"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?
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?
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
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?
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?
Tax Law Changes for 2022
"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
Identity Theft and Protecting the Deceased
Everywhere we look today, there are reports of stolen identities and fraudulent usage of personal identifying information. We have protected passwords, technology firewalls, credit card chips, and even clothing and wallets to lessen the potential to become a victim. When a loved one dies, they maintain an identity in that the estate owns assets, files taxes and receives benefits. If settling an … [Read more...] about Identity Theft and Protecting the Deceased
