IS YOUR ONLY PROBATE ASSET A CAR? – How to avoid the need to open a small estate
Because of the simplification of estate tax planning and the rise in probate avoidance techniques, we are finding that, for many, the only asset that is governed by a decedent’s Will is their car. Traditionally, the decedent’s family would have to
DIY ESTATE PLANNING
WHAT YOU DON’T KNOW CAN HURT YOU Online services like LegalZoom and Rocket Lawyer allow customers to produce Wills and other estate planning documents inexpensively without the assistance of an attorney. Understandably, many consumers are attracted by low upfront costs; however,
GIFT TAX MYTHS DEBUNKED – why most people can gift freely without fear of taxes
Clients often consult us before making substantial gifts. We find that many of these clients have similar misunderstandings about the tax implications of sizable gifts. These misunderstandings frequently stem from statements by family, friends, or even other professionals. The following
ESSENTIAL LEGAL DOCUMENTS FOR YOUR NEWLY ADULT CHILD – Health Care Directives and Powers of Attorney
For most young people, turning 18 is a formative event. It often means graduating from high school, going off to college, and/or starting a career. For parents, it means that their child is no longer a child, figuratively and legally.
NEW MARYLAND SPOUSAL ELECTION LAW – What is the spousal election, and what’s changing?
1. What is the Spousal Election? We enjoy considerable freedom in choosing who should and should not benefit from our property at death. We can disinherit children and grandchildren and instead benefit charities, friends, or any other individual or organization. However,
ESTATE PLANNING FOR BUSINESS OWNERS – The Importance of Maintaining a Corporate Minute Book
A common issue we confront with our business owner clients is a failure to adequately maintain fundamental business records. While the following discusses the importance of maintaining a corporate minute book, the same considerations apply to the governing documents for
MINOR BENEFICIARIES – Guardians, Trustees and Custodians
Parents of young children often worry about who will take care of their children if the parents die prematurely. Understandably, most parents’ primary concern in this regard is the day-to-day welfare of the children – i.e., who will ensure adequate shelter,
TRUSTS FOR DESCENDANTS – Are They Right for Me?
Most of our estate planning clients want the same thing: for their assets to pass to the people they love. For our clients with children, this typically means they ultimately want to benefit their descendants (i.e., their children, grandchildren, great-grandchildren,
ESTATE TAX PLANNING – Who Needs It?
Very few Marylanders need to worry about Estate Tax when creating or revising their estate plans. Effective January 1, 2019, only married couples with assets in excess of $10 Million and individuals with assets greater than $5 Million are subject