"Should You Tell Your Kids if You’re Leaving Them Money in Trust?" by Attorney Colleen Sinclair Prosser I am often asked the question, “Should I tell my kids that I am leaving their inheritance in a trust?” and, as a typical attorney, my answer is, “it depends”. Many parents are reluctant to discuss the fact they are creating a trust with their children. There are some good reasons why you … [Read more...] about Should You Tell Your Kids if You’re Leaving Them Money in Trust?
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What is the Money in a Special Needs Trust Used For?
"What is the Money in a Special Needs Trust Used For?" by Attorney Alex Pagnotta The creation of a special needs trust is of vital importance if you have a person in your life who is disabled and you want to provide a financial gift to that individual. Money or property that you wish to give should be placed into a trust so as not to cause a loss of access to important government benefits like … [Read more...] about What is the Money in a Special Needs Trust Used For?
Can You Give Away Your Wealth to Get Medicaid?
"Can You Give Away Your Wealth to Get Medicaid?" by Attorney Laura Curry Medicaid is the single largest source of health coverage in the United States and is administered by states, according to federal requirements. It provides health coverage to millions of Americans, including eligible low-income adults, children, pregnant women, and people with disabilities. Medicaid is a means-tested … [Read more...] about Can You Give Away Your Wealth to Get Medicaid?
Spousal Elective Share Update
"Spousal Elective Share Update" by Attorney Jon Gasior (Audio) A few weeks ago, we talked about the Maryland Estates and Trust code and the proposed changes to the spousal elective share. For years, Maryland legislators have been proposing to change how the spousal elective share works. The general idea of the elective share is that a surviving spouse can make a claim against a deceased … [Read more...] about Spousal Elective Share Update
The Advantages of Portability
"The Advantages of Portability" by Attorney Victor Lembo 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 2019, for someone who has not used any exclusion during their lifetime, this would be $11.4 million. Maryland also has an estate tax, as it decoupled from … [Read more...] about The Advantages of Portability
Clarity is Key to Planning
"Clarity is Key to Planning" by Attorney Jon J. Gasior (Audio) When problems arise in an estate plan, often the source is a lack of clarity. Tom Petty died in 2017 and left a fortune estimated by Newsweek to be around $38 million. Petty did some things right, but he could have done better. What did Tom Petty do right? First, he planned. Most people just let nature take its course and fail … [Read more...] about Clarity is Key to Planning
Sending Condolences
"Sending Condolences" by Attorney Colleen Sinclair Prosser Writer Gail Rubin is a wonderful resource to me for her kindness and keen sense of caring during a difficult time in someone’s life, the death of a loved one. Recently, she provided some good advice on how to offer your condolences that I would like to share with you. You don’t need to be an award-winning writer to create an … [Read more...] about Sending Condolences
Medicaid’s Spousal Impoverishment Rules
"Medicaid’s Spousal Impoverishment Rules" by Attorney Alex Pagnotta Almost half of all seniors currently in long-term care rely on Medicaid to help cover the cost of that care. If you, or your spouse, are facing the need for long-term care (LTC) in the near future, you may also find yourself turning to Medicaid to help. The Medicaid eligibility guidelines and application procedures, however, … [Read more...] about Medicaid’s Spousal Impoverishment Rules
Estate Planning for Cryptocurrency
"Estate Planning for Cryptocurrency" by Attorney Laura Curry There has been a lot of recent news about the founder of a cryptocurrency exchange suddenly dying and not having a plan in place to address his $190 million in bitcoin and other funds. The thirty year old founder and CEO of a Canadian cryptocurrency exchange died on a trip to India and did not share the password for his encrypted … [Read more...] about Estate Planning for Cryptocurrency
What is the Augmented Estate?
"What is the Augmented Estate?" by Attorney Jon J. Gasior Over the last several years, the Maryland General Assembly has considered bills that are often called “augmented estate” bills. The question becomes, how will these impact Marylanders, if at all? In order to understand the augmented estate, one must first understand the spousal election. In Maryland a surviving spouse can make an … [Read more...] about What is the Augmented Estate?
Luke Perry’s Estate Plan to Protect His Family
"Luke Perry’s Estate Plan to Protect His Family" by Attorney Victor Lembo The pop culture world was saddened to learn of the death of Luke Perry, who died tragically on March 4, 2019, surrounded by family and friends. Perry, whose full name was Coy Luther Perry, III, rose to fame as he starred on the popular 90’s show “Beverly Hills 90210”. He passed due to a stroke that he suffered just days … [Read more...] about Luke Perry’s Estate Plan to Protect His Family
Three Categories of Assets at Death
"Three Categories of Assets at Death" by Attorney Colleen Sinclair Prosser There are many ways to hold title to assets during your life. Upon your death, the title to each asset must be reviewed and transferred according to how it was titled. In order to determine how to transfer the assets of a decedent, we must place the assets in three different categories. The first category is Probate … [Read more...] about Three Categories of Assets at Death
Five Asset Protection Strategies That Could Help Protect Wealth
"Five Asset Protection Strategies That Could Help Protect Wealth" by Attorney Alex Pagnotta There are many possible threats to a person's assets, with the specific dangers varying depending upon things like the age of the individual and what form the assets take. Business owners, for example, do not face the same threats to their wealth as people who earn standard wage income or people who own … [Read more...] about Five Asset Protection Strategies That Could Help Protect Wealth
Elder Fraud Sweep
"Elder Fraud Sweep" by Attorney Laura T. Curry On May 7, 2019, the Attorney General and U.S. Attorney announced the largest coordinated sweep of elder fraud cases in history. The cases brought during this sweep of elder fraud involved more than 260 defendants from around the globe who victimized more than two million Americans, most of them elderly. The offenders allegedly engaged in financial … [Read more...] about Elder Fraud Sweep
Can I Contest My Father’s Will?
"Can I Contest My Father’s Will?" by Attorney Jon J. Gasior (Audio) No matter how old you are, the loss of a parent is never easy to accept. If you recently lost your father, you are undoubtedly going through a period of grief and heightened emotions. At the same time, there are practical and legal issues relating to your father’s death that must also be addressed. At the top of that list is … [Read more...] about Can I Contest My Father’s Will?
Estate Planning for Maryland Motor Vehicles
One of the most frequent questions received during seminars and consultations is, "How should I title my Maryland motor vehicle?" There are different options for you to consider. If the vehicle is titled in your name alone, then upon your death, the vehicle must go through the probate process for your executor to either sell or retitle your vehicle. We often suggest avoiding the probate … [Read more...] about Estate Planning for Maryland Motor Vehicles
What is a Pour-Over Will and Why Should I Have One?
"What is a Pour-Over Will and Why Should I Have One?" by Attorney Victor A. Lembo (Audio) When you sit down with an attorney to discuss your estate, it is likely different options were presented, including wills and trusts. As revocable trusts are a popular vehicle to avoid probate, minimize taxes, and control assets for your family, an important document to be drafted with it is referred to as … [Read more...] about What is a Pour-Over Will and Why Should I Have One?
