Before we get into the objectives that a living trust cannot accomplish, let's look at a few of the things that a living trust can do for you. The Basics If you were to create a revocable living trust, you would be called the grantor of the trust. You would not be surrendering control of the assets that you convey into the trust, because the trust is revocable. At any time, you could choose … [Read more...] about Three Things a Living Trust Won’t Accomplish
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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
How Can I Encourage a Beneficiary to Use an Inheritance the Right Way?
To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. An Annapolis … [Read more...] about How Can I Encourage a Beneficiary to Use an Inheritance the Right Way?
4 Estate Planning Mistakes You Should Avoid Making
Creating an estate plan is one of the most important endeavors you will undertake during your lifetime. A well though-out estate plan can protect and provide for you and your loved ones. Given the importance of your estate plan, it only makes sense to do everything possible to avoid making mistakes during the creation of your plan. Toward that end, an Annapolis estate planning attorney at Sinclair … [Read more...] about 4 Estate Planning Mistakes You Should Avoid Making
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?
Does My Estate Include Enough Liquid Assets?
The primary objective of your estate plan may be the creation of a plan for how your estate assets are to be distributed upon your death. While the division of your estate assets is certainly an important objective within your estate plan, simply devising a plan to distribute your assets to loved ones may not be enough to ensure that your loved ones are protected and provided for if something … [Read more...] about Does My Estate Include Enough Liquid Assets?
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
Is a Corporate Trustee the Right Choice for Me?
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
Does My Parent Need a Guardian?
Are you an adult child who is having to watch your parent’s physical and/or mental health deteriorate? Are you concerned about your parent’s physical safety and/or ability to handle finances as a result of that deterioration? If so, you are probably struggling with a solution. Like most people in your position, the idea of taking away your parent’s independence by pursuing guardianship may not sit … [Read more...] about Does My Parent Need a Guardian?
Estate Planning 101 for New Parents
Estate planning is important for every adult; however, it takes on a heightened importance when you become a parent. From the moment you first lay eyes on your child, you feel an almost primal need to care for and protect that child. There are numerous ways in which you will protect and care for your children throughout your lifetime but there is only one way to accomplish those same goals if you … [Read more...] about Estate Planning 101 for New Parents
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
Celebrating the Caregiver during National Family Caregiver Month
As the Baby Boomer generation moves into their retirement years, the older population is increasing dramatically, and experts tell us this growth shows no sign of slowing down in the decades to come. Consequently, many of us will provide care for an elder loved one at some point in time. That care can mean the world to a senior who wishes to remain in his/her own home; however, it can be … [Read more...] about Celebrating the Caregiver during National Family Caregiver Month
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
