Larry King was a mainstay on American television and an iconic radio host whose accolades included an Emmy, two Peabodys, and numerous cable awards. His notoriety will likely remain for years to come due to his celebrity status, his various marriages, and broadcasting firsts, including the talk show that bore his name. However, the legacy of Larry King may shift as the conversations regarding his … [Read more...] about Lessons Learned from Larry King
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Why Legacy Planning Is Important
You probably know why it is important to have an estate plan in place; however, do you know what legacy planning is? The idea behind the concept of legacy planning is to take estate planning to the next level. Legacy planning allows you to incorporate your ideals, beliefs, values, and faith into your estate planning endeavors. Instead of simply leaving behind assets, legacy planning lets you … [Read more...] about Why Legacy Planning Is Important
Can My Estate Avoid Probate?
A comprehensive estate plan can accomplish a wide range of inter-related goals. Making sure that loved ones are protected and financially secure after you are gone may be one of your estate planning goals. If so, you may also want to include probate avoidance as a goal to ensure that your loved ones actually receive the assets you left the in a timely manner. To help get you started, an Annapolis … [Read more...] about Can My Estate Avoid Probate?
Have You Updated Your Beneficiaries Lately?
Hopefully, you understand how important it is to have a comprehensive estate plan in place as well as what that plan can do for you when it is working properly. Taking the time to create a well-thought-out estate plan, however, is only the first step toward protecting everyone and everything that matter to you. You must also keep that plan up to date for it to work as intended. For example, the … [Read more...] about Have You Updated Your Beneficiaries Lately?
Asset Protection Planning for Seniors
When you think about the priorities in your estate plan, you likely think about the need to ensure that your loved ones are provided for in your absence. That causes you to focus on creating a plan to distribute your estate assets according to your wishes. While it is always important to focus on how your estate assets will be passed down to loved ones, it is equally important to incorporate tools … [Read more...] about Asset Protection Planning for Seniors
How Do I Know If My Parent Is the Victim of Elder Abuse?
If you have a parent who is a resident of a nursing home, you undoubtedly worry about the level of care and compassion they are receiving at the facility. Unfortunately, there is no way to know with 100 percent certainty that the facility in which your parent is a resident is free from elder abuse and neglect. You are not powerless though. What you can do is be aware of the issue and learn how to … [Read more...] about How Do I Know If My Parent Is the Victim of Elder Abuse?
Does a Child Born Out of Wedlock Inherit from My Estate?
In the absence of even a simple Last Will and Testament, your estate will be distributed according to the intestate succession laws of your state of residency at the time of your death. In most cases, that means that a spouse and/or children will inherit your estate. What happens if you have a child born out of wedlock? Will that child inherit from your estate? The Annapolis estate planning … [Read more...] about Does a Child Born Out of Wedlock Inherit from My Estate?
Can Medicaid Still Take My Home after I Die?
For 2019, the average cost of a year in a Maryland long-term care facility was over $125,000. Unless you can afford to cover that kind of expense out of pocket, you will likely need to depend on Medicaid to help you if you need long-term care (LTC) in the future. One of your biggest fears, however, may be the commonly held belief that to qualify for Medicaid you will have to give up your home or … [Read more...] about Can Medicaid Still Take My Home after I Die?
Special Planning for Children with Special Needs
If you wish to gift assets to someone with special needs, care must be taken when making that gift because you could do more harm than good. To ensure that you do not interfere with the beneficiary’s eligibility for much-needed state and federal assistance programs, you may choose to make your gift using a Special Needs Trust. A Special Needs Trust is a specialized type of trust that is intended … [Read more...] about Special Planning for Children with Special Needs
Why Do I Need a Will?
If you have yet to create even a basic estate plan, you have likely had to listen to well-meaning friends and family encouraging you to get started. It helps to understand why it is so important to have that plan in place. Toward that end, a Bowie estate planning attorney at Sinclair Prosser Gasior explains why you don’t want to die intestate. Intestate vs. Intestate Estates When a … [Read more...] about Why Do I Need a Will?
Top 10 Reasons to Review Your Estate Plan
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
How to Include Your Family Pet in Your Estate Plan
If you already have an estate plan in place, ask yourself if you have included all your family in that plan? If you have a beloved pet that you consider part of the family, you may very well have failed to include him/her in your existing plan because you didn’t realize you could do so. To help you better understand, an Annapolis estate planning attorney at Sinclair Prosser Gasior explains how to … [Read more...] about How to Include Your Family Pet in Your Estate Plan
