Author Archives: Andre O. McDonald
What Type of Deed Should I Use When Transferring Real Estate into a Trust?
When using trusts in estate planning, a key element includes transferring real estate belonging to the trustmaker into the trust by recording a deed with the local recording authority. This step is crucial for ensuring that the trustee has the authority to manage and ultimately sell or transfer the property should the trustmaker become… Read More »
Medicaid Eligibility for Nursing Home Level of Care
Think again if you thought Medicaid planning only included meeting strict income and asset limits for long-term care coverage. You will also need to demonstrate you need the level of care typically provided in a nursing home setting. These health eligibility rules are valid if you apply for nursing home coverage or a Medicaid… Read More »
Untangling a Tangled Title: Homeownership, Property Deeds, and Estate Planning
Do you really own the home you live in? If you are currently living in a property that you inherited but the deed has not been transferred into your name, you may be surprised to learn that, under the law, you are technically not the owner. This legal situation is known as “tangled title.”… Read More »
Qualified Personal Residence Trust: What Is It and When Should You Consider One?
Americans have enjoyed historically high estate tax exemption rates for most of the last twenty years. Such high exemption amounts have kept many of them from needing to seek out more advanced estate planning strategies to avoid estate taxes, which have been as high as 60 percent during those same years. However, it is… Read More »
Build Back Better Act and Estate Planning Changes
Build Back Better Act and Estate Planning Changes President Biden’s Build Back Better Act (BBBA) has made a significant first step towards passage as the House Ways and Means Committee approves the bill’s tax provisions. As the draft now stands, the legislative proposal may restrict the ability of higher net worth individuals to shelter… Read More »
Notice to Creditors: Understanding the Probate Process
Avoiding probate through legal techniques is a great strategy to save taxes, keep your estate from public proceedings, and avoid the need for court approval every step of the way. It can save you time, frustration, and in many cases, significant attorney and court fees. After your death, your personal representative – sometimes referred… Read More »
Becoming a Legal Guardian of Person and Property of Your Aging Parent in Maryland and the District of Columbia
Guardianship of an aging parent means acceptance of significant legal responsibility to act and advocate for their care. The duties include a parent’s daily care, medical care, and possibly financial decisions made on their behalf. Many guardians are family members who were previously caregivers, now cast into a formal legal role. At the same… Read More »
5 Costly Estate Plan Mistakes to Avoid
You spend the first half of your adult life trying to achieve financial security and the second half of your life trying to maintain it. This adage is why many people spend substantial time and effort maximizing their legacy goals in their estate plan, ensuring their wishes come to pass. Your life’s work and… Read More »
Understanding the Connection Between Life Insurance and Estate Planning
A common misconception people have about life insurance and estate planning is that they only need to designate their spouse, child, or loved one as the beneficiary of the life insurance policy to ensure that the benefits will be available to the beneficiary when they die. Life insurance is an important financial and estate… Read More »
What Is HEMS and Why Is It Included in So Many Trusts?
In the world of estate planning, you may come across the acronym HEMS from time to time. HEMS stands for “health, education, maintenance, or support” and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to… Read More »
