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
BLOG
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
What Is a Durable Power of Attorney?
A power of attorney is among the most common estate planning documents. As such, the odds are favorable that you will execute at least one power of attorney during your lifetime. You may, or may not, want the authority you grant in your Power of Attorney to work if you are incapacitated. To ensure that you make the right choice for your situation, the Annapolis powers of attorney lawyers at … [Read more...] about What Is a Durable Power of Attorney?
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
What’s In Your Mailbox…After Death?
"What’s In Your Mailbox…After Death?" by Attorney Alex Pagnotta (Audio) We all know we have to check the mail. Yes, there may be bills or important documents, and there may even be a greeting card or coupons for your next shopping trip. But when you pass away, have you wondered what will happen to your mail? How does the post office learn of your death? Who has access to your mail and who can … [Read more...] about What’s In Your Mailbox…After Death?
Has COVID-19 Changed Estate Planning?
The COVID-19 pandemic has rocked the entire world. We all know the changes to our daily lives, the loss many have experienced, and that our “new normal” may never be the same. The question I am addressing today is, has COVID-19 changed how we do estate planning? The short answer is no, but the answer can also be more complicated than that. Whenever I meet with a client we always discuss … [Read more...] about Has COVID-19 Changed Estate Planning?
Review Your Estate Plan
My clients often ask me, “How often should I review my estate plan?” and the answer to this question varies from person to person. These are some of the major milestone events that occur in your life that will require a review of your estate plan. Marriage. Marriage can automatically give each spouse some rights to each other’s property. However, marriage does not automatically change … [Read more...] about Review Your Estate Plan
How Trust Administration Works Better Than Probate
Trust administration occurs when a person has created a trust as part of an estate plan and the trust creator passes away. Assets held in the trust transfer through trust administration, rather than transferring through the probate process, and the steps involved in facilitating the transfer of trust assets are very different than in probate. In Maryland, trust administration has … [Read more...] about How Trust Administration Works Better Than Probate
5 Most Common Estate Planning Mistakes
When thinking about your estate plan it is important to create one that avoids common pitfalls and mistakes. After all you go through with your time and investment, you want to create a plan that will work and protect your loved ones in the event of your incapacity or death. Making sure you are aware of common estate planning mistakes means that you’ll be likely to avoid them. So what … [Read more...] about 5 Most Common Estate Planning Mistakes
What is the Most Important Estate Planning Document?
Estate planning is an interesting area of the law in that there are a number of solutions that the general public sees as both extremely technical and overwhelming while at the same time simple and suited to a DIY plan. Part of this dual perception is that there are countless tools we use in estate planning to accomplish a variety of different outcomes and goals. Which estate planning document is … [Read more...] about What is the Most Important Estate Planning Document?
Final Income Tax Return
The attorneys at Sinclair Prosser Gasior can guide you through the many duties you have as trustee or personal representative when settling an estate. One of the duties of the trustee and/or personal representative of an estate is to make sure that all income tax returns have been filed for the decedent. This includes filing the final income tax return. Even though a person is no longer living, … [Read more...] about Final Income Tax Return
Long-Term Care Planning Tips
You have probably been saving for your retirement years since you began working. Have you considered, however, the very real likelihood that you (or a spouse) will need long-term care at some point? If you have not made long-term care planning part of your overall estate plan yet, now is the time to do so. Toward that end, an Bowie Medicaid planning attorney at Sinclair Prosser Gasior offers some … [Read more...] about Long-Term Care Planning Tips
Medicaid Planning is Not Traditional Estate Planning
Some people delay Medicaid planning because they don’t believe they will ever require the services provided by a long-term care skilled nursing facility like a nursing home. Others incorrectly believe that their traditional estate plan which may include a Revocable Living Trust, Property or Financial Power of Attorney and Healthcare Power of Attorney plans for Medicaid. This is not the case and … [Read more...] about Medicaid Planning is Not Traditional Estate Planning
How Do Trust Income Taxes Work?
When thinking about estate planning, we often think mostly about estate taxes. Estate taxes are taxes imposed by both the federal government and a number of states. These taxes will be assessed based on the total value of your assets at your death. At the federal level, as long as those assets are less than $11.7 million, there is no federal estate tax. In Maryland, the threshold is $5 million. … [Read more...] about How Do Trust Income Taxes Work?
