The COVID-19 pandemic has rocked the entire world. We all know the changes to our daily lives, the loss many have experienced, and that our “new normal” may never be the same. The question I am addressing today is, has COVID-19 changed how we do estate planning? The short answer is no, but the answer can also be more complicated than that. Whenever I meet with a client we always discuss … [Read more...] about Has COVID-19 Changed Estate Planning?
My clients often ask me, “How often should I review my estate plan?” and the answer to this question varies from person to person. These are some of the major milestone events that occur in your life that will require a review of your estate plan. Marriage. Marriage can automatically give each spouse some rights to each other’s property. However, marriage does not automatically change … [Read more...] about Review Your Estate Plan
Trust administration occurs when a person has created a trust as part of an estate plan and the trust creator passes away. Assets held in the trust transfer through trust administration, rather than transferring through the probate process, and the steps involved in facilitating the transfer of trust assets are very different than in probate. In Maryland, trust administration has … [Read more...] about How Trust Administration Works Better Than Probate
When thinking about your estate plan it is important to create one that avoids common pitfalls and mistakes. After all you go through with your time and investment, you want to create a plan that will work and protect your loved ones in the event of your incapacity or death. Making sure you are aware of common estate planning mistakes means that you’ll be likely to avoid them. So what … [Read more...] about 5 Most Common Estate Planning Mistakes
Estate planning is an interesting area of the law in that there are a number of solutions that the general public sees as both extremely technical and overwhelming while at the same time simple and suited to a DIY plan. Part of this dual perception is that there are countless tools we use in estate planning to accomplish a variety of different outcomes and goals. Which estate planning document is … [Read more...] about What is the Most Important Estate Planning Document?
The attorneys at Sinclair Prosser Gasior can guide you through the many duties you have as trustee or personal representative when settling an estate. One of the duties of the trustee and/or personal representative of an estate is to make sure that all income tax returns have been filed for the decedent. This includes filing the final income tax return. Even though a person is no longer living, … [Read more...] about Final Income Tax Return
Some people delay Medicaid planning because they don’t believe they will ever require the services provided by a long-term care skilled nursing facility like a nursing home. Others incorrectly believe that their traditional estate plan which may include a Revocable Living Trust, Property or Financial Power of Attorney and Healthcare Power of Attorney plans for Medicaid. This is not the case and … [Read more...] about Medicaid Planning is Not Traditional Estate Planning
When thinking about estate planning, we often think mostly about estate taxes. Estate taxes are taxes imposed by both the federal government and a number of states. These taxes will be assessed based on the total value of your assets at your death. At the federal level, as long as those assets are less than $11.7 million, there is no federal estate tax. In Maryland, the threshold is $5 million. … [Read more...] about How Do Trust Income Taxes Work?
Hollywood actor, Paul Walker, died in 2013 with approximately 32 vehicles. Several years later, there is a lawsuit filed by his estate to recover missing vehicles, or renumeration of their value. A car is an asset that many of us depend on in our daily lives to get to work, take the kids to school and run our errands. We put many efforts into caring for our vehicles, so we want our family to enjoy … [Read more...] about What Happens With My Vehicles At My Death?
Many people wisely plan for their incapacity by creating a property or financial power of attorney. A property or financial power of attorney will allow your named agent to speak to various financial institutions in the event that you are not able to manage your own financial affairs at some time. A loved one that needs to help a family member who is incapacitated, but does not have the capacity … [Read more...] about Will the Social Security Administration Accept my Power Of Attorney?