Page, Mannino, Peresich & McDermott Page, Mannino, Peresich & McDermott 2026-05-13T16:42:23Z https://www.pmp.org/feed/atom/ WordPress /wp-content/uploads/sites/1504347/2023/02/cropped-favicon-pmpm512-32x32.png On Behalf of Page, Mannino, Peresich & McDermott <![CDATA[What is a spendthrift trust, and who should consider one?]]> https://www.pmp.org/?p=46566 2024-10-23T19:11:11Z 2024-10-23T19:11:11Z A spendthrift trust provides a valuable tool for individuals who want to protect assets and ensure long-term financial security for loved ones. This type of trust helps beneficiaries manage inheritance responsibly and keeps assets safe from creditors.

Understanding a spendthrift trust

A spendthrift trust limits how a beneficiary can access and use trust assets. The trust gives a trustee control over the assets, and the trustee manages and distributes funds when needed. The beneficiary cannot access the trust's principal directly, which prevents misuse or rapid depletion of the inheritance. This type of trust also keeps assets safe from creditors. Because the beneficiary cannot directly access the trust funds, creditors cannot easily claim them to settle debts. This feature makes the spendthrift trust particularly helpful for beneficiaries with a history of financial instability or excessive spending.

Who should consider a spendthrift trust?

A spendthrift trust works well for individuals concerned about a loved one's ability to manage an inheritance responsibly. It suits beneficiaries who struggle with financial discipline, have a history of substance abuse, or face legal issues. By creating a spendthrift trust, the grantor ensures responsible fund distribution. Parents or grandparents often create spendthrift trusts to provide financial security for their children or grandchildren while maintaining control over how the assets are used. This type of trust also benefits individuals who want to protect assets for a loved one without risking that the funds will fall into the hands of creditors or be squandered. A spendthrift trust provides peace of mind by ensuring that assets stay safeguarded and used wisely.]]> On Behalf of Page, Mannino, Peresich & McDermott <![CDATA[What qualifies as commercial property in Mississippi?]]> https://www.pmp.org/?p=46561 2024-07-23T17:53:48Z 2024-07-24T17:53:35Z In Mississippi, commercial property refers to real estate used for business purposes. This includes a wide range of properties. Also, these properties are essential for various types of businesses. They contribute to the local economy.

Office buildings and complexes

Office buildings are a common type of commercial property. They house businesses and professional services. You'll see law firms, consulting agencies, and corporate offices in them. These buildings range from small standalone structures to large complexes in business 

Retail spaces and shopping centers

Retail properties include stores, shopping malls, and strip centers. In these spaces, goods and services are sold directly to consumers. They design elements to attract foot traffic and are often in busy areas to maximize visibility and customer access.

Industrial and warehouse properties

Industrial properties are real estate spaces for manufacturing, storage, and distribution. This category includes factories, warehouses, and distribution centers. These properties are typically in industrial zones and are crucial for businesses involved in production and logistics.

Hospitality properties

Hospitality properties encompass hotels, motels, and resorts. These properties provide lodging and services to travelers and tourists. You often find them in areas with high tourist activity, near airports, and along major highways.

Agricultural commercial properties

Agricultural properties that host commercial farming activities also fall under the commercial property category. These include farms, ranches, and vineyards. These properties are essential for the agricultural industry. They contribute to the state's economy.

Understanding your commercial property landscape

Familiarizing yourself with different types of commercial properties will help you navigate the commercial real estate landscape. Stay informed to make sound decisions about commercial property investments.]]> On Behalf of Page, Mannino, Peresich & McDermott <![CDATA[Red flags to watch for when buying a new home in Mississippi]]> https://www.pmp.org/?p=46547 2024-04-23T22:09:44Z 2024-04-23T22:09:44Z Signs of foundational problems The foundation is the bedrock of any home, and any issues here can lead to major problems down the road. Look for cracks in the foundation or walls, as these can indicate settling or movement that may require expensive repairs. Also, check if the doors and windows close properly; difficulty in operation might suggest shifting of the foundation.

