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, the American legal system has historically protected widows and
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 other types of entities, partnerships, limited liability companies, etc. A
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, clothing, food, education, etc. The person responsible for these
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, and so on). This article discusses one of the fundamental
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 to the tax. The Federal Estate Tax exemption for 2019
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