Category Archives: Estate Planning
Ways to Hold Title to Property in Maryland and the District of Columbia
For many people, real property, including their home, is a big part of their overall net worth. How the home and other pieces of real property is titled deserves careful consideration. Real estate constitutes the land and any structure, including vegetation, crops, and other natural resources that sit on the land under the state’s… Read More »
What You Need to Know About Estate Planning for Blended Families
The structure of families has changed in the United States: According to statistics cited by the Pew Research Center, six out of ten women who remarry are in blended families, and in about half of those remarriages, stepchildren live with the remarried couple. If you or your grown children are part of a family… Read More »
Your Divorce Decree: The First Step in Estate Planning
You have recently divorced your spouse and the judge has signed the divorce decree. Now what? Although you may feel as though you have spent enough time and money on lawyers, there is one last attorney you need to talk to: an estate planning attorney. Failing to update your estate plan after divorce can… Read More »
Why a Living Will is Important
A living will is a legal document that lays out your preferences for life-sustaining medical treatment. It is often accompanied by a health-care proxy or power of attorney, which allows someone to make healthcare decisions for you when you are incapacitated, and the living will does not have specific instructions for the situation at… Read More »
The Risks of Co-ownership of Property
Many individuals believe that co-owing property with relatives is a cheaper alternative to drafting a will or trust. While this may be true, this strategy has some inherent risks. While owning property with family may let you pass on the asset without going through probate, there are several risks – including taxes, creditor exposure,… Read More »
What You Need to Know About the SECURE Act of 2020
In 2019, Congress passed a bipartisan appropriations bill. As part of this massive spending bill, there is a piece of legislation known as the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act represent the first significant change in retirement legislation since the Pension Protection Act in 2006. On December… Read More »
5 Important Things Your Medical Power of Attorney Agent Needs to Know
Even if you are currently the picture of good health, you may suddenly become too ill to make healthcare decisions for yourself or become unconscious after an accident, needing someone to stand in your shoes to make those decisions for you. A medical power of attorney is a crucial part of your estate plan… Read More »
Impact of a Non-Citizen Spouse on Estate Planning
According to the Pew Research Center, in 2017, there were 44.4 million foreign-born people living in the United States, 55% of whom were non-citizens. As a result, there are many occasions when a non-citizen may be the beneficiary of the estate of a U.S. citizen, for example, if the non-citizen immigrant married a U.S…. Read More »
5 Key Considerations in Estate Planning for LGBTQ Couples
Everyone needs estate planning. Regardless of your age, race, gender, or sexual orientation, properly protecting your future and your loved ones requires a plan. There are a few specific considerations to keep in mind when it comes to estate planning for LGBTQ couples. Each couple is unique, and it is our goal at McDonald… Read More »
Missed a Required Minimum Distribution? Here Is How to Fix It
The retirement years are supposed to be carefree—but what if you neglected to take the required minimum distribution (RMD) from one or more of your retirement accounts or took a distribution that was lower than required? This could be a costly mistake resulting in a tax penalty of 50% of the amount of the… Read More »
