The Do’s & Don’ts of Administering a Maryland Trust or Probate Estate
Administering a Trust or Estate involves more than just handing out money. It means you must follow specific legal and tax laws and rules of procedure, stay organized, and act in good faith. When fiduciaries, such as a Personal Representative administering a Probate Estate or a Trustee handling a Trust Administration ignore professional advice or […]
Can Your Executor Handle It? 3 Signs You Picked the Wrong Person
When you create a Will, one of the most important choices you make is who will serve as your Personal Representative (aka “Executor”). In Maryland, this person manages your Estate and handles all legal responsibilities which requires filing paperwork, settling debts, paying taxes, and distributing your assets. It’s not just a title; it’s a serious job. […]
Is Your IRA Inheritor-Proof?
IS YOUR IRA INHERITOR-PROOF? The SECURE Act changed the rules—and most people have not caught up. You spent years building your IRA. You planned for the IRA to support your loved ones after you are gone. But thanks to the SECURE Act, your IRA might no longer work the way you intended. What the SECURE […]
The Document That Speaks When You Can’t: Why You Need An Advance Directive Now
The Document That Speaks When You Can’t: Why You Need An Advance Directive Now No one plans to get sick or injured, but when the unexpected happens, your doctors will need answers. Whether it’s a car accident, stroke, or a sudden illness, who should make medical decisions for you? Should they pursue every life-saving measure? […]
5 Things Your Fiduciary Needs to Know Before You Die
5 Things Your Fiduciary Needs to Know Before You Die You might think you have a solid estate plan – but if your fiduciary doesn’t know the basics, they could face legal and financial chaos after a loved one dies. Here are 5 things they need to know—before they’re in the middle of it: […]
Digital Assets: Why They Need to Be Part of Your Estate Plan
These four steps will help ensure your digital accounts and subscriptions aren’t lost when you die. What’s will happen to your Facebook account or the songs you’ve downloaded from iTunes when you die? As digital assets become more common for us all, it’s important to incorporate them into estate plans. Unfortunately, that’s not always easy to […]
Right of Occupancy Trust Safeguards Your Residence or Other Property for Loved Ones
Estate planning is designed to protect you and your loved ones. Sometimes offering such “post mortem protection” for a dependent loved one can be challenging. While you may want to give substantial benefit to a dependent loved one, you may also want to provide for other independent loved ones and heirs. A Right of Occupancy […]
How Should You Hold Title to Real Estate?
Your home is probably the most valuable asset you own. Yet most people do not think about how to hold title until the title company poses the question when you buy or refinance. But how you hold title to real estate deserves careful consideration because it has far-reaching effects. Let’s look at some common ways […]
Why Unmarried Partners Should Care About Estate Planning
According to a 2019 survey conducted by the Pew Research Center, 7 percent of surveyed adults were living with an unmarried partner, up from 3 percent in 1995.[1] More people such as yourself are entering long-term committed relationships without getting married. Unfortunately, many state and federal laws do not protect unmarried couples as they do […]
Single? Estate Planning is Still Essential
These days, more people are living single than ever before. In 1970, about one-third of Americans 15 and older were single, according to U.S. census data. In 2020, that number is closer to 50 percent. Whether never married, divorced, or widowed, single people need to pay just as much attention to their estate planning as […]