"Tax Law Changes for 2022" by Attorney Jon J. Gasior (Audio) Since 2011, the federal estate tax has changed at the beginning of each New Year. As such, it is important to review the estate tax landscape both at the federal and state level. Below, we will discuss the estate planning tax laws. First, in Maryland there is a $5 million estate tax exclusion. What that means is that if you pass … [Read more...] about Tax Law Changes for 2022
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Identity Theft and Protecting the Deceased
Everywhere we look today, there are reports of stolen identities and fraudulent usage of personal identifying information. We have protected passwords, technology firewalls, credit card chips, and even clothing and wallets to lessen the potential to become a victim. When a loved one dies, they maintain an identity in that the estate owns assets, files taxes and receives benefits. If settling an … [Read more...] about Identity Theft and Protecting the Deceased
Is a Corporate Trustee the Right Choice for Me?
One of the most popular additions to a well-rounded and comprehensive estate plan is a trust. If you are considering the addition of a trust to your estate plan, one of the decisions you will need to make is who to appoint as your Trustee to administer your trust. For many people, having a professional or corporate trustee is a good option for several reasons which we will discuss … [Read more...] about Is a Corporate Trustee the Right Choice for Me?
Estate Planning for Young Adults
There is a common misconception that not everyone needs an estate plan. Oftentimes, their reasoning is that they may be too young, or don’t have enough assets to plan for. This couldn’t be further from the truth. Every adult needs an estate plan regardless of their age or assets. Let me demonstrate with a few examples. Michael is 19 years old. He is unmarried, has no children and owns a … [Read more...] about Estate Planning for Young Adults
What Can Slow Down the Probate Process?
Probate can be a long process that families have to go through in the stressful period after a death occurs. Unfortunately, probate is often necessary to facilitate the transfer of assets. While you want probate to move as quickly as possible so new heirs can take ownership, some issues and complications can arise that cause delays. The probate process could take a year, with some estates … [Read more...] about What Can Slow Down the Probate Process?
Does My Parent Need a Guardian?
Are you an adult child who is having to watch your parent’s physical and/or mental health deteriorate? Are you concerned about your parent’s physical safety and/or ability to handle finances as a result of that deterioration? If so, you are probably struggling with a solution. Like most people in your position, the idea of taking away your parent’s independence by pursuing guardianship may not sit … [Read more...] about Does My Parent Need a Guardian?
Estate Planning 101 for New Parents
Estate planning is important for every adult; however, it takes on a heightened importance when you become a parent. From the moment you first lay eyes on your child, you feel an almost primal need to care for and protect that child. There are numerous ways in which you will protect and care for your children throughout your lifetime but there is only one way to accomplish those same goals if you … [Read more...] about Estate Planning 101 for New Parents
Ethical Considerations in Estate Planning
"Ethical Considerations in Estate Planning" by Attorney Jon Gasior (Audio) The relationship between an estate planning attorney and their client(s) is one that is unique among the attorney-client relationship. Often, the client is sharing information with the attorney about their assets, families, potential conflicts, and wishes for what happens when they pass away or are incapacitated. Because … [Read more...] about Ethical Considerations in Estate Planning
Celebrating the Caregiver during National Family Caregiver Month
As the Baby Boomer generation moves into their retirement years, the older population is increasing dramatically, and experts tell us this growth shows no sign of slowing down in the decades to come. Consequently, many of us will provide care for an elder loved one at some point in time. That care can mean the world to a senior who wishes to remain in his/her own home; however, it can be … [Read more...] about Celebrating the Caregiver during National Family Caregiver Month
Sorting Household Stuff: A Guide for Personal Representatives
"Sorting Household Stuff: A Guide for Personal Representatives" by Attorney Alex Pagnotta (Audio) At the death of a family member, there is a lot of planning for what happens to property after a person passes away. Having advanced plans will make life easier for loved ones after death and will allow more control over what happens to the decedent’s assets. After death, most estates must go … [Read more...] about Sorting Household Stuff: A Guide for Personal Representatives
Maryland’s Project SAFE Act to Help Curb Elder Financial Exploitation
Financial exploitation of vulnerable adults is an endemic in our society today and it is becoming increasingly common to hear allegations of deception, intimidation, and undue influence to defraud vulnerable adults of their property. According to the National Council on Aging, up to five (5) million older Americans are abused every year, and the annual loss by victims of financial abuse is … [Read more...] about Maryland’s Project SAFE Act to Help Curb Elder Financial Exploitation
Administering Estates During a Pandemic
If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets to the beneficiaries as quickly as possible. However, there is just as much work that goes into distributing the assets from your estate after your death as there is in setting up the estate plan. Your loved one has spent a lifetime working hard for the … [Read more...] about Administering Estates During a Pandemic
Your Estate Plan and Tax Filings
There are many taxes that we pay over our lifetime. Here is a list of taxes we see while planning and settling estates. While you are living and if your income is high enough, you will need to pay income taxes to both the Federal Government and the State of Maryland. The forms generally used to file your income tax returns are the IRS form 1040 and the MD form 502. In most cases when … [Read more...] about Your Estate Plan and Tax Filings
The Importance of a Properly Funded Trust
You signed your Revocable Living Trust and left your final signing appointment with your documents and a folder of “funding homework.” The paralegal reviewed letters of instruction to take to your financial institutions and completed change of beneficiary forms. So what now? And why is this step so important to having an estate plan that will work in the event of your incapacity or death? A … [Read more...] about The Importance of a Properly Funded Trust
What Is a Durable Power of Attorney?
A power of attorney is among the most common estate planning documents. As such, the odds are favorable that you will execute at least one power of attorney during your lifetime. You may, or may not, want the authority you grant in your Power of Attorney to work if you are incapacitated. To ensure that you make the right choice for your situation, the Annapolis powers of attorney lawyers at … [Read more...] about What Is a Durable Power of Attorney?
The Legal Battle over DMX’s Estate
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
Considerations Before Starting Your Estate Plan
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
