Many estate plans establish trusts for children, grandchildren, or other beneficiaries. These are known as testamentary trusts, or trusts established at your death (as opposed to an inter vivos trust, or a trust established during your lifetime). However, assets that pass outside of the Will – like retirement accounts or
As mentioned in our previous post, the Maryland legislature enacted a law that allows for electronic execution of Wills. While this law is technically in effect, we have not yet found a cost-effective way to implement this for our clients. While we continue to offer virtual meetings to our clients,
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted in response to the 2020 coronavirus pandemic, includes several provisions that modify retirement account contribution and distribution rules. For example: Retirement account owners may withdraw up to $100,000 from retirement accounts without penalty. Income tax on withdrawals may be paid
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