"What Assets Should I Put In My Revocable Living Trust?" by Attorney Jon Gasior (Audio) Revocable Living Trusts are an extremely common tool used to create a comprehensive estate plan that provides for probate avoidance and control of assets during lifetime and at death. While the Revocable Living Trust can be one of the most effective estate planning tools, there can be a major downside. If you … [Read more...] about What Assets Should I Put In My Revocable Living Trust?
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Can I Prevent Someone from Contesting My Will?
"Can I Prevent Someone from Contesting My Will?" by Attorney Alexander Pagnotta (Audio) For most people, a primary motivation for creating a Last Will and Testament is to ensure that their estate assets are distributed according to their wishes after they are gone. If that Will is invalidated, however, the State of Maryland ultimately decides what happens to your assets. Knowing that it seems … [Read more...] about Can I Prevent Someone from Contesting My Will?
Is Formal Probate Required?
"Is Formal Probate Required?" by Attorney Beth Burgee (Audio) If you are in charge of administering a decedent’s estate, either because you were appointed in a Will or because you volunteered, you have an important job ahead of you. One of your first responsibilities as part of that job is to determine if the estate must go through formal probate or if an alternative for small estates is … [Read more...] about Is Formal Probate Required?
Why Does Probate Take So Long?
Finding out that someone has left you an inheritance is certainly welcome news, particularly if you have been struggling financially. As the adage goes, however, you should not count your chickens before they hatch. You may end up waiting for a long time before you receive that inheritance. If the decedent’s estate is required to go through probate, it could take a year or longer before your … [Read more...] about Why Does Probate Take So Long?
Capital Gains Taxes and Trust Assets
"Capital Gains Taxes and Trust Assets" by Attorney Alex Pagnotta (Audio) One of the most common additions to a well thought out estate plan is a trust, due in large part to the fact that a trust can accomplish such a wide range of estate planning goals. Because a trust is a separate legal entity, a trust can own taxable assets, including real property. The Annapolis trust attorneys at Sinclair … [Read more...] about Capital Gains Taxes and Trust Assets
Do You Have a Living Will?
When you are engaged in the process of estate planning, you are going to arrange for the eventual transfer of your monetary assets. This is often done through the execution of a last will and testament or a trust. The last will that is used to transfer assets is not the only type of will that exists. There is another type of will called a living will. The living will is an important estate … [Read more...] about Do You Have a Living Will?
Do I Need To Update My Estate Plan?
"Do I Need To Update My Estate Plan?" by Attorney Jon Gasior (Audio) When I meet with clients to draft their estate planning documents, they often ask about reasons they may need to update their planning in the future. It is important to remember that estate planning is not a one and done process. Over your lifetime, there could be changes in your family or assets and even changes in the law … [Read more...] about Do I Need To Update My Estate Plan?
Estate Planning Mistakes
"Estate Planning Mistakes" by Attorney Colleen Sinclair Prosser (Audio) Creating a well thought out estate plan is one of the best gifts you can give to yourself and to your loved ones. If you are new to estate planning, however, it is easy to make a mistake. To help prevent you from making one of those mistakes, the Bowie estate planning attorneys at Sinclair Prosser Gasior discuss the top … [Read more...] about Estate Planning Mistakes
Prepare for Probate
The process of probate is often overlooked by people who don't know much about estate planning. If you haven't done any research, you may assume that a will is something that takes care of itself after you die. You name an executor in the document, and this individual will distribute assets in accordance with your wishes without any particular supervision. This is a commonly held belief, but in … [Read more...] about Prepare for Probate
Three Things a Living Trust Won’t Accomplish
Before we get into the objectives that a living trust cannot accomplish, let's look at a few of the things that a living trust can do for you. The Basics If you were to create a revocable living trust, you would be called the grantor of the trust. You would not be surrendering control of the assets that you convey into the trust, because the trust is revocable. At any time, you could choose … [Read more...] about Three Things a Living Trust Won’t Accomplish
Using Life Insurance to Provide Liquidity in an Estate
"Using Life Insurance to Provide Liquidity in an Estate" by Attorney Jon J. Gasior (Audio) Life insurance can be one of the most overlooked tools for estate planning purposes. Oftentimes, younger families will purchase life insurance when they buy their first home or when they have minor children as a way to provide for income replacement if one spouse dies. Occasionally, when those families … [Read more...] about Using Life Insurance to Provide Liquidity in an Estate
How Can I Encourage a Beneficiary to Use an Inheritance the Right Way?
To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. An Annapolis … [Read more...] about How Can I Encourage a Beneficiary to Use an Inheritance the Right Way?
4 Estate Planning Mistakes You Should Avoid Making
Creating an estate plan is one of the most important endeavors you will undertake during your lifetime. A well though-out estate plan can protect and provide for you and your loved ones. Given the importance of your estate plan, it only makes sense to do everything possible to avoid making mistakes during the creation of your plan. Toward that end, an Annapolis estate planning attorney at Sinclair … [Read more...] about 4 Estate Planning Mistakes You Should Avoid Making
What is the Most Important Estate Planning Document?
As an estate planning attorney, I have dozens of tools I can utilize to assist my clients in their estate planning goals. These documents take all different forms and serve specific purposes. So the question becomes, which document is the most important? Estate planning is all about the client’s goals. I have prepared incredibly complex documents for clients with modest estates due to … [Read more...] about What is the Most Important Estate Planning Document?
Does My Estate Include Enough Liquid Assets?
The primary objective of your estate plan may be the creation of a plan for how your estate assets are to be distributed upon your death. While the division of your estate assets is certainly an important objective within your estate plan, simply devising a plan to distribute your assets to loved ones may not be enough to ensure that your loved ones are protected and provided for if something … [Read more...] about Does My Estate Include Enough Liquid Assets?
The Advantages of Portability
"The Advantages of Portability " by Attorney Alex Pagnotta (Audio) When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2022, for someone who has not used any exclusion during their lifetime, this would be $12.06 million. Maryland also has an estate tax, as it … [Read more...] about The Advantages of Portability
Is My Estate Plan Still Valid If I Move To Another State?
When you move to a new state you need to update a lot of your personal documents such as your driver’s license and voter registration card, but don’t forget about your estate plan. While your will or trust may still be valid in the new state, there could be differences in the new state’s law. These differences in the laws can make certain provisions of the document invalid or conversely, there … [Read more...] about Is My Estate Plan Still Valid If I Move To Another State?
