Tag Archives: estate planning
Estate Tax Repeal: Planning for the Future Without a Crystal Ball
Creating a will, trust, or any type of estate plan has always involved dealing with an uncertain future. Consider that just 20 years ago in 1997, the estate tax had an astonishing 55% rate with only a $600,000 exemption. Back then, tax-driven estate planning was a mathematical necessity for a large segment of the… Read More »
How a Lifetime QTIP Trust Protects Your Nest Egg in Second Marriages (and Beyond)
Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. To avoid second marriage inheritance issues, one solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust. The Basics of Creating a Lifetime QTIP… Read More »
How Does an IRA Fit Into Your Estate Plan?
When you think of IRAs, you probably think of retirement. But what happens to your IRA money after you’re gone? The answer depends on how you go about creating your estate plan and selecting beneficiaries, and you might be surprised to find out that your money could end up with the wrong people or… Read More »
New Baby? The Importance of Estate Planning for New Parents
Estate planning is often one item that gets pushed back on nearly everyone’s to-do list. The reasons you might be delaying vary: lack of time, not thinking you have enough assets, not knowing how to start, or fear of contemplating death. Whatever the reason for not putting an estate plan together up until now,… Read More »
What to Do After the Death of a Spouse
When a spouse passes away, thinking about “the estate” might be the last thing on your mind. And while it’s necessary to give yourself ample time to process the loss of a love one, it’s also imperative that you speak with your estate planning attorney so that you know what to do after the… Read More »
What is an Estate, and Do I REALLY Need an Estate Plan?
I often get asked – “what is an estate?” You don’t need to have a summer house in Ocean City or a private art collection big enough to rival the Baltimore Museum of Art to consider yourself the owner of an estate. In fact, virtually anyone who owns anything has an “estate” in the… Read More »
Benefits of Lifetime QTIP Trusts (The Gift That Keeps on Giving)
Estate planning for married couples can be tricky when one spouse is significantly wealthier than the other and each spouse wants different beneficiaries to ultimately inherit their estate. One solution to this problem is the Lifetime QTIP Trust. What is a Lifetime QTIP Trust? One traditional estate planning model for married couples… Read More »
3 “Super Powers” Every Trust Protector Should Have
Today, many estate plans in Maryland contain irrevocable trusts that will continue for the benefit of a spouse’s lifetime, and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important that they include a trust protector who will have the ability to adjust the trust… Read More »
Estate Planning for Military Families: Are You Protected? (UPDATED: August 2019)
No matter the time of year, it is always a good opportunity for members of the military and their loved ones to consider setting up — or revising an existing —estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members… Read More »
How to Build a Comprehensive Estate Plan that Includes Asset Protection
Much of estate planning has to do with the way a person’s assets will be distributed upon their death. But that’s only the tip of the iceberg. From smart incapacity planning to diligent probate avoidance, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset… Read More »