Poor drainage and water damage

Mississippi's weather can bring about heavy rainfall, making proper drainage a must for any home. When viewing a house, check for water stains, mold, or mildew in the basement and attic, as these can indicate past flooding or leaks. Outside, ensure that the ground slopes away from the foundation to prevent water from pooling around the house, which could cause structural damage over time.

Outdated systems

Electrical, plumbing, and HVAC systems are costly to upgrade and repair. Observe the condition of the furnace, air conditioning unit, water heater, and visible wiring and plumbing. Outdated or poorly maintained systems can become financial burdens quickly. Also, ask about the age of these systems to gauge potential upcoming expenses.

Pest infestations

Termites and other pests can cause significant damage to a home, often hidden until substantial harm has occurred. Look for signs of pest damage, such as hollow-sounding wood, visible tunnels in wooden structures, and droppings. It's also advisable to inquire about recent pest control measures or inspections. Buying a new home means doing due diligence to avoid these and other potential issues. Being aware of these red flags can lead to a more informed decision and ensure that your new home is both a joyful and sound investment.]]> On Behalf of Page, Mannino, Peresich & McDermott <![CDATA[Common estate planning mistakes to avoid]]> https://www.pmp.org/?p=46525 2024-01-31T02:46:26Z 2024-01-31T02:46:26Z Procrastinating Procrastination played a role in keeping 54% of individuals over 55 years of age from creating a will, much less an estate plan. Some might think they have ample time to create a plan, but life is unpredictable. Creating a plan sooner rather than later ensures that you protect your assets and helps you make sure they get distributed according to your wishes.

Neglecting to update beneficiaries

Life changes, and so should your estate plan. Failing to update beneficiaries on life insurance policies, retirement accounts or other assets after major life events, such as marriage, divorce or the birth of a child, can result in unintended consequences. Regularly review and update your beneficiaries to reflect your current circumstances.

Overlooking a contingency plan

A well-thought-out estate plan should include a contingency for unexpected events. If your primary beneficiary passes away before you do, have a plan in place for the next in line.

Ignoring tax implications

Be aware of the tax implications of your decisions, and explore strategies to minimize the tax burden on your estate. Seek professional advice to help you navigate this complex process effectively.

Neglecting digital assets

Consider your online presence and digital assets in your estate plan. Make sure that your loved ones have access to important information like passwords, accounts and digital files.

Not considering long-term care costs

Factor in the expenses associated with healthcare and long-term care. This foresight can help protect your assets and heirs. Taking the time to address these considerations, so you preserve your legacy and take care of your loved ones the way you intend.]]> On Behalf of Page, Mannino, Peresich & McDermott <![CDATA[What is a revocable trust?]]> https://www.pmp.org/?p=46524 2023-11-01T18:45:26Z 2023-11-01T18:45:26Z Understanding revocable trusts A revocable trust or living trust is a legal arrangement that allows you to place your assets into a trust while maintaining control over them during your lifetime. You, as the grantor or settlor, have the authority to modify or terminate the trust at any time. The trustee manages your assets for your benefit, and upon your passing, they can seamlessly transfer them to your chosen beneficiaries.

Privacy and avoidance of probate

One of the primary advantages of a revocable trust is privacy. Assets placed within the trust do not go through the probate process, which is a public proceeding. As a result, your financial affairs and the distribution of your assets remain private. This confidentiality can be especially appealing for individuals who prefer to keep their financial matters out of the public record.

Asset management and planning

A revocable trust can facilitate efficient management of your assets, even if you become incapacitated. It provides a structured mechanism for asset management, ensuring that your financial affairs continue smoothly without court intervention. In the context of estate planning, a revocable trust allows for the seamless transfer of your assets to your beneficiaries, bypassing the often time-consuming and expensive probate process. This can be particularly beneficial for those with complex or sizeable estates, as it streamlines the distribution of assets and minimizes potential disputes among heirs.

Flexibility and control

As the grantor of a revocable trust, you retain control over your assets. You can modify, amend or revoke the trust at any time as your circumstances change. This flexibility allows you to adapt to new financial goals, family dynamics or investment strategies. Unlike irrevocable trusts, which offer less flexibility and control, revocable trusts offer a valuable advantage.

