Michael Jordan is a household name around the world, but did you know he is one of the most prominent figures when it comes to taxes and sports? Professional athletes and other individuals who work alongside sports teams are taxed when they visit a state to play an opposing team. This is often referred to as the “jock tax” and it is imposed in almost every state. So what does Michael Jordan have … [Read more...] about Michael Jordan’s Revenge Tax
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Barbie’s Estate Plan
"Barbie's Estate Plan" by Attorney Melanie Marban (Audio) Barbie is a well-known doll manufactured by American toy company Mattel, Inc. Her launch date was March 9, 1959, which makes Barbie 64 years old. As Barbie approaches the age where many Americans consider retirement, she is worried about what may happen to her estate. Here is what I believe would happen if Barbie attended one of our … [Read more...] about Barbie’s Estate Plan
What is a Uniform Transfer to Minor Act Account?
"What is a Uniform Transfer to Minor Act Account?" by Attorney Jon Gasior (Audio) When meeting with clients, I am often asked how to leave money to minor children. Clients want to include their own children, grandchildren, or even nieces and nephews. When these discussions arise, one tool that we will often discuss is the use of an UTMA account. Let’s explore exactly what an UTMA account is and … [Read more...] about What is a Uniform Transfer to Minor Act Account?
5 Costly Estate Planning Mistakes
"5 Costly Estate Planning Mistakes" by Attorney Laura Curry (Audio) The goal of estate planning is to ensure your assets transition to your loved ones after you pass away. With a comprehensive estate plan, that process will happen in a timely manner and at the least cost to you, while maximizing any tax savings available to you. There is no perfect plan for everyone because each client has … [Read more...] about 5 Costly Estate Planning Mistakes
Is My Safe Deposit Box the Best Place for Original Estate Planning Documents?
"Is My Safe Deposit Box the Best Place for Original Estate Planning Documents?" by Attorney Stephanie Blair (Audio) In the event that you become incapacitated or pass away, the individuals named within your estate planning documents to handle your affairs will need access to your original documents quickly. It is crucial that they have access to the documents in order to maintain a steady … [Read more...] about Is My Safe Deposit Box the Best Place for Original Estate Planning Documents?
The Great Estate Administration Myth: The Reading of the Will
"The Great Estate Administration Myth: The Reading of the Will" by Attorney Beth Burgee (Audio) It may come as a surprise to many, but Maryland does not have a requirement that there be an official reading of the Will. The reading of the Will is a common misconception that many people hold. Our office even receives frequent calls from family members of a deceased individual asking to schedule the … [Read more...] about The Great Estate Administration Myth: The Reading of the Will
Darth Vader’s Estate Planning Legacy
"Darth Vader's Estate Planning Legacy" by Attorney Alicia Balanesi (Audio) If it wasn’t a long time ago, and we weren’t in a galaxy far, far away, then what would have happened to Darth Vader’s legacy? If your family was anything like mine while growing up, hearing the line, “Luke, I am your father” as Vader falls from the screen will forever be imprinted in your memory. While it is hard to … [Read more...] about Darth Vader’s Estate Planning Legacy
Estate Planning in the Wizarding World of Harry Potter
"Estate Planning in the Wizarding World of Harry Potter" by Attorney Jon Gasior (Audio) Recently, my son and I have been reading the Harry Potter books together. As I explore the wizarding world, I cannot help but notice some estate planning and estate administrations lessons throughout the book. There are also stark differences between “Wizard law” and Maryland Law. As fans of the series fans … [Read more...] about Estate Planning in the Wizarding World of Harry Potter
HBO’s Succession Reveals Estate Planning Dilemma
**This article may contain spoilers** Succession is a television drama on HBO in which family members jockey for position of the next CEO of Waystar Royco. The current CEO is Logan Roy, a foul-mouthed leader with 4 children. His 4 children are Connor, Kendall, Roman, and Shiv and they each have a complicated and oftentimes tumultuous relationship with their father. All throughout the show Logan … [Read more...] about HBO’s Succession Reveals Estate Planning Dilemma
Oddities in Estate Planning: Musical Mayhem
"Oddities in Estate Planning: Musical Mayhem" by Attorney Beth Burgee (Audio) Often when people decide to create an estate plan, their first thought is about who they want to leave their assets to rather than how to pass on what they own. However, the type of asset you are leaving can determine how your plan may take shape. One extreme example of this is how musical artists are handling the … [Read more...] about Oddities in Estate Planning: Musical Mayhem
Alzheimer’s Diagnosis? Start Planning Now!
"Alzheimer's Diagnosis? Start Planning Now!" by Attorney Laura Curry (Audio) People diagnosed with Alzheimer’s disease and their families need to address estate planning issues early while the person has sufficient mental capacity to understand the issues and make informed decisions. Here are several tips that are vital estate planning steps that Alzheimer’s patients and their families need to … [Read more...] about Alzheimer’s Diagnosis? Start Planning Now!
Have You Included These Things in Your Estate Plan?
There is a surprisingly large number of people who believe that estate planning begins and ends with the creation of a will. While this is a step in the right direction, don’t stop here. There are plenty of other things to include in your estate plan, all of which will give you the peace of mind you deserve. Consider the following additions: You don’t want to create just any … [Read more...] about Have You Included These Things in Your Estate Plan?
Estate Planning Mistakes to Avoid Making
"Estate Planning Mistakes to Avoid Making" by Attorney Ayana Johnson (Audio) Creating an estate plan is one of the most important endeavors you will undertake during your lifetime. A well-thought-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 … [Read more...] about Estate Planning Mistakes to Avoid Making
Top 5 Considerations When Naming an Executor in Your Will
Drafting a will is an essential task in estate planning, and one of the most important decisions you'll make is choosing the executor of your will. An executor is responsible for managing your estate after your demise, ensuring your assets are distributed according to your wishes. Here are the top five considerations to bear in mind when naming an executor for your will. In … [Read more...] about Top 5 Considerations When Naming an Executor in Your Will
Estate Planning and Divorce: Updating Your Plan Post-Dissolution
Divorce is a life-changing event that necessitates a thorough review and likely update of your estate plan. As circumstances change, so too should your estate plan to ensure it still aligns with your new life situation. Here are a few crucial considerations for updating your estate plan post-divorce. Navigating through a divorce can be challenging, and the need to adjust your estate … [Read more...] about Estate Planning and Divorce: Updating Your Plan Post-Dissolution
Estate Planning for New Grads
"Estate Planning for New Grads" by Attorney Stephanie Blair (Audio) It seems like just yesterday you were dropping your child off at kindergarten, but the apple of your eye is now 18 years old and considered an adult. You are no longer entitled to have access to or make decisions for them regarding their financial and medical matters, even if you are still footing the bill. Having a … [Read more...] about Estate Planning for New Grads
Estate Planning for the Child-Free
"Estate Planning for the Child-Free" by Attorney Laura Curry (Audio) A common misconception about estate planning is that the process is only important for couples or individuals with children. However, estate planning is critical for those who are child-free. Deciding who will manage your estate and receive your assets can often be more difficult if you don’t have direct heirs that can step into … [Read more...] about Estate Planning for the Child-Free