Law Office of
James C. Haight, J.D.
6259 Executive Blvd.
Rockville, MD 20852-3906
Tel: (240) 715-4399 • Fax: (240) 331-9186
www.Jimbonih.com

Firm Philosophy

These days one can pull a “cookie cutter” wills and trusts from the internet or go to the local library with a stack of quarters and photocopy sample documents. Our approach is quite different, namely to focus on helping our clients identify those values that are important to each client and use them to guide decisions made throughout the planning process. The foundation of our planning process is based on the values that each individual client places on 1) financial independence for themselves and their spouse - How much wealth will they need to achieve and maintain full independence for the rest of their lives?;  2) family legacy planning for their descendents; and 3) social capital legacy - will it be in the form of taxes or charitable gifts?  The client can choose! To help us learn what your estate planning goals are, we have a one page Estate Planning Objectives Questionnaire that you may complete and bring with you to your initial consultation.

Such a process goes well beyond “cookie cutter” approach and may involve such disparate issues as long term care insurance, business succession planning, life insurance, trustee selection and investment management, college funding for children and grandchildren, etc. We do not sell any of these products, nor do we collect commissions or referral fees on them. As a member of Wealth Counsel LLC, we have a nationwide resource and referral network of some 650 experienced estate planning professionals in each of these fields who are an available consultation resource and referral network for each other whenever desired. We strive to focus on discerning each client’s values and translating them into action in preparing their estate plan so that it will reflect what each client values, not just what they own.

Preparing for Your Initial Consultation

If you have not already completed our Welcome Kit, you may downloaded it now or call our office at (240) 715-4399 to request one prior to your initial consultation, which will include an Estate Planning Questionnaire designed to help focus your thoughts on the planning process and help us gather important facts. Please take the time to complete this document and bring the completed document with you to your appointment. If you have an existing will and/or trust, please also bring a copy along with you to your appointment. If convenient, it will be helpful in the economic analysis of your estate plan to have current values and beneficiary designations of your life insurance policies and retirement accounts, e.g., IRAs, 401(k)s, etc. Additionally, you may find the Maryland Advance Directive: Planning for Future Health Care Decisions beneficial reading prior to your initial meeting. [Note: This is a downloadable PDF brochure from the Maryland Attorney General.]

While all of this information will ultimately be required, there is no need to go an a "treasure hunt" at this point for financial or legal documents, recent income tax returns, stock certificates, beneficiary designation, or insurance policies that are not conveniently available to you. Sometimes we find clients procrastinate in getting their planning done because they cannot locate, or do not have time to locate, all of these documents. Most of these documents will not be needed until we begin the actual funding process - which does not apply to all estate plans and is one of the last steps in the process!

You may receive a reminder phone call from our office during the week before your appointment. This is simply to confirm the time and date of the appointment, and to ensure that you are still planning to attend. If you need to reschedule your appointment, please contact us immediately so that we may reschedule our meeting at a mutually convenient time and make your cancelled appointment time available for use by others.

Understanding the Three P's of Estate Planning

#1 -- People
Who are the Important People in your life?
Beginning with yourself, they also likely include your loved ones: your spouse if you are married, children and grandchildren if you have any, perhaps your parents, siblings or other relatives. Beyond these, however, "Important People" also could include charities, special causes, colleges or universities, or churches to which you are committed. For some, "Important People" could even include pets. Spend some time thinking about the impact others have had on your life. Make a list and jot notes if you like. This is where the planning process truly begins.

#2 -- Property
By Property we mean your assets in general.
Make a list of the assets you own or control. At this point, you do not need to identify insurance policy numbers and exact dollar values. Rather think through your assets in terms of their nature (cash, stocks, bonds, real estate, etc.); their value in thousands of dollars; and your ownership interest. Do you own assets in your name only, in joint tenancy with someone else, or through a trust agreement or some other arrangement? Be sure to include often-overlooked assets like life insurance (the death benefit, not the cash value), business interests, and any inheritance you may expect to receive.

#3 -- Plans
After identifying the Important People in your life and your Property, the next step is to consider the plans you would make for those people (including yourself) and that Property in the event of your own incapacity or death.
Who would you name to make decisions for you if you could no longer do so yourself? Would the same person handle your finances and your personal and health care decisions? Who would care for your minor children? How would you distribute your assets to your heirs? would you prefer to spare your heirs the cost and hassles of the probate process? Would you like to minimize the impact of estate taxes ... or maximize the impact of a charitable bequest? Is there someone in your family with special needs for whom you would like to provide? Is there someone who perhaps should not receive a great deal of money without some outside oversight?

These are just a few of the issues to consider when approaching the planning process. They are much more important than the "treasure hunt" for legal documents at this stage. For more information on Trusts and Estates, please read the Maryland Law of Intestate Distributions.

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