Author Archives: Andre O. McDonald
Estate Tax vs Inheritance Tax
Estate tax vs inheritance tax… what’s the difference? These two forms of taxation relate to transferring wealth from generation to generation but are entirely different. The federal government levies a tax on all estates when the value meets a certain financial threshold. Twelve states (including Maryland) and the District of Columbia levy additional estate… Read More »
Handling a Loved One’s Digital Footprint After They Die
Most adults have not made a will, let alone created an estate plan addressing their online profiles and accounts (aka their digital footprint). As your online presence grows professionally and personally, taking charge of your digital assets and plans for them after you die becomes important. Some social media companies like Facebook, Instagram, and… Read More »
Are You Single with a Minor Child? If So, You Need a Plan
You have a minor child who depends on you for their survival, so you need to make sure that they will be cared for if you are ever unable to care for them. Estate planning for single parents is critical so you can address your minor child’s care and custody and provide instructions about… Read More »
Why Can’t We Have a Joint Trust If We Are Not Married?
Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to a state death tax. Compared to a separate trust, a joint trust is easier to fund, allow the surviving spouse… Read More »
5 Things to Know Before Including a Limited Liability Company in Your Estate Plan
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property. What is a limited… Read More »
Garn–St Germain Act: What You Need to Know
It is important to let your estate planning attorney know if you own real estate that is subject to a mortgage. Most mortgages include due-on-sale clauses stating that, upon the transfer of the mortgaged property, the entire amount of the debt owed on the mortgage is immediately due and payable. Under the Garn–St Germain… Read More »
Basics of Estate Taxes
In the United States, estate taxes are levied on the transfer of assets from a deceased individual’s estate to their heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value of a person’s assets at the date of death. The estate pays the… Read More »
SECURE Act 2.0: Impact on Special Needs Trusts
A special needs trust (SNT), or a supplemental needs trust, is a legal entity that helps individuals of any age with disabilities maintain their eligibility for government benefits and receive additional financial support. Under the SSA expenditure rules, an SNT can provide additional monies to enhance the beneficiary’s lifestyle while maintaining Medicaid or Supplemental… Read More »
Strategic Medicaid Planning with an Elder Law Attorney
The United States Medicaid program provides health insurance to low-income individuals and families. However, because of the steep costs associated with long-term care, strategic Medicaid planning is a growing trend for individuals with higher net worth as an alternative to spending down assets to qualify for benefits. Individuals can plan to meet eligibility requirements… Read More »
