Legendary rapper Earl Simmons, known as DMX rose to fame in the 1990s and 2000s. His career as an artist was wildly successful with several albums debuting at No. 1 on the Billboard chart and three nominations for Grammy awards. However, his personal life was riddled with legal battles including tax liens and jail time. On April 9th, 2021, it was reported that Earl Simmons passed away at 50 years … [Read more...] about The Legal Battle over DMX’s Estate
During the process of creating your estate plan, you will be forced to make difficult decisions. It is important to take the time to think about your decisions carefully. Let’s talk about the things you will want to consider before starting your estate plan. What do you want to accomplish with your estate planning? Who do you want to pass your assets to? Do you have specific wishes … [Read more...] about Considerations Before Starting Your Estate Plan
"What’s In Your Mailbox…After Death?" by Attorney Alex Pagnotta (Audio) We all know we have to check the mail. Yes, there may be bills or important documents, and there may even be a greeting card or coupons for your next shopping trip. But when you pass away, have you wondered what will happen to your mail? How does the post office learn of your death? Who has access to your mail and who can … [Read more...] about What’s In Your Mailbox…After Death?
The COVID-19 pandemic has rocked the entire world. We all know the changes to our daily lives, the loss many have experienced, and that our “new normal” may never be the same. The question I am addressing today is, has COVID-19 changed how we do estate planning? The short answer is no, but the answer can also be more complicated than that. Whenever I meet with a client we always discuss … [Read more...] about Has COVID-19 Changed Estate Planning?
My clients often ask me, “How often should I review my estate plan?” and the answer to this question varies from person to person. These are some of the major milestone events that occur in your life that will require a review of your estate plan. Marriage. Marriage can automatically give each spouse some rights to each other’s property. However, marriage does not automatically change … [Read more...] about Review Your Estate Plan
Trust administration occurs when a person has created a trust as part of an estate plan and the trust creator passes away. Assets held in the trust transfer through trust administration, rather than transferring through the probate process, and the steps involved in facilitating the transfer of trust assets are very different than in probate. In Maryland, trust administration has … [Read more...] about How Trust Administration Works Better Than Probate
When thinking about your estate plan it is important to create one that avoids common pitfalls and mistakes. After all you go through with your time and investment, you want to create a plan that will work and protect your loved ones in the event of your incapacity or death. Making sure you are aware of common estate planning mistakes means that you’ll be likely to avoid them. So what … [Read more...] about 5 Most Common Estate Planning Mistakes
Estate planning is an interesting area of the law in that there are a number of solutions that the general public sees as both extremely technical and overwhelming while at the same time simple and suited to a DIY plan. Part of this dual perception is that there are countless tools we use in estate planning to accomplish a variety of different outcomes and goals. Which estate planning document is … [Read more...] about What is the Most Important Estate Planning Document?
The attorneys at Sinclair Prosser Gasior can guide you through the many duties you have as trustee or personal representative when settling an estate. One of the duties of the trustee and/or personal representative of an estate is to make sure that all income tax returns have been filed for the decedent. This includes filing the final income tax return. Even though a person is no longer living, … [Read more...] about Final Income Tax Return
You have probably been saving for your retirement years since you began working. Have you considered, however, the very real likelihood that you (or a spouse) will need long-term care at some point? If you have not made long-term care planning part of your overall estate plan yet, now is the time to do so. Toward that end, an Bowie Medicaid planning attorney at Sinclair Prosser Gasior offers some … [Read more...] about Long-Term Care Planning Tips
Some people delay Medicaid planning because they don’t believe they will ever require the services provided by a long-term care skilled nursing facility like a nursing home. Others incorrectly believe that their traditional estate plan which may include a Revocable Living Trust, Property or Financial Power of Attorney and Healthcare Power of Attorney plans for Medicaid. This is not the case and … [Read more...] about Medicaid Planning is Not Traditional Estate Planning
When thinking about estate planning, we often think mostly about estate taxes. Estate taxes are taxes imposed by both the federal government and a number of states. These taxes will be assessed based on the total value of your assets at your death. At the federal level, as long as those assets are less than $11.7 million, there is no federal estate tax. In Maryland, the threshold is $5 million. … [Read more...] about How Do Trust Income Taxes Work?
Creating a comprehensive estate plan usually requires you to incorporate a variety of estate planning strategies and tools in order to achieve all your estate planning goals. One of the most common of those tools is a trust. Although trusts have evolved to the point where there is a specialized trust for almost any estate planning goal, the basic elements that are required to create a trust remain … [Read more...] about Trust Administration Basics
Whether you are just starting out and have a modest estate or you have already amassed your fortune, it is probably safe to assume that you want to protect the assets that you do have. Accomplishing this seemingly simple goal may be more complicated than you think, due in large part to the fact that your assets face more threats than you likely realize. To illustrate, the Bowie asset protection … [Read more...] about 5 Threats to Your Assets
Hollywood actor, Paul Walker, died in 2013 with approximately 32 vehicles. Several years later, there is a lawsuit filed by his estate to recover missing vehicles, or renumeration of their value. A car is an asset that many of us depend on in our daily lives to get to work, take the kids to school and run our errands. We put many efforts into caring for our vehicles, so we want our family to enjoy … [Read more...] about What Happens With My Vehicles At My Death?
Many people wisely plan for their incapacity by creating a property or financial power of attorney. A property or financial power of attorney will allow your named agent to speak to various financial institutions in the event that you are not able to manage your own financial affairs at some time. A loved one that needs to help a family member who is incapacitated, but does not have the capacity … [Read more...] about Will the Social Security Administration Accept my Power Of Attorney?
I will often get the question, “Should I share my estate planning documents with my family?” The answer usually varies depending on the family dynamics and personal circumstances of each client. One of the reasons many people plan their estate is to make things easier for their family when they pass away. Many clients figure that their family members will have an easier time using the … [Read more...] about Should I Share My Estate Plan with Family?