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How Many Executors Should I Name In My Will?

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  One of the most important things you will have to consider when setting up an estate plan is who will be the executor of your will and the trustee of your trust.  For ease of administration it is often recommended that you name only one person to fill these roles. Some people do not like to name just one person, especially when they have two children and they want both children to act … [Read more...] about How Many Executors Should I Name In My Will?

How a Trust is like a Tube of Toothpaste

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Here is something to consider. A trust is kind of like a tube of toothpaste. When you squeeze a tube of toothpaste really hard, all of the toothpaste will come out and you have no control over the sticky mess that you just made. You cannot put the toothpaste pack no matter how hard you try. When you set up your estate plan you can think of your trust like a tube of toothpaste. When you leave … [Read more...] about How a Trust is like a Tube of Toothpaste

Choosing Successor Trustees

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Should you decide to leave your beneficiaries’ inheritances in trust for them, you will need to decide who will be your Trustee for those beneficiaries’ trusts.  If your main concern is giving as much flexibility and freedom to the beneficiary as possible, you may want the beneficiary to be the Trustee of his or her own trust.  While this choice offers the greatest flexibility and freedom, it … [Read more...] about Choosing Successor Trustees

What Happens to a Leased Vehicle After Death?

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  Leasing a car may be a great option when you do not want to purchase a vehicle.  Instead of having higher monthly payments and excessive fees, a lease may provide for more cash flow and additional flexibility for returning the vehicle at the end of the lease term. However, if the owner dies while leasing, what happens to the vehicle and the contract obligations may surprise you.  It is important … [Read more...] about What Happens to a Leased Vehicle After Death?

Undue Influence: A Challenge to an Estate Plan

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  My clients often ask me “After my death can someone challenge my estate plan?”  My answer to that question is that anyone can challenge your estate plan - you can’t stop someone from doing so - but is there a valid reason to challenge your estate plan?  One of the most often seen challenges to estate plans is undue influence.    Undue Influence is when another person applies a significant amount … [Read more...] about Undue Influence: A Challenge to an Estate Plan

What Is The Spousal Elective Share?

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The spousal elective share is a holdover from English common law. It is derived from the idea of dower or curtesy. The idea behind an elective share is that if one spouse disinherits the other, the surviving spouse may still elect to receive a portion of the deceased spouse’s estate. Currently in Maryland if there are surviving children, the spouse may elect to take 1/3 of the deceased spouse’s … [Read more...] about What Is The Spousal Elective Share?

What Are My Options of Distributing An Inheritance To My Beneficiaries?

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  One of the key decisions in preparing your estate plan is deciding in what manner you will leave your assets to your beneficiaries.  Years ago it was quite common to leave inheritances outright.  In more recent times, “staggered” distributions were favored, which distributed the inheritance to the beneficiary in pieces – such as one-half at death and the balance five years later, or one-third … [Read more...] about What Are My Options of Distributing An Inheritance To My Beneficiaries?

What Are My Options in Distributing the Inheritance I Leave To My Heirs?

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  What Are My Options In Distributing The Inheritance I Leave To My Heirs?" by Attorney Nicole Livingston … [Read more...] about What Are My Options in Distributing the Inheritance I Leave To My Heirs?

David Bowie – His Legacy Behind the Music

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  When David David Bowie passed away from cancer on January 10, 2016, we lost an icon whom had far-reaching effects into the world of music and culture. However, we gained some valuable lessons from his profound business and estate planning. After David Bowie married his second wife, supermodel Iman, he moved to New York and strategically planned out his financial legacy. Although he had … [Read more...] about David Bowie – His Legacy Behind the Music

Cleaning Up After A Hoarder

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  While settling an estate, it is not uncommon that we encounter a home owned by a hoarder.    Recently I attended a presentation by Cory Chalmers, an expert on hoarding, and learned a lot of valuable information about hoarding. The first thing I learned is that there are different levels of hoarding ranging from one to ten.  One being a mild hoarder, maybe someone who collects a few old … [Read more...] about Cleaning Up After A Hoarder