Author Archives: Andre O. McDonald
3 Tips for the Overwhelmed Personal Representative
While it is an honor to be named as personal representative (executor) of a will or estate, it can also be a sobering and daunting responsibility. Being a personal representative requires a high level of organization, foresight, and attention to detail to meet all responsibilities and ensure that all beneficiaries receive the assets to… Read More »
Five Things You Need to Know About the Recently Enacted ABLE Act
On December 19, 2014, President Obama signed the Achieving a Better Life Experience Act (ABLE Act) into law. The ABLE Act will allow special needs individuals or certain individuals with disabilities to establish tax-free savings accounts that can be used to cover expenses not otherwise covered by government sponsored programs. These accounts can be… Read More »
3 Simple Ways to Avoid Probate Costs in Maryland
The bad news: not only does probate take forever, probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, and courts. Depending on the complexity, probate costs in Maryland can run into tens of thousands of dollars. In Maryland, attorneys’ fees and executors’ fees are regulated by state statute; the final… Read More »
HELP! This Probate Is Taking Forever!!!
After a loved one dies, his or her estate must be settled. While most people want the settlement process to be done ASAP, probate in Maryland, including Howard County, can take between 9 to 18 months, presuming there is no challenges to a Will or any litigation. Yes, you heard that right. The time… Read More »
Even Vampires Need Estate Planning
Yes, even the undead need an estate plan. After you stop laughing you need to hear me out. As we’ve learned from the likes of The Vampire Chronicles, the Twilight saga, and HBO’s True Blood, vampires aren’t immortal. They do die, and it’s usually unexpected and messy. While vampires aren’t good candidates for life… Read More »
Financial Smarts Peak at 50, Here’s How to Protect Your Older Self
A study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50. This decline was observed in both men and women, making both sexes equally vulnerable to financial fraud as they age. 4 Tips for Protecting Your Finances From Scams, Shams and Schemes as You… Read More »
3 Asset Protection Tips You Can Use Now
A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances. Below are three… Read More »
Wills for New Parents: What You Need to Know
As a new parent, you naturally want to guarantee your new baby’s future in every way. For many new parents, infancy is a time for celebrating new life, and making a will is the last thing on their minds. For others, the process of bringing new life into the world sparks intense feelings of… Read More »
Is a Payable on Death Account Right for You and Your Family?
Payable on death accounts, or “POD accounts” for short, have become popular for avoiding probate in the last decade or so. What is a Payable on Death Account? A POD account is a type of bank account authorized by state law which allows the account owner to designate one or more beneficiaries to receive… Read More »
Intestacy: If You Die Without a Will in Maryland, Does Your Spouse Inherit Your Entire Estate?
If you are married and you die without a will in Maryland, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors. 3 Factors that Determine What Happens to Your Estate if You Die Without a Will… Read More »
