As an estate planning law firm with nearly thirty years of experience, we see several common excuses for why clients delay getting an estate plan in place. Add changing laws at the state & federal level and the need to address your own mortality, it’s clear to see why many people delay in putting an estate plan in place. Here are four common myths debunked about estate planning, to help you … [Read more...] about Four Common Estate Planning Myths
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Governor Wes Moore’s Fiscal Year 2026 Budget Proposal: Significant Changes to Maryland Taxes
Governor Wes Moore’s Fiscal Year 2026 budget proposal has significant changes to Maryland Taxes. Here are the changes and the potential implications. Elimination of Inheritance Tax Maryland imposes a 10% inheritance tax upon death when assets are transferred to certain beneficiaries like nieces, nephews, friends, and other more distant relatives. Governor Moore’s proposal would be to eliminate … [Read more...] about Governor Wes Moore’s Fiscal Year 2026 Budget Proposal: Significant Changes to Maryland Taxes
Should I Put My Children on the Deed to My House?
Many people think that putting their child’s name on the deed to their home is an easy fix to avoid probate. Sure, it will keep the home out of probate, but it opens up a number of other issues. These are some of the biggest concerns: 1. Issues with Creditors When you add your child to the deed, they will have immediate ownership rights in the property. This means that your child’s … [Read more...] about Should I Put My Children on the Deed to My House?
We are members of the American Academy of Estate Planning Attorneys. What does that mean for you?
Sinclair Prosser Gasior attorneys are members of the esteemed American Academy of Estate Planning Attorneys (AAEPA). The AAEEPA is an organization of attorneys from across the country that are solely dedicated to estate planning, estate administration and preservation of wealth. I have been a part of a member firm for over a decade and I have seen just the impact the AAEPA has on my firm and the … [Read more...] about We are members of the American Academy of Estate Planning Attorneys. What does that mean for you?
Intestate Estates in Maryland: What Happens When You Don’t Have an Estate Plan?
So, you've been putting off creating an estate plan. No judgement here, life gets busy! But here's the thing: if you die without one, you've just handed the State of Maryland a game of "Who Wants to Be Your Heir?" You're not going to be the one picking. Instead, Maryland's laws of intestacy will decide who gets your stuff. Here are a few things to know if you die intestate (without an estate … [Read more...] about Intestate Estates in Maryland: What Happens When You Don’t Have an Estate Plan?
What is a Pour-Over Will and Why Should I Have One?
When you sit down with an attorney to discuss your estate, it is likely different options will be 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 along with it is referred to as the Pour-Over Will. You May be Thinking... Why do I Need a Will if I Opted … [Read more...] about What is a Pour-Over Will and Why Should I Have One?
Estate Planning Checklist: A Step-by-Step Guide to Get Your Affairs in Order
Estate planning is the process of designating who will receive your assets in the event of your death. A well-constructed estate plan will ensure your wishes are captured at your death but also during times of incapacity. An individual's estate plan can articulate not only where they want their assets to go upon their death but can incorporate values and beliefs. It's not just about who inherits … [Read more...] about Estate Planning Checklist: A Step-by-Step Guide to Get Your Affairs in Order
Reality TV Marriages and the Power of a Prenuptial Agreement
Many reality television shows these days focus on marriage. We have the Bachelor franchise, Married at First Sight, and now Love is Blind. The goal in each of these shows is for the contestants to get married. And while the fairytale ending might seem like the ultimate fantasy, there are some practical considerations that should bring you back down to earth. Marriage is a legal contract … [Read more...] about Reality TV Marriages and the Power of a Prenuptial Agreement
Five Important Things to Consider When Choosing an Estate Planning Attorney
Estate planning is an interesting area of the law because everyone needs their own plan in place. It can be incredibly rewarding for attorneys as well, and many are drawn to the practice area because it is a way to have a great impact on family's wealth and legacies. Because of this, the market for attorneys is full of highly educated, highly competent estate attorneys, so how does a potential … [Read more...] about Five Important Things to Consider When Choosing an Estate Planning Attorney
This Valentine’s Day, Give the Gift of Peace of Mind
“Happy Valentines Day, Darling. Here’s an Estate Plan.” How very romantic. Aren’t those the words everyone wants to hear. Valentine’s day is here, and while you’re planning to shower your loved ones with chocolates, roses and maybe even a heart-shaped balloon or two, there’s another gift that could truly make their hearts flutter – an estate plan. Wait, wait! Don’t go away just yet. Hear me out. … [Read more...] about This Valentine’s Day, Give the Gift of Peace of Mind
Long-Term Care Planning for Veterans
The Aid and Attendance (A&A) pension and Housebound benefit are two largely unknown benefits that the Veterans' Administration (VA) offers to qualified veterans, their spouses and, in some cases, their dependents. These benefits provide monthly payments that are added to the monthly VA pension or Survivors Pension that can assist in paying for long term care expenses. These pension benefits … [Read more...] about Long-Term Care Planning for Veterans
What Does it Mean to Fund a Trust?
It is important to fund your trust. A trust spells out who will be in charge of things if you were to pass away or become incapacitated. While beneficiaries are listed in the trust during planning, that doesn't mean you're done with setting up your trust for success. Let's say you look at your brokerage account and see that your name and your son’s name are listed as joint owners. The financial … [Read more...] about What Does it Mean to Fund a Trust?
IRS Increases Estate and Gift Tax Exemptions for 2025
"IRS Increases Estate and Gift Tax Exemptions for 2025" by Attorney Laura Curry (Audio) Starting January 1, 2025, the Internal Revenue Service (IRS) raised the federal estate tax exemption from $13.61 million to $13.99 million and increased the annual gift tax exemption from $18,000 to $19,000. What is the federal estate tax exemption, and how does it affect your estate plan? The … [Read more...] about IRS Increases Estate and Gift Tax Exemptions for 2025
Changing the Guardian in Your Estate Plan
Congratulations on setting up your estate plan early in your adult life! If you have young children, one of the most important aspects of that plan is naming a guardian—someone who would have legal custody of your children if you were to pass away. However, life is full of changes. The person you initially named as guardian may have moved out of state, fallen out of favor, become ill, or even … [Read more...] about Changing the Guardian in Your Estate Plan
Five Celebrity Estate Planning Lessons
"Five Celebrity Estate Planning Lessons" by Attorney Beth Burgee (Audio) Estate planning ensures that your assets are distributed according to your wishes after your death. Interestingly, many celebrities, despite their perceived access to top legal advisors, often make mistakes regarding their estate plans. Here are five key lessons we can learn from celebrity estates. 1.) Create a Valid … [Read more...] about Five Celebrity Estate Planning Lessons
Corporate Transparency Act Temporarily Halted
What Is the Corporate Transparency Act? Enacted on January 1, 2021, the Corporate Transparency Act (CTA) aims to address gaps in the government’s efforts to combat money laundering, particularly the concealment of illegal profits through businesses and property holdings. The CTA requires most new and existing business entities to report sensitive ownership and management information to the … [Read more...] about Corporate Transparency Act Temporarily Halted
What Happens to Debt When You Pass Away?
A common concern when creating an estate plan is how debt after death will be handled. Generally, when someone dies their debt does not disappear. When someone passes away, their estate, which includes all their assets such as real estate, savings, and investments, becomes responsible for settling any outstanding debts. It is important to note, that before any assets can be distributed to heirs or … [Read more...] about What Happens to Debt When You Pass Away?
