Tag Archives: inheritance
What to do with your inherited retirement account
For decades, common financial planning wisdom has encouraged almost all-American workers to maximize their contributions to qualified retirement accounts. Indeed, doing so can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most states, protect your savings from claims of creditors. And by and large,… Read More »
State Estate and Inheritance Tax: What They Are, If Your State Has Them, and How to Plan Accordingly
The federal gift and estate tax exclusion is currently very high—$11.58 million for an individual and $23.16 million for a married couple in 2020. As a result, only very wealthy people currently need to be concerned that their estates will be taxable at the federal level, at least until 2026, when the increased exclusion… Read More »
How an Inheritance May Change Your Estate Plan
Receiving an inheritance is a huge blessing but, if not handled properly, can also become a curse. Often times, the inheritor does not know what to do with the new asset and runs into financial trouble, squandering most, if not all of it. This could happen due to the inheritor having outstanding creditor issues… Read More »
How a Spendthrift Trust Keeps Your Heirs from Blowing their Inheritance
There are many tools that can be used when putting together your estate plan. One such tool- a trust- is a fiduciary arrangement, established by a grantor or trustmaker, which gives a third party (known as a trustee) the authority to manage assets on behalf of one or more persons (known as a beneficiaries). Since… Read More »
Planning on Leaving Money to Grandchildren in a Will? Don’t Make These Common Mistakes!
As we build wealth, we naturally desire to pass that financial stability to our offspring. With the grandkids, especially, we often share a special bond that makes us want to provide well for their future. However, that bond can actually turn into a weakness if proper precautions aren’t set in place. If you’re planning… Read More »
How Can I Protect My Children’s Inheritance?
Parents who develop an estate plan often do so to provide for their heirs financially. In Columbia, MD and beyond, parents simply want to make sure their hard-earned assets, family heirlooms, and closely held businesses stay within the family. Indeed, one of the most common questions that clients ask is ” How can I… Read More »
Intestacy: If You Die Without a Will in Maryland, Does Your Spouse Inherit Your Entire Estate?
If you are married and you die without a will in Maryland, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors. 3 Factors that Determine What Happens to Your Estate if You Die Without a Will… Read More »
