate plans include a will, a will and an estate plan are not the same thing. A comprehensive estate plan goes beyond a will, protecting you from unnecessary taxes and creditors, and even appointing someone to make medical and financial decisions on your behalf if you become unable to do so. 


It is an unfortunate misconception that estate plans are only for the wealthy. Below are three reasons why everyone can benefit from an estate plan, regardless of income or assets. 


Having an estate plan saves money and time. 


Dying without a will is referred to as dying “intestate.” When this happens, state law will determine how your assets will be distributed, and who will distribute them. While the long, drawn-out probate process is taking place, your assets remain frozen. Probate, which involves sifting through the details of your estate, paying debts, and mountains of paperwork, can drag on for years. In addition to being time consuming, probate can be prohibitively expensive. 


Fortunately, with proper estate planning, you can dramatically reduce the time and expenses associated with probate. In some cases, you can avoid the process entirely. At a minimum, you should create a will that specifically names an executor of your estate, and ensure that you have accurately named beneficiaries on your investment accounts. 


Having an estate plan protects your children. 


If you and your children’s other parent die while your children are still minors, who will raise them and care for them? Without a well-drafted estate plan, you are putting this decision in the hands of the probate court, which will typically appoint a grandparent or other family member as guardian. 


In many cases, parents would prefer someone other than a family member to become their children’s guardian, such as a family friend. But if you don’t make these wishes clear, your minor children could end up in the wrong hands. Some children who are left without a surviving family member may be forced to enter the foster care system. 


Having an estate plan protects your health and dignity. 


With a durable power of attorney, you can name a trusted friend or family member to handle your financial and legal affairs if you become unable to do so on your own. With a healthcare proxy, you can name someone to make healthcare decisions on your behalf. Without these advance directives as part of your estate plan, the court may appoint someone to make decisions for you who is unfamiliar with your wishes. 


Contact a Vermont Estate Planning Lawyer Today


Estate planning is not reserved for the rich. The benefits above can apply to nearly every one of us. If you have questions about wills, trusts, advance directives, or other aspects of estate planning, the skilled estate planning attorneys at Deppman Law PLC can help. Contact Benj or Lesley today for a confidential consultation and to learn more.


