"7 Estate Planning Lessons from Popular Song Lyrics" by Attorney Beth Burgee (Audio) When you are listening to the radio or streaming your favorite playlist, estate planning is probably the furthest thing from your mind. However, there may be hidden lessons regarding estate planning within some of the lyrics from your favorite artists. “It’s like the more money we come across/ the more … [Read more...] about 7 Estate Planning Lessons from Popular Song Lyrics
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Late Rapper Coolio’s Estate
"Late Rapper Coolio's Estate" by Attorney Ayana Johnson (Audio) It is incredibly sad that the Grammy-award winning artist Coolio passed away in September 2022. Coolio was well-known for his music, including his hit song “Gangsta’s Paradise,” and “Aw, Here It Goes!” which served as the opening music for a 1990’s hit TV show called Kenan & Kel. He was a frequent collaborator with other famous … [Read more...] about Late Rapper Coolio’s Estate
Can a Beneficiary Be the Trustee of an Irrevocable Life Insurance Trust?
Creating a successful estate plan is a complex and often complicated undertaking, and often becomes more so as you age and your estate value increases. Additional goals are added as both your family and your assets grow. Like most people, you probably consider providing for your loved ones to be a primary estate planning goal. If you have a moderate to large estate, avoiding estate taxes is likely … [Read more...] about Can a Beneficiary Be the Trustee of an Irrevocable Life Insurance Trust?
The Issues Surrounding Lisa Marie Presley’s Estate
"The Issues Surrounding Lisa Marie Presley’s Estate" by Attorney Beth Burgee There is a lot of news swirling around about Lisa Marie Presley’s estate. One aspect of the story focuses on Priscilla Presley, Lisa Marie’s mother, contesting the validity of an amendment to Lisa Marie’s trust. Another part of the story centers on the large amount of debt owed by Lisa Marie. Both of these facets of Lisa … [Read more...] about The Issues Surrounding Lisa Marie Presley’s Estate
Maryland Inheritance Tax Myths
"Myths and Facts about the Maryland Inheritance Tax" by Attorney Alex Pagnotta (Audio) Inheritance taxes are not common, and Maryland is the only state within the United States that collects both an inheritance tax and an estate tax. As we work hard to build financial security and to leave a legacy, we do not want our estates to be subject to heavy taxation. However, Maryland may assess an … [Read more...] about Maryland Inheritance Tax Myths
My Estate Plan is Signed, Now What?
"My Estate Plan is Signed, Now What?" by Attorney Laura Curry (Audio) Years ago or perhaps more recently, you met with an attorney to develop an estate plan. Maybe you set up a Last Will and Testament naming a Personal Representative or Executor to manage your estate upon your death or you chose a Living Trust to address incapacity concerns and avoid probate. You left the attorney’s office … [Read more...] about My Estate Plan is Signed, Now What?
Trusts and Estates in Popular Movies
"Trusts and Estates in Popular Movies" by Attorney Beth Burgee (Audio) There are many movies that use estate planning as a catalyst for the main plot; whether it is reading a will aloud to the family, or a disgruntled family member contesting the will. But how much do these movies get right? Let’s take a look at some of the more popular movies that showcase these issues. Knives Out (2019): This … [Read more...] about Trusts and Estates in Popular Movies
How to Include Your Family Pet in Your Estate Plan
"How to Include Your Family Pet in Your Estate Plan" by Attorney Ayana Johnson (Audio) If you already have an estate plan in place, ask yourself if you have included all your family in that plan? If you have a beloved pet that you consider part of the family, you may very well have failed to include him/her in your existing plan because you didn’t realize you could do so. To help you better … [Read more...] about How to Include Your Family Pet in Your Estate Plan
Can I Handle the Duties of an Executor?
"Can I Handle the Duties of an Executor?" by Attorney Alex Pagnotta (Audio) There are many duties that must be fulfilled when named Personal Representative, or executor, of a Will. If someone you care about has passed away and the Will named you as executor, you want to think carefully about whether you are able to fulfill the role or if you should decline. Most individuals who have been … [Read more...] about Can I Handle the Duties of an Executor?
What is Supported Decision-Making?
"Supported Decision-Making?" by Attorney Laura Curry (Audio) Supported Decision-Making (“SDM”) is a recently enacted law in Maryland that passed in 2022. This new law supports individuals living with disabilities and is an alternative to a court guardianship proceeding. The stated purpose is to assist adults “by obtaining support in making, communicating or effectuating decisions corresponding … [Read more...] about What is Supported Decision-Making?
IRS Increases Estate and Gift Tax Exemptions for 2023
Starting January 1, 2023, the IRS raised the federal lifetime gift tax exemption from $12.06 million to $12.92 million and increased the annual gift tax exemption from $16,000 to $17,000. What is the annual gift tax exemption? Each year, the IRS sets the annual gift tax exclusion which allows a taxpayer to give a certain amount ($17,000 for 2023) per recipient without reducing any of … [Read more...] about IRS Increases Estate and Gift Tax Exemptions for 2023
Can Medicaid Still Take My Home after I Die?
"Can Medicaid Still Take My Home after I Die?" by Attorney Ayana Johnson (Audio) For 2021, the average cost of a year in a Maryland long-term care facility was $146,000. Unless you can afford to cover that kind of expense out of pocket, you will likely need to depend on Medicaid to help you if you need long-term care (LTC) in the future. One of your biggest fears, however, may be the commonly … [Read more...] about Can Medicaid Still Take My Home after I Die?
What Happens with my Car at my Death?
"What happens with my car at my death?" by Attorney Alex Pagnotta 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 it after we are gone. Even if you own one car or a collection, it is important to plan so transfer will occur easily at death. … [Read more...] about What Happens with my Car at my Death?
Estate Planning for Your Tangible Property
"Estate Planning for Tangible Property" by Attorney Laura Curry (Audio) One of the many reasons a person creates an estate plan is to specify what should happen with their property when they pass away. This includes their personal property, also known as “tangible property”. Tangible property is generally defined as personal items that can be touched, such as household furnishings, books, … [Read more...] about Estate Planning for Your Tangible Property
What Are the Duties and Responsibility of a Trustee When Administering a Trust?
If you are contemplating the addition of a living trust to your estate plan, one of the most important decisions you will need to make when creating your trust is who to appoint as your Trustee. One of the most common reasons for a trust to fail is appointing the wrong Trustee. Typically, that happens because the Settlor does not really understand what the duties and responsibilities of a Trustee … [Read more...] about What Are the Duties and Responsibility of a Trustee When Administering a Trust?
What Do Executors Need to Know?
"What Do Executors Need to Know about Managing Estate Assets?" by Attorney Alex Pagnotta (Audio) When you make a Last Will and Testament, you need to consider who you want to serve as the executor, or personal representative, of your estate. The executor will be responsible not only for seeing your Will through the probate process, but also managing your assets. As the probate process may take … [Read more...] about What Do Executors Need to Know?
What Can Be Purchased with a Special Needs Trust?
"What Can Be Purchased with a Special Needs Trust?" by Attorney Laura Curry (Audio) Creating a comprehensive estate plan should be a priority for every adult. Estate planning takes on heightened importance, however, when one of your beneficiaries is a child with special needs. If you are the parent or grandparent, for example, of a child with special needs extra care must be taken in the creation … [Read more...] about What Can Be Purchased with a Special Needs Trust?
