Author Archives: Andre O. McDonald
Attention Parents: Make Sure You Can Be a Parent to Your College-Aged Child in an Emergency!
With the new school year rapidly approaching and every parent knows that preparing to send their son or daughter to college is one of the most exciting and nerve-wrecking period in raising a child! You’ll worry whether they will eat properly, study enough, get good grades, or get enough sleep. While we can’t help… Read More »
Lifetime Planning vs. Deathtime Planning (and why you need both)
There is a misconception among the general public that “estate planning” is only for the wealthy. According to a March 2017 survey by Caring.com, six out of ten Americans have no will or any other kind of estate plan in place. Many said they’d get around to it, eventually. When they’re old. (The survey… Read More »
How Can I Protect My Children’s Inheritance?
Parents who develop an estate plan often do so to provide for their heirs financially. In Columbia, MD and beyond, parents simply want to make sure their hard-earned assets, family heirlooms, and closely held businesses stay within the family. Indeed, one of the most common questions that clients ask is ” How can I… Read More »
Estate Planning for Military Families: Are You Protected? (UPDATED: August 2019)
No matter the time of year, it is always a good opportunity for members of the military and their loved ones to consider setting up — or revising an existing —estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members… Read More »
Caution: Writing Your Own Deed to Avoid Probate Can Lead to Unintended Consequences
Are you wondering how to avoid probate in Maryland? If so, you want to make sure you’re going about it the right way… In Howard County and beyond, one common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights… Read More »
How to Build a Comprehensive Estate Plan that Includes Asset Protection
Much of estate planning has to do with the way a person’s assets will be distributed upon their death. But that’s only the tip of the iceberg. From smart incapacity planning to diligent probate avoidance, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset… Read More »
“Cover Your Assets!” The Truth About Asset Protection Planning
Some people believe that asset protection planning is a less-than-ethical form of wealth planning. They believe there is a moral obligation to pay one’s debts, and therefore think that asset protection planning is immoral because it prevents a creditor from collecting on a judgment entered by a court. The truth is . . …. Read More »
Want to Give the Kids an Early Inheritance? 4 Things to Consider
If you’re thinking about giving your children an early inheritance, you’re not alone. A recent Merrill Lynch study suggests that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying… Read More »
3 Decidedly Dumb Ways to Leave an Inheritance for Your Children
Estate planning offers many ways to leave your wealth and pass on a legacy to your children and future generations, but it’s just as important to know what not to do when it comes to Maryland inheritance laws. If you live in Howard County, Maryland or a surrounding area and want to leave an… Read More »
How a Community Property Trust Could Save You From Heavy Taxation Down the Road
When it comes to your family’s legacy, every dollar you can save from tax collection counts. One way to keep your assets out of the hands of the IRS is the formation of community property trusts. Last week, we discussed why integrating a community property trust (CPT) into your estate plan is a good idea… Read More »
