Category: Estate Planning

When a person passes away without a will (or, in the case of certain assets, without designated beneficiaries), the decedent’s assets are distributed according to what is known as intestate succession. In this situation, “who gets what” follows strict guidelines established by the state of Maryland. Broadly speaking, these guidelines mandate that assets be distributed …

Let’s begin with a look at the numbers. The current federal estate tax exemption is $11.7 million for individuals and $23.4 for couples filing jointly. Assets in excess of these amounts will be taxed at a graduated rate between 18 and 40 percent depending on the size of the estate. In Maryland, the 2021 exemption …

Key Tips for Supporting A Loved One with Dementia Are you caring for a loved one with dementia? One of the most challenging aspects of witnessing a loved one struggle with dementia may be the sadness and confusion an individual experiences, often exhibited through angry outbursts and belligerence. Let’s go over some tips that can …

Reasons Why Trusts Fail Did you know that trusts can often be touted as one of the most useful estate planning instruments? They can keep an estate out of probate. They can be utilized for tax planning purposes. They can be used as a vehicle for long-term care planning by structuring a person’s assets in …

Think You Are Able To Avoid Probate? Three Common Mistakes We See Did you know there may be several tools you can put in place to avoid probate, at least in part? Due to the notoriously lengthy and often expensive nature of the probate process, many seek ways to avoid it. Unfortunately, however, there may …

Inherited 401(k)s: 6 Questions Heirs Need to Ask Did you know that an inherited 401(k) can be a lasting legacy, but the windfall should be handled carefully to maximize the inheritance and minimize taxes? Your relationship to the deceased and the 401(k) plan’s own rules can impact your options for managing the money. Step carefully, …

Understanding Special Needs Estate Planning for the Cognitively Impaired Do you have a child or loved one with a developmental disability or other type of cognitive impairment?  Your estate plan may have considered current or potential physical disabilities, but what if your loved one has developmental or other types of cognitive disabilities?  Individuals with these …

7 Questions to Ask Before Updating Your Estate Plan After Remarriage  Did you know that remarriage is on the rise in the U.S.? It can be important to note, however, that remarriage can create some tricky estate planning issues. Are you wondering how you can assure your assets end up where you want them to …

Understanding Prenuptial Agreements for Estate Plans Discussion of the prenup seems to abound, surrounding celebrity and other high-profile marriages. From a legal perspective, what exactly is a prenuptial agreement and how can you add one to your estate plan? As the term itself suggests, a prenuptial agreement is an agreement, or more accurately, a legal …

Are You Set Up To Protect Your Digital Assets? New Year’s resolutions are in full swing, and in this new year of 2021, understanding how to protect your digital assets seems like a hot topic. Data security is in the headlines, and digital privacy is the new black. On January 28, 2021, we will recognize …