Oftentimes in my consultations, I hear the refrain, “I am uncertain as to what is going to happen, so I do not know what I should do.” This comment is usually in reference to either the client’s own personal situation, such as a move or a family conflict, but it may be in response to legal or geopolitical uncertainty. The question is then, how do we prepare an estate plan in times of … [Read more...] about Estate Planning During Uncertain Times
BLOG
Our Promise to You During COVID-19
March 23rd, 2020 UPDATE: Our physical office is closed following Governor Hogan's order that all non-essential businesses close. We will remain closed until directed otherwise. During this time, our staff is working remotely and all appointments (with the exception of document signings) can be conducted via video chat or phone consultation. Our staff is working diligently to contact all … [Read more...] about Our Promise to You During COVID-19
How Can I Sell My Burial Plot?
As part of the estate planning process, many of us consider purchasing a burial plot in order to help ease our families with making difficult decisions regarding final disposition. Some of us already have burial plots that have been passed down through the generations as our grandparents bought plots for the entire family. However, situations such as divorce, family disputes, changes in religious … [Read more...] about How Can I Sell My Burial Plot?
In Maryland, What Age Can You…?
"In Maryland, at What Age Can You…?" by Attorney Colleen Sinclair Prosser (Audio) When are you considered an adult? I have always thought that at the age of 18 you are considered an adult, but your age and what you can do at that age, varies from state to state and from act to act. In Maryland you can: Get a driver’s license at the age of 16 When you reach 18 years old, you can sign … [Read more...] about In Maryland, What Age Can You…?
Leaving an Inheritance to Grandchildren
Leaving money to a grandchild can be more complicated than it appears at first glance. Here are some of the frequent questions that come up during my consultations, along with factors to consider. Q: Can I just name my grandchild as a beneficiary on my life insurance policy? A: You could, however this could make things more complicated when you pass away. For example, if the grandchild is … [Read more...] about Leaving an Inheritance to Grandchildren
Documents Your Child Needs to Have When They Turn 18
"Documents Your Child Needs to Have When They Turn 18" by Attorney Laura Curry When your child turns the age of eighteen, he or she is now entitled to certain privacy considerations and you will no longer have the same level of access to financial and medical information that you once had. At a minimum, you should discuss with your child that they should have two important Power of Attorney … [Read more...] about Documents Your Child Needs to Have When They Turn 18
Safeguarding Original Documents Is Important!
"Safeguarding Original Documents Is Important!" by Attorney Victor Lembo (Audio) In this electronic age of copy machines, fax machines, and scanners we often lose sight of the distinction between an original document and one that has been copied, faxed, or scanned. However, at times, especially in estate planning, there is no substitute for an original. J. Douglas King’s family found out … [Read more...] about Safeguarding Original Documents Is Important!
The SECURE Act
The “SECURE Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. The SECURE Act does many things, but here are a few of the biggest changes. First the good news: It changes the age at which you must start withdrawing from your IRA or retirement plan. It was age 70 ½ under prior law while under … [Read more...] about The SECURE Act
Protecting Your Child’s Inheritance from Divorce
"Protecting Your Child's Inheritance from Divorce" by Attorney Colleen Sinclair Prosser (Audio) Many clients worry about their son-in-law or daughter-in-law divorcing their child and walking away with a big chunk of their estate. And why shouldn’t they worry? With a divorce rate in America topping every other country, the chances of your kids having a long and happy marriage are not good. … [Read more...] about Protecting Your Child’s Inheritance from Divorce
When Should Assets Be Distributed After The Death of a Loved One?
"When Should Assets Be Distributed After The Death of a Loved One?" by Attorney Alex Pagnotta (Audio) If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets from the estate to the beneficiaries as quickly as possible. However, if you distribute the assets too soon, you may be held personally liable. This could … [Read more...] about When Should Assets Be Distributed After The Death of a Loved One?
Medicaid Planning for Married Couples
"Medicaid Planning for Married Couples" by Attorney Laura Curry (Audio) Medical assistance in Maryland is provided through a joint federal-state program that can pay for care in a nursing home or rehabilitation facility for low-income individuals of all ages. It is important to know and understand the Maryland Medical Assistance, or Medicaid Eligibility Rules when thinking about planning for … [Read more...] about Medicaid Planning for Married Couples
How Much is Too Much?
"How Much is Too Much?" by Attorney Jon Gasior (Audio) We all want to help our kids financially, but how much is too much? Businessman billionaire Warren Buffet was quoted in a 1986 Fortune article that, even if you had ample wealth, one should leave your kids “enough money so that they would feel they could do anything, but not so much that they could do nothing.” Bill Gates, Warren … [Read more...] about How Much is Too Much?
Don’t Junk that Old Car Yet!
"Don’t Junk that Old Car Yet!" by Attorney Victor Lembo (Audio) Recently, the owner of a 1970 Ford Mustang put his car on eBay for sale. According to reports, the Mach 1 appeared to have faded paint and some wear and tear, but the true value of the vehicle was hidden. The Denver-based owner first used it in high school and sold it in 1984. However, he recently tracked it down and bought it back … [Read more...] about Don’t Junk that Old Car Yet!
How to Maximize the Benefits of Donating to a Charity
"How to Maximize the Benefits of Donating to a Charity" by Attorney Alexander Pagnotta (Audio) Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be fine with … [Read more...] about How to Maximize the Benefits of Donating to a Charity
How to Obtain a Guardianship in Maryland
"How to Obtain a Guardianship in Maryland" by Attorney Laura Curry (Audio) When a person is unable to care for their personal or financial needs because of age, disease, or disability, the court may appoint a guardian. A guardianship is a legal proceeding in which a petitioner (usually a family member or friend) asks the court to find that the person (the “alleged disabled individual”) is … [Read more...] about How to Obtain a Guardianship in Maryland
Why Do Heirs Prefer Trusts?
"Why Do Heirs Prefer Trusts?" by Attorney Victor A. Lembo (Audio) 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 … [Read more...] about Why Do Heirs Prefer Trusts?
End-of-Life Planning: Estate Planning at its Core
"End-of-Life Planning: Estate Planning at its Core" by Attorney Colleen Sinclair Prosser Gasior (Audio) As estate planning attorneys, we do many things for clients, including: Helping clients plan for their disability by assigning an agent who will manage their assets and care for them when they are unable to do so themselves Provide guidance on what will happen with their worldly … [Read more...] about End-of-Life Planning: Estate Planning at its Core
