One of the most common reasons to engage in estate and elder law planning is to preserve your assets while still qualifying for long term care benefits provided by Medicaid. Many individuals who are getting close to retirement age look for options, such as passing on...
A legal document that names what will happen to your assets after you pass away is an important part of the estate planning process. There are many different benefits associated with creating a trust and this article discusses three clear benefits about creating a...
In Maryland, as in many other states, probate refers to the legal proceedings that are initiated to administer a deceased individual’s estate. You could have been named as executor or personal representative of the estate through the decedent’s last will...
Having all of your estate planning documents on the same page is one important step towards ensuring a smooth transfer of your assets during your life if needed and after you pass away. A trust and a will are distinct legal documents that might share a common goal of...
When you plan to create a trust in Maryland, your main concerns are that the trust serves a bigger estate planning purpose and that it protects your loved ones from unnecessary conflict or issues. The creation of a trust means that you have taken an important step in...
When you create a trust, you’re not just thinking about the property you’ll place inside of it, but who will be responsible for managing it. This person is known as the trustee and they hold an important fiduciary duty to act on behalf of the beneficiary’s best...
Do you have an adult child you’d like to transfer assets to, but you’re concerned about their ability to handle it properly? You’re not alone. This problem is often referred to as “the spendthrift issue” and thankfully, there are estate planning tools available to...
If you have been named as a personal representative and are tasked with settling an estate through probate, you’ll want to avoid these common mistakes. Handling Assets Incorrectly One of the first things a personal representative must do is secure all of the...
It’s a nice thing to do to pass on assets to your grandchildren and it can be used to help reduce the size of your estate. In 2020, you can give each of your grandchildren up to $15000 under the gift tax without having to report those gifts. While you might choose to...
You might not want to think about what your own estate plan entails, which means you could put off having a good conversation with your loved ones about it. It’s very nerve-wracking when no one your family, including your elderly parents, will discuss their estate...
