Blog - Page 3 of 12 - Law Offices of Clifford M. Cohen

Maryland Estate Tax: What You Need to Know

Posted on July 21, 2021

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...

What Are the Differences Between a Void Contract and a Voidable Contract?

Posted on July 7, 2021

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...

With Home Prices Rising Rapidly, You May Find It Easy to Get Rid of Your Mortgage Insurance

Posted on June 23, 2021

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...

Should Your Estate Plan Include a Letter of Intent?

Posted on June 9, 2021

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...

Trusts Aren’t Just for Rich People

Posted on May 18, 2021

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...

FEMA Now Provides Financial Assistance for COVID-Related Funeral Expenses

Posted on May 11, 2021

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...

The $250,000/$500,000 Home Sale Tax Exclusion

Posted on May 4, 2021

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...

How Can You Cover the Cost of a Nursing Home If Your Loved One Has Parkinson’s?

Posted on April 28, 2021

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...

Three Reasons Why You Should Have A Pet Trust In Your Estate Plan

Posted on April 23, 2021

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...

Using Estate Planning to Prepare for Medicaid

Posted on March 12, 2021

Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can be very expensive, especially around-the-clock nursing home care. Most people end up paying for nursing home care...