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
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
"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?
"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
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
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?
"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
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?
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
"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