Maryland is the only state remaining where residents are subject to three death taxes: the Maryland estate tax, the federal estate tax, and the Maryland inheritance tax. The Maryland inheritance tax is especially tricky. It is an antiquated law, and while there have been carve outs added over the years to exempt groups like lineal descendants and, most recently, registered domestic partners, it … [Read more...] about Adoption and the Maryland Inheritance Tax
Power of Attorney – How Vital Are They?
A power of attorney is a staple to have within a proper estate plan. Without them, there’s no telling who could be put in charge of your belongings and care in a time of incapacitation. The alternative, a court supervised guardianship proceeding, is an expensive and time-consuming procedure that is one to avoid whenever possible. There are two main types of powers of attorney - health and … [Read more...] about Power of Attorney – How Vital Are They?
Does your family know about your hidden treasures?
Many of our clients have collections they are proud of. Some of those items may not look special, but hold a significant financial value. We once had a client receive a painting from his grandmother with no supporting information. It wasn’t till later in his life, when he was doing his own estate planning, that he learned that the painting was worth upwards of a million dollars. Some people … [Read more...] about Does your family know about your hidden treasures?
Preparing to Review your Estate Plan
When thinking about the estate plan you set up five, ten or twenty years ago, you might be overwhelmed with how much has changed in your life and how much your documents may need to be updated. When coming in to review your estate plan, whether you are already a client of ours or you are coming in to meet with us for the first time, there are some things that you can do ahead of time to … [Read more...] about Preparing to Review your Estate Plan
The Perfect Gift for your College Bound Freshman? It may not be what you think.
As summer draws to an end, many parents and grandparents are selecting gifts for loved ones headed off to college. While many consider new computers, phones, or tablets, one gift that is overlooked is a Power of Attorney. I know, this probably isn’t the gift they are hoping for, but it may be the gift that they need. Most departing freshman have recently turned 18 years old. For the first … [Read more...] about The Perfect Gift for your College Bound Freshman? It may not be what you think.
Estate Planning Lessons from Naruto (Yes, Really)
You don’t need to be a ninja to learn something from Naruto—one of the most popular anime series in the world. While the show is packed with battles, ancient rivalries, and magic-like “chakra,” it also contains surprisingly useful lessons about estate planning and estate administration. Here’s what Naruto (and a few of its more dramatic characters) can teach you about smart, responsible … [Read more...] about Estate Planning Lessons from Naruto (Yes, Really)
Why Do Heirs Prefer Trusts?
Many individuals desire to have an efficient administration of their possessions and assets when they pass away. We all know there may be complexities in handling an estate after death, but most families want privacy and peace. Creating a trust will help provide your heirs or beneficiaries their inheritance in an effective manner. Trusts provide important protection for you and your loved ones … [Read more...] about Why Do Heirs Prefer Trusts?
Out of State Property and Your Estate Plan
Many of our clients living here in Maryland have out of state property. Whether that is a vacation home in Florida or Delaware, a deeded timeshare somewhere, or a property inherited from a family member, it is something you need to plan for in your estate plan. When someone passes away owning property in more than one state, and they do NOT have an estate plan in place, then there will … [Read more...] about Out of State Property and Your Estate Plan
Understanding Continuing Care Retirement Communities and the Legal Considerations Before Signing a Contract
As retirement approaches, many older adults and their families begin to explore long-term living arrangements that offer comfort, community, and comprehensive care. One increasingly popular option is a Continuing Care Retirement Community (CCRC). These communities offer a continuum of care—from independent living to assisted living and skilled nursing—all on one campus. While the appeal is … [Read more...] about Understanding Continuing Care Retirement Communities and the Legal Considerations Before Signing a Contract
Thinking About Revoking Your Trust? Here’s What You Need To Know
If you’ve set up a revocable living trust, you already know the benefits: avoiding probate, keeping things private, and simplifying asset management. But what if you change your mind? Yes, you can revoke your trust if it is a revocable trust Revocable Means Revocable - But It’s Not That Simple A revocable trust gives you flexibility. You can change it, update it, or revoke … [Read more...] about Thinking About Revoking Your Trust? Here’s What You Need To Know
