Ryan Law, LLC

Mark Ryan

Attorney at Law

Acton, MA

978.264.9966

 

LEGAL SERVICES

REAL ESTATE

Buying or selling a home is often the single most important financial investment you will make. In today's unstable real estate market of short sales, foreclosures and bank owned property, legal advice at the beginning of the purchase process is indispensable. An experienced attorney can greatly enhance the process while protecting your interests. Ryan Law will assist you in all areas of real estate including Purchase & Sales, Leases Realty Trusts Passing Papers.

ESTATE PLANNING

Often people wonder if they really need a will. They may think that they do not have enough money or property to necessitate a will. Some people believe that a will requires their heirs to have to go through an expensive probate process. The truth is, a will is a good idea for just about everyone. A will is a document in which a person declares what he wants done with his property at the time of his death. A will has no effect until the person who wrote it, known as the testator, dies. The testator can also revoke a will at any time prior to his death. If you die without a will, the state will distribute your property to your heirs according to the state's intestacy statutes. This means the state has control over the final distribution of your assets. This plan may not be what you want, but without a will you have no control. Trusts are most often used to hold assets for the benefit of another. There are many kinds of trusts depending on the goal of the trustator (one who creates the trust) A living trust is a trust that holds assets that will avoid probate (see definition below). An irrevocable life insurance trust will hold life insurance so that the death benefit is estate tax free. A special needs trust will benefit a minor child with disabilities. At Ryan Law we can work with you to establish a trust that will meet your needs.

PROBATE

Probate is the process whereby all assets which are solely in the name of the decedent are accounted for through the Court System. Jointly held assets, assets held in a trust, and life insurance proceeds payable to an individual (or trust) are not considered probate assets. To start a probate process a petition is filed with the probate court requesting that an estate executive be appointed. When the appointment is made by the Court, an inventory is prepared and filed. On an annual basis, an accounting is rendered to the Court until full and final distribution has been completed.

ASSET PROTECTION

At Ryan Law we will work with other financial and insurance professionals to protect your assets. We will establish a plan that will minimize the risk of potential liability to your estate. We will create a customized, precise, and carefully crafted asset protection strategy based on a comprehensive review of your financial resources and assets.

BUSINESS ENTITIES

There are three basic forms of business entities: sole proprietorship, partnership and corporations. A sole proprietor is a single owner who is conducting business in his/her name or doing business as (DBA). This form entails the most risk but is the simplest business entity. The partnership can be thought of as two or more sole proprietorships working together in a business venture. Corporations are split into sub categories such as "C" corp or "S" corp and more recently Limited Liability Companies. Limited Liability companies and limited liability partnerships have become popular. At Ryan Law we will meet with you to decide which is the best option for your business. This decision depends upon many factors, such as the size of your business, type of business and personal considerations.

FORECLOSURE DEFENSE

Attorney Mark Ryan has taken the Massachusetts Attorney General Martha Coakley 's foreclosure defense seminar. This seminar covered all aspects of foreclosure defense: forbearance, workouts, liquidations, sub prime mortgages, and loan modification. There are many different options that can be used to prevent foreclosure. Attorney Ryan will work with you and your lender to save your home.

BANKRUPTCY

Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as "liquidation" (Chapter 7) or "reorganization" (Chapter 13). Under a Chapter 7 bankruptcy, you ask the bankruptcy court to wipe out (discharge) the debts you owe. Under a Chapter 13 bankruptcy, you file a plan with the bankruptcy court proposing how you will repay your creditors. You must repay some debts in full; others may be repaid only partially or not at all, depending on what you can afford. In 2005, the Federal Bankruptcy Law was changed to correct some abusive practices. The most important change was the introduction of the "Means Test". If a household has over a certain amount of income, the individual will not be allowed to use Chapter 7 of the Bankruptcy law to wipe out their debts. Instead they will be forced to file a Chapter 13 which institutes a work out plan with creditors. If you are facing bankruptcy Attorney Ryan will work with you to file under Chapter 7 or Chapter 13.

REVERSE MORTGAGE

Reverse mortgages are a safe way to access the equity in your home. Unlike conventional loans there are no payments to the bank, so you never have to worry about the bank not receiving their payments on time or worst, foreclosing on your home because you were unable to make payments.

You retain title to the home. At no time is the bank the owner of your home. At the end of the mortgage your heirs may elect to pay off the reverse mortgage or sell the home. The choice is theirs and theirs alone.

The money may be used for just about any purpose but the choice is up to you. The funds come to you completely tax free. You may elect to have a credit line so that the money is there if you need it. You may want a monthly income for life. In that case the funds can be deposited directly to your bank like Social Security checks. Again the choice is entirely up to you.

For more information call 978-264-9966 to schedule a free confidential consultation.

Useful links:

American Association of Retired People

US Government Department of Housing and Urban Development

National Reverse Mortgage Lender's Association

National Council on Aging

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