Peace of mind

By establishing a revocable trust, you can have peace of mind knowing that you have your assets well-organized and protected. The trust provides a clear roadmap for the management and distribution, which can alleviate stress and uncertainty for your loved ones during challenging times. Revocable trusts are a powerful estate planning tool. Whether you have a modest or substantial estate, a revocable trust can help you achieve your financial and estate planning goals.]]> On Behalf of Page, Mannino, Peresich & McDermott <![CDATA[How to plan your estate to avoid costly probate]]> https://www.pmp.org/?p=46523 2023-08-21T20:09:05Z 2023-08-21T20:09:05Z Protect assets with a living trust A living trust resembles a will. You can use it to outline the distribution of assets. However, wills must go through the probate process for validation, and a living trust does not. With a living trust, you remain in control of the trust until death. Then, your named successor trustee will take control and oversee the distribution of assets without intervention from the probate court. In some cases, it may help reduce estate taxes.

Register a transfer-on-death

If you have securities, Mississippi law allows you to register a transfer-on-death beneficiary. They automatically inherit stocks and bonds and will work directly with a broker after your death.

Share property ownership

Mississippi law recognizes the right to survivorship. Therefore, if you own any property, such as real estate or businesses, with a partner, they automatically take ownership of the property without probate. The two forms of joint ownership are joint tenancy and tenancy by the entirety. Both allow the immediate transfer of ownership, but the latter is for married couples only.

Designate a payable-on-death

Transfer bank accounts directly to a beneficiary with a payable-on-death designation. The heir can take over certificates of deposit, checking accounts and savings accounts without going through probate. You do not need a wealth of assets to create an estate plan.]]> On Behalf of Page, Mannino, Peresich & McDermott <![CDATA[4 tips on how to select an executor to manage your estate]]> https://www.pmp.org/?p=46522 2023-04-19T02:02:40Z 2023-04-21T02:01:51Z your assets after you pass away. Incorporating the following tips into your executor selection process can help you find someone capable of the job.

1. Find someone trustworthy

Trust is a crucial factor in selecting an appropriate person to name as your executor. This individual will have access to your assets and ensure that the property distribution follows your wishes. Therefore, choose someone you trust entirely to have your interests at heart and who can act honestly and ethically.

2. Select a responsible, organized person

Since estate administration can become a complicated and time-consuming process, your executor should have qualities such as organization, attention to detail and a professional demeanor. An ideal executor would have experience managing financial and legal matters. This person should have the ability to keep records, manage paperwork and make important decisions efficiently.

3. Check that this person has the availability

The executor role can demand a lot of time and energy from the person you choose. Before naming an executor, consider this individual's availability and willingness to serve for the duration of your estate administration process. This can take months or even years.

4. Communicate your wishes

Clear communication with your executor can help to ensure this person follows your desires and to avoid misunderstandings or disputes. Make sure to speak to your executor about any special considerations or requests you may have for your estate. By selecting an appropriate person to serve as your executor, you can choose someone who will handle your administration responsibly and with care.]]> On Behalf of Page, Mannino, Peresich & McDermott, PLLC <![CDATA[3 documents to include in your estate plan with your will]]> https://www.pmp.org/?p=46452 2023-03-06T15:36:25Z 2023-03-04T15:42:35Z include in your estate plan that will benefit you in case you are ever unable to make decisions for yourself before death.

A durable power of attorney

A durable power of attorney gives a person of your choosing the power to make financial or legal decisions for you if you become unable to do so yourself due to illness or injury. For example, they can pay bills, file taxes or make investment decisions while you are unable to do so.

A medical power of attorney

A medical power of attorney, also known as a healthcare power of attorney, gives someone you choose the power to make medical decisions for you if you ever become incapacitated through illness or injury. Choose someone you trust and let them know you are giving them this possible future responsibility so that you can discuss your healthcare wishes.

A living will

A living will is a document that dictates your healthcare wishes in the case of permanent incapacitation and generally focuses on end-of-life care decisions. It does not come into effect until you are permanently incapacitated, so a medical power of attorney is still needed for all other incapacitating health situations where you could recover. You may choose the same person to be the executor of your estate, your durable power of attorney and your medical power of attorney or you may assign those positions to different people. Choose the person you think will faithfully follow your wishes in each situation.]]>