Category Archives: Estate Planning
The Pros and Cons of Probate
In estate planning circles, the word “probate” often carries a negative connotation. Indeed, for many people—especially those with valuable accounts and property—financial planners recommend trying to keep accounts and property out of probate whenever possible. That being said, the probate system was ultimately established to protect the deceased’s accounts and property as well as… Read More »
3 Reasons to Avoid Probate
When you pass away, your family may need to sign certain documents as part of a probate process in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in your name only and you have not completed a beneficiary, pay-on-death,… Read More »
Claiming the Guardianship of an Elderly Parent
Often an aging parent will lose their ability to think clearly to make informed and meaningful decisions regarding their life. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or disability conditions. In the absence of your parent preparing for their… Read More »
Handling S Corporation Interests in Estate Planning: Electing Small Business Trusts and Qualified Subchapter S Trusts
One of the many challenges of owning a small business is determining the appropriate tax classification of the business. When an individual owns a business entity that is classified either entirely or partially as an S corporation, it is important to seek the guidance of an experienced estate planning attorney and tax advisor when… Read More »
Generation- Skipping Transfer Tax: What it is & Why it Matters
When it comes to federal taxes, most people are very aware of the federal income tax because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the gift tax,… Read More »
Things to Consider Before Accepting Your Inheritance
The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting. On the one hand, you might… Read More »
What Is a Nongrantor Trust?
Every trust has at least one grantor, also known as the trustmaker, i.e., the person who creates the trust. So, it can be confusing when terms like grantor trust and nongrantor trust are used. It is helpful to understand that neither of these terms refers to the existence or nonexistence of the trustmaker (the… Read More »
What to Do if Your Trustee Is Unresponsive
A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. In Maryland and the District of Columbia, such duty to inform may require the trustee to give beneficiaries a copy of the trust document, provide information regarding the anticipated… Read More »
Right of Occupancy Trust: A Trust to Protect Your Home and Your Loved Ones
Estate planning is about protecting you and your loved ones. Sometimes this can be a difficult endeavor when there is a loved one who may require additional support at your death. While you may want to give as much as possible to this individual, you may not want to do so at the expense… Read More »
How to Keep Your Child’s Inheritance Out of Your In-Law’s Hands
About 40 to 50 percent of all marriages in the United States end in divorce. Regardless of how you feel about your child’s spouse, you must face the possibility that they could become your child’s ex-spouse. Should that day come, the money you leave to your child could be subject to a division of… Read More »
