Marriage can automatically give each spouse some rights in each other’s property. However, marriage does not automatically change your will or trust to provide for the new spouse. It is important to examine your estate plan in light of the new situation and your mutual and separate goals. Divorce is particularly disruptive to an estate plan. Goals which you had before, such as providing for … [Read more...] about Top 10 Reasons to Review Your Estate Plan
Does Loaning Money to Children Affect Your Estate Plan?
The wealth gap between parents and their adult children has never been greater and there is a common narrative that many adult children are still receiving financial support from their parents. The numbers tell us that the majority of young adults who could be considered “financially independent” from their parents by their early twenties has continuously gone down in recent decades. What does … [Read more...] about Does Loaning Money to Children Affect Your Estate Plan?
What are the Maryland Power of Attorney Rules?
It has been 10 years since Maryland passed the “Maryland General and Limited Power of Attorney Act.” Power of attorney documents have become more complex and now create enforceable, legal obligations for both the principal and the agent. A power of attorney is a legal document in which the principal gives an agent the power to act on his/her behalf. The principal is the one who creates the power … [Read more...] about What are the Maryland Power of Attorney Rules?
The Augmented Estate: Maryland’s New Elective Share Law
When planning your estate, you have the right to designate who will receive your assets. At the same time, you are also determining who not to benefit, or perhaps even who to disinherit. As estate planners, we are often asked whether you have to leave anything to your spouse. Historically, statutes have protected the surviving spouse from being disinherited during administration. However, it was … [Read more...] about The Augmented Estate: Maryland’s New Elective Share Law
The Importance of Funeral Pre-Planning
No one likes to think about death or making final arrangements for themselves or a loved one, which is why the importance of funeral pre-planning is often ignored. However, pre-planning your funeral may be one of the biggest comforts you can give your family at the time of your death. When deciding whether or not pre-planning your funeral is right for you, there are three important benefits to … [Read more...] about The Importance of Funeral Pre-Planning
Message from the Owner
As we reflect on 2020, it is easy to look back on the year with a sense of doubt, fear, and even sadness. COVID-19 has upended normal routines and impacted lives in ways that none of us ever expected. Social distancing, telecommuting, and virtual learning have all become common-place. We’ve seen business closings, nursing home restrictions, and even family and friends falling ill during these … [Read more...] about Message from the Owner
Choosing the Right Housing for the Elderly
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
Estate Planning When You’re Child Free
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
Continuing Business through a Pandemic
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
Should You Train Your Agent or Other Fiduciary Under Your Estate Planning Documents?
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?
