Many of our clients living here in Maryland have out of state property. Whether that is a vacation home in Florida or Delaware, a deeded timeshare somewhere, or a property inherited from a family member, it is something you need to plan for in your estate plan. When someone passes away owning property in more than one state, and they do NOT have an estate plan in place, then there will … [Read more...] about Out of State Property and Your Estate Plan
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Understanding Continuing Care Retirement Communities and the Legal Considerations Before Signing a Contract
As retirement approaches, many older adults and their families begin to explore long-term living arrangements that offer comfort, community, and comprehensive care. One increasingly popular option is a Continuing Care Retirement Community (CCRC). These communities offer a continuum of care—from independent living to assisted living and skilled nursing—all on one campus. While the appeal is … [Read more...] about Understanding Continuing Care Retirement Communities and the Legal Considerations Before Signing a Contract
Thinking About Revoking Your Trust? Here’s What You Need To Know
If you’ve set up a revocable living trust, you already know the benefits: avoiding probate, keeping things private, and simplifying asset management. But what if you change your mind? Yes, you can revoke your trust if it is a revocable trust Revocable Means Revocable - But It’s Not That Simple A revocable trust gives you flexibility. You can change it, update it, or revoke … [Read more...] about Thinking About Revoking Your Trust? Here’s What You Need To Know
Plan for Life: Proper Estate Planning Covers More Than Death
Comprehensive estate planning goes beyond wills and trusts. One of the most essential—but often overlooked—tools in any estate plan is the Power of Attorney (POA). These documents serve a vital role in protecting your interests during your lifetime, particularly in the event of illness, injury, or incapacity. In fact, we recommend at least this basic form of estate planning for anyone who has … [Read more...] about Plan for Life: Proper Estate Planning Covers More Than Death
What Happens If You Don’t Have a Power of Attorney?
A power of attorney is a necessary document to have as part of a comprehensive incapacity plan. Making a power of attorney is important to protect yourself in case you develop a serious illness or suffer an emergency injury, and you are not able to make your own decisions or manage your own affairs as a result of what has happened. A power of attorney must be created before something … [Read more...] about What Happens If You Don’t Have a Power of Attorney?
The Titling of Joint Accounts with Non-Spouses
When reviewing assets with clients, we often find that they have jointly titled accounts. This is very typical for spouses. But sometimes, clients will have a joint account with someone other than their spouse, such as an adult child. What should you be thinking about when you open a joint account with someone, or add someone’s name to your existing account? There are some benefits … [Read more...] about The Titling of Joint Accounts with Non-Spouses
A Message from Jon Gasior
Why my law firm’s partnership with the Alzheimer’s association is so important. When I started doing estate planning I quickly realized the devastating impact Alzheimer's and other dementias can have on families. I often talk to families about their planning in the event they become incapacitated as well as talk to the family members of those clients that do become incapacitated. In these … [Read more...] about A Message from Jon Gasior
Stretching Your IRA with a Charitable Trust: A Strategy to be Used Post-SECURE Act
You have spent decades working and building up your retirement account. You are trying to delay the time in which you are required to start taking distributions from that account. You are then trying to take the smallest amount of money out of that retirement account based on your life expectancy. You do this to try and pay less in income tax. You view your retirement account as a long-term safety … [Read more...] about Stretching Your IRA with a Charitable Trust: A Strategy to be Used Post-SECURE Act
Important Topics to Discuss with Your Decision Makers
After creating their estate plan, some clients are eager to discuss it with their decision makers, while others are reluctant to start the conversation. Both responses are understandable, but there are some discussions that you should make an effort to have with your decision makers. So how do you facilitate that? First, understand who your decision makers are. These are the people who … [Read more...] about Important Topics to Discuss with Your Decision Makers
How to Leave Your Indivisible Wealth to Your Heirs
Most of us own a beautiful heirloom or precious pieces of our family’s history, but what should we do with it? Some of the greatest treasures passed down through generations are pieces of vintage family jewelry. It may be an antique engagement ring or the family pearls. There may be furniture used to start the family business. Your family history imbues these items with immense sentimental … [Read more...] about How to Leave Your Indivisible Wealth to Your Heirs
Don’t Take Advice From The Internet (Especially Reddit)
We’ve all turned to the internet for answers at some point. Whether you’re googling a random trivia fact or trying to figure out if you can legally adopt a pet squirrel (RIP Peanut), the internet feels like the ultimate resource for all kinds of knowledge. But when it comes to something as important and legally complex as estate administration, the internet is not the place to look for advice. … [Read more...] about Don’t Take Advice From The Internet (Especially Reddit)
Pet Trusts – How to Ensure Your Pet is Protected After You’re Gone
When planning for your estate, one member of your family may need a little extra attention—your pet. Although this lovable animal is a staple member of your family, the law sees your pet as a part of your estate, a piece of property for the lack of a better term. To plan for them, there are a few main factors . First, who would you want to care for them. Usually, one may pass their pet to a … [Read more...] about Pet Trusts – How to Ensure Your Pet is Protected After You’re Gone
How Does Divorce or Separation Impact My Estate Plan?
A divorce or separation can significantly impact the estate plan you put in place with your spouse. A divorce can impact beneficiary designations, asset distribution, and roles of individuals named in your documents like executors or trustees. It is critical that you update your estate plan as soon as the divorce is finalized and perhaps update a few of your documents prior to the final divorce … [Read more...] about How Does Divorce or Separation Impact My Estate Plan?
Common Pot Trusts and their Use for Young Families
Most people are familiar with how a Will or Trust usually provides for children’s inheritance. After parents pass, things are typically divided up equally between children into separate shares. But this may end up not being “fair” or not being exactly what you intended. Instead, another way to pass on children’s inheritance is to use something called a Common Pot Trust. Basically, instead … [Read more...] about Common Pot Trusts and their Use for Young Families
Title – How Do You Own Your Property?
In short, title is the legal ownership of property. Someone who holds title to a piece of property, whether that is real property like land or intangible property such as a bank account, holding proper title designates that person as the legal owner of said property. How someone holds title is very important and signifies how they are able to then pass that property down through proper estate … [Read more...] about Title – How Do You Own Your Property?
When an Estate Administration Takes Longer than Expected
Estate Administration is often seen as a straightforward process: after someone passes away, the personal representative gathers assets, pays off debts, and distributes what’s left to the beneficiaries. However, many estates take far longer to settle than anticipated, leaving everyone involved frustrated. If you’re in charge of administering an estate, it’s important to understand why delays … [Read more...] about When an Estate Administration Takes Longer than Expected
The Policy of Handling Homeowner’s Insurance After Death
There are many aspects that an executor must manage after the death of a loved one. And while you are grieving the loss, if there is a house, it is often one of the first places you visit and immediately start thinking...what are my responsibilities? While it may be apparent that the utilities must be paid and the property secured, one item that often arises is how to handle the insurance. … [Read more...] about The Policy of Handling Homeowner’s Insurance After Death
