One of the most vital decisions you’ll make during the estate planning process is selecting a Personal Representative for your will or a trustee for your trust. These roles carry immense responsibility and ensure your wishes are carried out accurately and...
When it comes to planning for the future of your assets and ensuring your loved ones are taken care of, two main tools at your disposal are wills and trusts. Although they can seem quite similar, they serve slightly different purposes and come with their distinct...
Imagine for a moment you’ve just completed an intricate jigsaw puzzle. You’ve spent hours fitting pieces together, and finally, the full picture is clear. In many ways, your life is like that puzzle, an intricate blend of relationships, assets, and...
At Chesapeake Wills and Trusts, we strive to empower you with comprehensive knowledge for effective estate planning. Part of this involves understanding not just what a will can do, but also what it cannot. Being aware of the limitations of a will is essential to...
The general definition of power of attorney is “a written authorization that allows you to act on someone else’s behalf in all financial, medical care, property, and legal matters”. In that agreement, the person giving over their right to decision-making is referred...
With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding both the federal...
The one-year deadline for nursing home residents on Medicaid to spend down their first round of stimulus checks is here, but they may have a little extra time. In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized $1,200...
If you are caring for a loved one at home, you may need to rent a hospital bed. Here are the ins and outs of hospital bed rentals. The benefit of a hospital bed is that it adjusts to allow people with limited mobility to more easily get in and out of the bed....
The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus. If you have significant medical expenses, you may be able to deduct them from...
President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways. The $1.9 trillion American...
