Frequently Asked Questions

FAQs: Estate Planning

1. What is estate planning, and why is it important?
   Estate planning involves creating documents to manage your assets and healthcare decisions during life and after death.
2. What documents are included in an estate plan?
   Key documents include wills, trusts, powers of attorney, and healthcare directives.
3. How often should I update my estate plan?
   Review and update your estate plan after major life changes like marriage, divorce, or the birth of a child.
4. Can estate planning help reduce taxes?
   Yes, strategic planning can minimize estate taxes and preserve more assets for your heirs.
5. Do I need an attorney for estate planning?
   An attorney ensures your documents comply with state laws and reflect your unique goals.

FAQs: Wills

1. What is a will, and why do I need one?
   A will outlines your wishes for asset distribution and guardianship of minor children after your death.
2. What happens if I die without a will?
   Your assets will be distributed according to state intestacy laws, which may not match your preferences.
3. Can I write my own will?
   While you can, a lawyer ensures your will is legally valid and avoids potential disputes.
4. How often should I update my will?
   Update your will after significant life changes, like marriage, divorce, or acquiring new assets.
5. Do I need witnesses for my will?
   Yes, most states require two witnesses to sign the will for it to be valid.

FAQs: Trusts

1. What is a trust, and how does it work?
   A trust is a legal arrangement where a trustee manages assets for beneficiaries based on your instructions.
2. What is the difference between a revocable and irrevocable trust?
   A revocable trust can be changed or revoked during your lifetime, while an irrevocable trust cannot.
3. Can a trust help avoid probate?
   Yes, assets in a trust typically bypass probate, saving time and legal fees.
4. Who should I name as my trustee?
   Choose someone trustworthy, organized, and capable of managing financial responsibilities.
5. Do I need an attorney to set up a trust?
   Yes, an attorney ensures your trust complies with laws and meets your specific needs.

FAQs: Foreclosures

1. What is foreclosure?
   Foreclosure is the legal process where a lender takes possession of a property due to missed mortgage payments.
2. Can foreclosure be stopped?
   Yes, options like loan modification, bankruptcy, or catching up on missed payments can stop foreclosure.
3. How long does the foreclosure process take?
   The timeline varies by state, but it typically takes several months to complete.
4. Do I need an attorney for foreclosure?
   An attorney helps explore your options and defends your rights during the process.
5. What happens after foreclosure?
   After foreclosure, the lender may sell the property to recover the loan balance.

FAQs: Pre-Foreclosures

1. What is pre-foreclosure?
   Pre-foreclosure is the initial stage when a homeowner is behind on payments but hasn’t yet lost the property.
2. Can I sell my home during pre-foreclosure?
   Yes, selling the home can prevent foreclosure and help you pay off the mortgage.
3. What options are available during pre-foreclosure?
   Options include loan modification, refinancing, or negotiating a repayment plan with the lender.
4. Does pre-foreclosure affect my credit score?
   Yes, missed payments can lower your credit score, but avoiding foreclosure minimizes further damage.
5. Do I need a lawyer for pre-foreclosure?
   A lawyer helps explore solutions and negotiate with lenders to avoid foreclosure.

FAQs: Garnishment

1. What is wage garnishment?
   Wage garnishment is when a portion of your paycheck is withheld to pay off a debt you owe.
2. What types of debts can lead to garnishment?
   Common debts include unpaid taxes, child support, student loans, and court-ordered judgments.
3. Can garnishment be stopped?
   Yes, you can stop garnishment through bankruptcy, negotiating with creditors, or contesting the garnishment in court.
4. How much of my wages can be garnished?
   Federal law limits garnishment to 25% of disposable income or the amount exceeding 30 times the federal minimum wage, whichever is less.
5. Do I need an attorney to handle garnishment?
   An attorney can help review your case, identify defenses, and explore options to reduce or eliminate garnishment.
6. Does garnishment affect my credit score?
   Garnishment itself doesn’t appear on your credit report, but the unpaid debt leading to garnishment may negatively impact your score.

FAQs: Social Security Disability (SSDI)

1. What is SSDI?
   SSDI is a federal program that provides financial assistance to individuals with disabilities who cannot work.
2. Who qualifies for SSDI benefits?
   To qualify, you must have a severe disability that prevents you from working and have earned sufficient work credits.
3. How do I apply for SSDI?
   You can apply online, by phone, or at your local Social Security office. An attorney can help streamline the process.
4. What happens if my SSDI claim is denied?
   If denied, you can appeal the decision through a reconsideration request, hearing, or further appeals with legal support.
5. How long does it take to get SSDI benefits?
   The approval process can take several months, but retroactive benefits may be available from the time you became disabled.
6. Can I work while receiving SSDI?
   SSDI allows limited work under a trial work period, enabling you to test your ability to work without losing benefits.