"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?" 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 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
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 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?" 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?
One of the many reasons why people choose to create an estate plan is to ensure that their wishes are honored after they are gone. Part of your estate plan, therefore, should focus on avoiding probate litigation. Unfortunately, however, there is no sure-fire way to prevent an estate from becoming embroiled in a Will contest. Moreover, in the 21st Century, even your social media posts could impact … [Read more...] about How Social Media Posts Might Impact a Will Contest
"What is a Letter of Instruction?" by Attorney Jim O'Brien (Audio) The time immediately following the death of a loved one can be stressful and overwhelming. Family members are grieving, and on top of this, they must handle a variety of organizational and legal tasks. Fortunately, you can minimize many of these complications ahead of time by creating a letter of instruction. A letter of … [Read more...] about What is a Letter of Instruction?
Medicaid planning should be included in your estate plan long before you reach retirement age; however, that does not always happen. The absence of Medicaid planning can put retirement assets at risk if you reach a point at which qualifying for Medicaid becomes necessary. The good news is that you may still be able to benefit from last-minute Medicaid planning strategies to protect some of your … [Read more...] about Can Last-Minute Medicaid Planning Help Me?
"Patagonia Founder Gives Away His Company" by Attorney Alex Pagnotta (Audio) There are many different ways to gift money. You can gift $16,000 per person per year without having to file a gift tax return. If you gift more than that, then a gift tax return should be filed. This includes giving money or money’s worth to most friends and family. You can also gift money by contributing to a … [Read more...] about Patagonia Founder Gives Away His Company
"Why Might an Estate Become Involved in Litigation?" by Attorney Beth Burgee (Audio) Probate is the legal process typically required after an individual’s death to settle and distribute the decedent’s estate. The probate process can be costly and complicated even without disputes; however, when a dispute turns into litigation, it can wreak havoc with the administration of the estate. The Bowie … [Read more...] about Why Might an Estate Become Involved in Litigation?
"Estate Planning for Blended Families" by Attorney Laura Curry (Audio) Estate planning for blended families can get confusing and sometimes become a roadblock or a reason why people procrastinate having a plan at all. By building a concrete estate plan for both your biological and through marriage family members, you can help avoid probate court and legal issues down the road. First, what … [Read more...] about Estate Planning for Blended Families
"Power of Attorney Basics" by Attorney Jim O'Brien (Audio) What happens if a sudden injury or illness happens to a family member or loved one and they can no longer manage their financial affairs or make medical decisions for themselves? If you want to avoid an expensive and drawn-out court process, a financial power of attorney and health care power of attorney are two key parts of an estate … [Read more...] about Power of Attorney Basics
"Should I Purchase Long-Term Care Insurance?" by Attorney Ayana Johnson (Audio) Should I Purchase Long-Term Care Insurance? An important aspect of estate planning is planning for your retirement years. Doing so requires you to do more than just stash as much money away as possible – though saving money certainly is important. Planning for your retirement years should also consider the very real … [Read more...] about Should I Purchase Long-Term Care Insurance?
"Helping Your Family Through Estate Planning" by Attorney Jon Gasior (Audio) One of the most common reasons people plan their estates is to make things easier for their loved ones. Preparing and executing estate planning documents is just the first step to providing your family with peace of mind. Making sure your family has all the information they need is really the key to completing an … [Read more...] about Helping Your Family Through Estate Planning
Meeting with a Maryland probate attorney can be very important if someone you love has passed away. The individual the decedent has named as executor of an estate should meet with a probate attorney as soon as possible in order to get advice about fulfilling his or her duties. If you are an heir or beneficiary, you may also consider meeting with an experienced attorney to understand your options … [Read more...] about Preparing to Meet with a Probate Attorney
"Should I Update My Estate Plan If My Spouse Is Incapacitated?" by Attorney Laura Curry (Audio) Should I Update My Estate Plan If My Spouse Is Incapacitated? Years ago, you and your spouse met with an attorney to develop an estate plan. Perhaps you set up a will naming each other as personal representative/executor or even a living trust where you are both named as initial co-trustees. … [Read more...] about Should I Update My Estate Plan If My Spouse Is Incapacitated?