“Happy Valentines Day, Darling. Here’s an Estate Plan.” How very romantic. Aren’t those the words everyone wants to hear. Valentine’s day is here, and while you’re planning to shower your loved ones with chocolates, roses and maybe even a heart-shaped balloon or two, there’s another gift that could truly make their hearts flutter – an estate plan. Wait, wait! Don’t go away just yet. Hear me out. … [Read more...] about This Valentine’s Day, Give the Gift of Peace of Mind
Long-Term Care Planning for Veterans
The Aid and Attendance (A&A) pension and Housebound benefit are two largely unknown benefits that the Veterans' Administration (VA) offers to qualified veterans, their spouses and, in some cases, their dependents. These benefits provide monthly payments that are added to the monthly VA pension or Survivors Pension that can assist in paying for long term care expenses. These pension benefits … [Read more...] about Long-Term Care Planning for Veterans
What Does it Mean to Fund a Trust?
It is important to fund your trust. A trust spells out who will be in charge of things if you were to pass away or become incapacitated. While beneficiaries are listed in the trust during planning, that doesn't mean you're done with setting up your trust for success. Let's say you look at your brokerage account and see that your name and your son’s name are listed as joint owners. The financial … [Read more...] about What Does it Mean to Fund a Trust?
Changing the Guardian in Your Estate Plan
Congratulations on setting up your estate plan early in your adult life! If you have young children, one of the most important aspects of that plan is naming a guardian—someone who would have legal custody of your children if you were to pass away. However, life is full of changes. The person you initially named as guardian may have moved out of state, fallen out of favor, become ill, or even … [Read more...] about Changing the Guardian in Your Estate Plan
Five Celebrity Estate Planning Lessons
"Five Celebrity Estate Planning Lessons" by Attorney Beth Burgee (Audio) Estate planning ensures that your assets are distributed according to your wishes after your death. Interestingly, many celebrities, despite their perceived access to top legal advisors, often make mistakes regarding their estate plans. Here are five key lessons we can learn from celebrity estates. 1.) Create a Valid … [Read more...] about Five Celebrity Estate Planning Lessons
Corporate Transparency Act Temporarily Halted
What Is the Corporate Transparency Act? Enacted on January 1, 2021, the Corporate Transparency Act (CTA) aims to address gaps in the government’s efforts to combat money laundering, particularly the concealment of illegal profits through businesses and property holdings. The CTA requires most new and existing business entities to report sensitive ownership and management information to the … [Read more...] about Corporate Transparency Act Temporarily Halted
What Happens to Debt When You Pass Away?
A common concern when creating an estate plan is how debt after death will be handled. Generally, when someone dies their debt does not disappear. When someone passes away, their estate, which includes all their assets such as real estate, savings, and investments, becomes responsible for settling any outstanding debts. It is important to note, that before any assets can be distributed to heirs or … [Read more...] about What Happens to Debt When You Pass Away?
Understanding Maryland Inheritance Tax
"Understanding Maryland Inheritance Tax" by Attorney Beth Burgee (Audio) In Maryland, residents pay a 10% inheritance tax on assets passing to beneficiaries who are not exempt from the tax. This tax is an important consideration for anyone planning their estate or expecting to inherit property. Let’s look at some of the issues associated with inheritance tax. What is Inheritance … [Read more...] about Understanding Maryland Inheritance Tax
End of Year Gift Tax Planning
The holiday season is a time of generosity and giving, and many of us feel a strong desire to support and uplift those we care about. Beyond the joy of seeing loved ones benefit from your generosity, gifting can also be a strategic way to reduce your taxable estate. With thoughtful end of year gift tax planning, you can align your personal motivations for giving with strategies that maximize the … [Read more...] about End of Year Gift Tax Planning
Divorce Protection for Your Children: Avoiding the Astor Family’s Tragedy
"Divorce Protection Trusts" by Attorney Cristol Wagner (Audio) Clients often tell us they want to ensure their estate remains within their family regardless of future divorces or blended family situations. One of the biggest concerns for parents is that a child will inherit from them, and then instead of those assets going down the line to their grandchildren, they will go to their child’s … [Read more...] about Divorce Protection for Your Children: Avoiding the Astor Family’s Tragedy
