When you think about creating an initial estate plan, you likely focus entirely on the need to create a roadmap for the distribution of your estate assets in the event of your death. While that certainly will always remain an important estate planning goal. You will undoubtedly include additional goals into your estate plan over time. The best way to decide which estate planning goals should be … [Read more...] about What Your Estate Plan Can Do for You
If you find yourself serving as the Trustee of a trust for the first time, you likely have a number of questions and concerns about your responsibilities and duties. At the top of that list may be concerns over the possibility of being held personally liable if you make a mistake. To explain where you stand, an Annapolis trust administration attorney at Sinclair Prosser Gasior explains when and … [Read more...] about Can I Be Personally Liable If I Serve as a Trustee?
A well thought out and successful estate plan should do much more than simply determine how your estate assets are distributed after you are gone. One additional component that should be included in your estate plan is a long-term care planning component. To help you understand why, a Waldorf Medicaid planning attorney at Sinclair Prosser Gasior offers five reasons why Medicaid planning is … [Read more...] about The Importance of Medicaid Planning
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 of your plan. Toward that end, an Annapolis estate planning attorney at … [Read more...] about Estate Planning Mistakes to Avoid Making
For most people, a Last Will and Testament serves as the foundation of their estate plan. If you do not yet have at least a basic Will in place, there is no time like the present to execute one. When you do decide to create your Will, you may wonder if you need an estate planning attorney to assist you, or if you can create one on your own. A Bowie estate planning attorney at Sinclair Prosser … [Read more...] about Can I Use a DIY Will?
Death doesn't cancel a final responsibility: paying income taxes. A decedent's executor must file one last income tax return for the deceased if the deceased's income surpassed a certain threshold. And even if a return isn't required, a return may be necessary anyway to obtain a refund. The executor must take into account all the decedent's income — there may be a wide range of wages, Social … [Read more...] about Filing Taxes for the Deceased
As the population ages, what affordable, safe housing that is well connected to services is available? Here are options that may suit your care situation and budget: Aging in place. Live in your own home or with family with access to in-home caregivers, cleaning, meal delivery and other services. Simple modifications can make homes safer: wheelchair ramps, bathroom grab bars and a medical … [Read more...] about Choosing the Right Housing for the Elderly
Between 1980 and 2010, the number of women over the age of 40 who opted to forego motherhood doubled from 10 percent to 20 percent. That trend is expected to continue. The reasons for remaining childless are as varied as the men and women who have chosen to skip parenthood. Many are involved in their careers, others may have married and divorced early on and have no desire for domestic life and … [Read more...] about Estate Planning When You’re Child Free
In recent weeks our country, state, county, and cities have all experienced the unimaginable. We entered 2020 with a great deal of optimism and the renewed sense of energy that a new year brings. Within a few short months, a deadly virus has claimed the lives of over 100,000 Americans. As an estate planning, elder law and estate administration law firm, we are having conversations daily … [Read more...] about Continuing Business through a Pandemic
If you are ever unable to communicate your medical wishes, then medical professionals may look to your Living Will, Durable Health Care Power of Attorney, and HIPAA authorization documents to provide the appropriate guidance. A Living Will specifies what you want to have happen to you if you are ever in a terminal condition, persistent vegetative state, or end-stage condition. A … [Read more...] about What Health Care Documents Do I Need During COVID-19?
It is important to know the power of attorney Maryland rules to ensure that you can make a comprehensive incapacity plan. Asset protection is a key part of your incapacity plan, and an experienced Annapolis attorney can provide you with help on making effective use of a power of attorney (POA) and other asset protection tools. When you create a power of attorney, you need to follow the … [Read more...] about Maryland Power of Attorney Rules
As estate planning attorneys we often get asked the following question, “Does my agent or trustee need to be well versed on how to do all aspects of their role?” Our answer isn’t a simple one or one standard answer that works for all our clients. However, we feel that it is important to discuss with our client that the agent they name in their documents should know that they’ve been named, the … [Read more...] about Should You Train Your Agent or Other Fiduciary Under Your Estate Planning Documents?
I have been considering getting an estate plan prepared but I do not know where to start. I do not know who to name as my trustee or executor. I am unsure of who I want to make health care decisions on my behalf. I do not know how I want my assets distributed upon my death. There is no way I can get started without this information, so I will continue to put it off. If this sounds familiar, … [Read more...] about Roadblocks in Estate Planning
If you have married someone and your spouse has children from a different relationship, those are your step-children. Even if you have helped raise the child from a very young age, unless you have adopted the child, they would not be considered your child for inheritance purposes. The implication of this can be significant. Here’s an example: When Harry met Sally, Sally had a newborn child, … [Read more...] about Planning for Step-Children
An Aging Life Care Professional is often referred to as a geriatric care manager and is a health and human services specialist who acts as a guide and advocate for families who are caring for older loved ones or disabled adults. The goal of an Aging Life Care Specialist is to guide families to decisions and actions that ensure quality care and optimal life for those they love and to reduce the … [Read more...] about What is an Aging Life Care Professional?
Oftentimes in my consultations, I hear the refrain, “I am uncertain as to what is going to happen, so I do not know what I should do.” This comment is usually in reference to either the client’s own personal situation, such as a move or a family conflict, but it may be in response to legal or geopolitical uncertainty. The question is then, how do we prepare an estate plan in times of … [Read more...] about Estate Planning During Uncertain Times
March 23rd, 2020 UPDATE: Our physical office is closed following Governor Hogan's order that all non-essential businesses close. We will remain closed until directed otherwise. During this time, our staff is working remotely and all appointments (with the exception of document signings) can be conducted via video chat or phone consultation. Our staff is working diligently to contact all … [Read more...] about Our Promise to You During COVID-19