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Tag Archives: estate planning

Key considerations in estate planning with an only child

How Do I Create an Estate Plan with an Only Child?

By Andre O. McDonald |

Stereotypes surrounding “only child syndrome” have largely been debunked, as recent studies show that only children, on average, develop social skills similar to those of children with siblings.[1] Further, outdated perceptions surrounding only children have shifted as the average size of the American family has shrunk, and one-child families have become far more common…. Read More »

The importance of business succession planning to your estate plan

Are My Business Succession Planning Documents Relevant to My Estate Plan?

By Andre O. McDonald |

Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests. The overall business succession planning rate is higher, with about two-thirds… Read More »

Can a third party pay for an estate plan?

Can Someone Else Pay for My Estate Plan?

By Andre O. McDonald |

Estate planning is not just for the wealthy. Every adult should have an estate plan, yet surprisingly, most Americans do not. The perceived cost of creating one is among the most cited reasons for a lack of estate planning. The consequences of not having an estate plan can become more costly in the event… Read More »

Isn’t There Already a Law That Leaves Everything to My Spouse and Kids?

By Andre O. McDonald |

You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case, the specifics… Read More »

Understanding the risks of joint property ownership

The Perils of Joint Property

By Andre O. McDonald |

People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate. Also, joint… Read More »

What's a residuary estate, and why does it matter?

Pros and Cons of Naming Many Residuary Beneficiaries in a Will or Trust

By Andre O. McDonald |

You have meticulously created your estate plan to ensure that it includes and addresses all of your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something? The truth is, Americans own a lot of stuff. Taking… Read More »

Understanding the role of conditional gifts in estate planning and your child's inheritance

What Conditions Can I Put on My Child’s Inheritance?

By Andre O. McDonald |

You have two primary options for leaving an inheritance to a child. The most straightforward is to give it to them in a single lump sum, with no strings attached. But this might not be the best option for some children. You may be concerned about the child’s ability to handle the money responsibly,… Read More »

moving away from home : is an estate plan on your move-out checklist?

Are You Ready to Move Away from Home?

By Andre O. McDonald |

Moving away from home is a major milestone in adulthood. For the first time, you might have to secure housing, buy insurance, sign up for utilities, and manage your finances. All of this can feel overwhelming as you simultaneously adapt to a new living environment and possibly a new career. With greater independence comes… Read More »

Understanding why estate plans can fail, and how to protect yourself and your loved ones

Don’t Let Your Estate Plan Go Up in Smoke

By Andre O. McDonald |

Fewer people are creating estate plans today than in years past. Research shows that, in 2024, less than one-third of Americans report having a will.[1] Every adult—whether they are 18 or 98—should have a will at a minimum. Many people can also benefit from estate planning documents such as trusts, powers of attorney, and… Read More »

Things to consider in estate planning for beneficiaries with substance abuse issues

Things to Know When Estate Planning for an Addicted Loved One

By Andre O. McDonald |

It has been said that the only thing harder than being an addict is loving one. It can be particularly difficult for a parent to bring a child into the world, full of hopes and dreams about their future, and then watch them spiral down into addiction. Having someone in your life who struggles… Read More »

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For help with estate planning, special needs planning or elder law throughout Howard, Montgomery, Prince George’s, Anne Arundel, and Baltimore County; and Baltimore City, contact McDonald Law Firm, LLC.

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McDonald Law Firm, LLC

Columbia Office

10500 Little Patuxent Pkwy, #420
Columbia, MD 21044-3563

Bethesda Office:

(By Appointment Only)

7315 Wisconsin Avenue, Suite 800 West
Bethesda, MD 20814

Washington, DC Office:

2101 L Street, N.W., Suite 300
Washington, DC 20037

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