26 Mar, 2024
Choosing the Right Approach for Your Vermont Divorce Even the most straightforward divorces can become emotionally charged and complicated, leaving couples struggling with decisions about how to proceed. One of the most important choices a divorcing couple must make is whether to resolve their differences through mediation or litigation. Both options have their merits, but understanding their distinct differences is critical for making a decision that aligns with your needs and goals. What is Mediation? Mediation is a voluntary process in which divorcing couples work with a neutral third-party mediator to resolve their disputes outside of court. The mediator facilitates communication, assists in identifying issues, and helps the parties generate solutions that are acceptable to both sides. In Vermont, mediation is often encouraged as a means of reaching a mutually satisfactory agreement while minimizing conflict and litigation costs. Some of the many benefits of mediation include: Control and Flexibility Mediation empowers couples to maintain control over the outcome of their divorce by actively participating in the decision-making process. Unlike litigation, where a judge makes decisions based on legal arguments and evidence presented in court, mediation allows couples to tailor solutions that meet their unique needs and circumstances. Cost-Effectiveness Mediation typically involves fewer legal fees and court costs compared to litigation. Since the process focuses on resolving issues collaboratively, it can be more efficient and less time-consuming than waiting for court dates and engaging in lengthy legal battles. Preservation of Relationships Mediation fosters open communication and cooperation, which can be beneficial, especially when children are involved. By working together to find solutions, couples may preserve a more amicable relationship post-divorce, which can be advantageous for co-parenting and future interactions. What is Litigation? Litigation involves resolving divorce-related disputes through the court system, with each party represented by their respective attorneys. In Vermont, litigation typically follows a formal process, including pleadings, discovery, hearings, and, if necessary, trial. While litigation may be necessary in cases involving significant conflict or complex legal issues, it often entails a more adversarial approach compared to mediation. That being said, litigation does offer certain benefits over mediation, including: Legal Protections and Adjudication Litigation provides a structured legal process wherein a judge impartially evaluates the evidence and arguments presented by both parties. This can be advantageous in cases where there are concerns about fairness or when one party is unwilling to negotiate in good faith. Binding Decisions In litigation, court orders are legally binding and enforceable, providing a level of certainty and finality to the resolution of divorce-related issues such as property division, child custody, and spousal support. Legal Advocacy Each party has the opportunity to advocate for their interests and rights through legal representation in court. Attorneys can provide valuable guidance, protect their clients' legal rights, and ensure that their voices are heard throughout the litigation process. Choosing the Right Approach for Your Divorce Ultimately, the decision to pursue mediation or litigation depends on your unique circumstances, including the level of cooperation between you and your spouse, the complexity of your financial and familial situation, and your desired outcome for the divorce process. While mediation offers many benefits, it may not be suitable for every situation, particularly if there are concerns about power imbalances, domestic violence, or complex legal issues. Deppman Law, PLC — Experienced Divorce Lawyers Serving All of Vermont At Deppman Law, PLC, we understand that every divorce is unique, and we are committed to helping our clients navigate the process in a way that meets their needs and goals. Whether you choose mediation, litigation, or alternative dispute resolution methods, our experienced family law team is here to provide guidance, support, and advocacy every step of the way. Contact Deppman Law, PLC, today to schedule a consultation.
20 Feb, 2024
Succession planning is an important aspect of running a small business in Vermont. Whether you're a family-owned operation or a closely-held company, preparing for the future is essential to ensure continuity and stability. Below, we explore some of the key components of succession planning and how small business owners in Vermont can manage this process effectively. Understanding Succession Planning Succession planning involves creating a strategic roadmap for transferring ownership and leadership of your business to the next generation or a chosen successor. It encompasses both the transfer of ownership rights and the transfer of management responsibilities. Assessing Your Options One of the first steps in succession planning is assessing your options. Consider whether you want to transfer the business to family members, sell it to employees, or seek an external buyer. Each option comes with its own set of considerations, including tax implications, legal requirements, and potential impact on business operations. Developing a Succession Plan Once you've decided on the best approach for your business, it's time to develop a detailed succession plan. This plan should outline the steps involved in the transition process, including timelines, roles and responsibilities, and contingency measures. Working with a small business lawyer in Vermont can help ensure that your succession plan is legally sound and tailored to your specific needs. Addressing Key Issues During the succession planning process, it's important to address key issues such as estate planning, tax planning, and governance structure. This may involve updating your will and other estate planning documents, implementing tax-efficient strategies to minimize tax liabilities, and establishing clear guidelines for decision-making and management succession. Communication and Transparency Effective communication and transparency are essential throughout the succession planning process. Keep stakeholders informed about your plans and involve them in discussions to address any concerns or questions they may have. This can help build trust and mitigate potential conflicts down the line. Seeking Professional Guidance The challenges of succession planning can be difficult, especially for small business owners. That's why it's important to seek professional guidance from an experienced small business lawyer in Vermont. A knowledgeable attorney can provide valuable insights, help you understand your legal obligations, and ensure that your succession plan is comprehensive and legally enforceable. Succession planning is not something that should be put off until the last minute. By taking proactive steps to plan for the future, you can ensure a smooth transition and safeguard the legacy of your small business in Vermont. Contact Deppman Law PLC — Your Trusted Small Business Law Firm If you need assistance with succession planning or other legal matters related to your small business, the experienced attorneys at Deppman Law PLC can help. Our team is here to help you navigate the succession planning process and achieve your long-term goals. Contact us today to schedule a consultation and learn more about how we can assist you with your succession planning needs.
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