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?
Estate Planning for Young Adults
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
"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
Sorting Household Stuff: A Guide for Personal Representatives
"Sorting Household Stuff: A Guide for Personal Representatives" by Attorney Alex Pagnotta (Audio) At the death of a family member, there is a lot of planning for what happens to property after a person passes away. Having advanced plans will make life easier for loved ones after death and will allow more control over what happens to the decedent’s assets. After death, most estates must go … [Read more...] about Sorting Household Stuff: A Guide for Personal Representatives
Maryland’s Project SAFE Act to Help Curb Elder Financial Exploitation
Financial exploitation of vulnerable adults is an endemic in our society today and it is becoming increasingly common to hear allegations of deception, intimidation, and undue influence to defraud vulnerable adults of their property. According to the National Council on Aging, up to five (5) million older Americans are abused every year, and the annual loss by victims of financial abuse is … [Read more...] about Maryland’s Project SAFE Act to Help Curb Elder Financial Exploitation
Administering Estates During a Pandemic
If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets to the beneficiaries as quickly as possible. However, there is just as much work that goes into distributing the assets from your estate after your death as there is in setting up the estate plan. Your loved one has spent a lifetime working hard for the … [Read more...] about Administering Estates During a Pandemic
Your Estate Plan and Tax Filings
There are many taxes that we pay over our lifetime. Here is a list of taxes we see while planning and settling estates. While you are living and if your income is high enough, you will need to pay income taxes to both the Federal Government and the State of Maryland. The forms generally used to file your income tax returns are the IRS form 1040 and the MD form 502. In most cases when … [Read more...] about Your Estate Plan and Tax Filings
The Importance of a Properly Funded Trust
You signed your Revocable Living Trust and left your final signing appointment with your documents and a folder of “funding homework.” The paralegal reviewed letters of instruction to take to your financial institutions and completed change of beneficiary forms. So what now? And why is this step so important to having an estate plan that will work in the event of your incapacity or death? A … [Read more...] about The Importance of a Properly Funded Trust
The Legal Battle over DMX’s Estate
Legendary rapper Earl Simmons, known as DMX rose to fame in the 1990s and 2000s. His career as an artist was wildly successful with several albums debuting at No. 1 on the Billboard chart and three nominations for Grammy awards. However, his personal life was riddled with legal battles including tax liens and jail time. On April 9th, 2021, it was reported that Earl Simmons passed away at 50 years … [Read more...] about The Legal Battle over DMX’s Estate
Considerations Before Starting Your Estate Plan
During the process of creating your estate plan, you will be forced to make difficult decisions. It is important to take the time to think about your decisions carefully. Let’s talk about the things you will want to consider before starting your estate plan. What do you want to accomplish with your estate planning? Who do you want to pass your assets to? Do you have specific wishes … [Read more...] about Considerations Before Starting Your Estate Plan
