Let’s start with the good news. The vast majority of us are not subject to federal estate taxes because the current threshold is $11.7 million for individuals and $23.4 for couples filing jointly. Unfortunately, the threshold for Maryland’s estate tax is considerably less. If a Maryland resident passes away in 2021 and has an estate …

A contract is an agreement between private parties that creates mutual legal obligations. There are four fundamental elements necessary to make a contract legally enforceable: mutual assent, adequate consideration, capacity, and legality. The terms “void contract” and “voidable contract” may sound similar, but these two types of contracts are entirely different. A void contract cannot …

Home prices are skyrocketing nationwide thanks to low mortgage interest rates, strong demand, and limited supply. According to the National Association of Realtors, 88 percent of metropolitan areas in the U.S. saw double-digit price increases in the fourth quarter of 2020 compared to the fourth quarter of 2019. Realtor.com reports that as of April 3, …

A Letter of Intent, also called a Letter of Instruction, is a document outlining your wishes on a wide range of matters. Unlike a Last Will and Testament, which is a legally binding expression of your wishes, a Letter of Intent is an informal document. Your executor and loved ones are not required to abide …

One of the more common misconceptions about trusts is that they are only for celebrities and the wealthiest of families. Not so. Trusts can accomplish a wide range of planning objectives, many of which apply to “regular folks.” Let’s look at few examples. Avoiding Probate Probate is a legal process whereby an individual’s debts are …

If you have lost a loved one due to COVID-19, FEMA now offers financial assistance for funeral expenses. Assistance is available retroactively for funeral expenses incurred after January 20th of last year. Eligibility Requirements To be eligible for assistance from FEMA, your loved one must have passed away in the United States (including U.S. territories …

If you own your home and are thinking of selling, it can be important to understand the home sale tax exclusion so you can maximize your tax benefits. Did you know your exclusion may be up to $250,000 in capital gains if you are single, or up to $500,000 if you are married? Numbers like …

Learning that a loved one has been diagnosed with Parkinson’s disease is extremely difficult for family members to absorb. Oftentimes, and rightfully so, the initial focus of family members is obtaining the most advanced medical treatment available. Such care, however, can be costly. Furthermore, as the disease progresses, it may continue to impact your loved …

For many people, pets are like members of the family. Perhaps you have wondered what will become of your beloved companion if you become incapacitated and after you pass away? A pet trust could provide the answer. Let’s take a look at three reasons why you may want to consider a pet trust. First, a …

Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.