Having a trust comes with many advantages but choosing the right one maximizes the benefits. When completing an estate plan, you should make your decisions carefully. Your choice may include creating a trust, a will, or a combination of both based on your unique...
Estate Planning
Accounting for real estate in an estate plan
As with other assets, you have the right to transfer your interest in a Maryland home to a chosen beneficiary after you pass away. However, there are a number of issues that you might need to consider when including real property in your estate plan. For instance, you...
How to choose an executor
You'll want to consider several factors when choosing the person who will oversee your Maryland estate. You will want to choose someone least likely to predecease you or back out of this role after you die. However, you'll also want to be sure that whoever serves in...
A new child and new estate plans
Having a child unexpectedly can be a great source of happiness for a couple; however, it also comes with a host of responsibilities, including the need to plan for the future of your estate. A couple may not want Maryland intestate laws to dictate the probate process,...
What it means to die intestate
If you die without a valid will, Maryland law will declare you intestate. This means that your assets will pass in accordance with state law as opposed to how you would have wanted to allocate them. It's possible to avoid dying intestate by creating a will, having a...
Legislation changes for irrevocable trusts in 2023
Irrevocable trusts are estate planning strategies that many residents of Maryland use to reduce their taxes and pass on more of their estates. The IRS rolled out Revenue Ruling 2023-2 in March 2023 to change some of the rules surrounding irrevocable trusts, which...
Create a Maryland living trust
One reason for creating a living trust is so your family can avoid probate court after your death. Not only is probate court time-consuming, but it gives the state of Maryland control over the distribution of your assets. To maintain control over asset distribution, a...
Understanding the Maryland estate tax
People who live in Maryland and have moderate to large estates should know about the Maryland estate tax. While this tax won't apply to all estates, it will to those that are valued above the threshold established by the state. In Maryland, the estate tax threshold is...
Pitfalls of DIY estate planning in Maryland
Estate planning law is more thorough than many people realize. Navigating the ins and outs takes a lot of time. Aside from that, you could make mistakes in your property and assets division that cause confusion over what to do. Choosing the wrong type of trust There...
Estate planning tips for singles in Maryland
Young, single individuals in Maryland might not consider setting up their estate plans until they’re older. But the truth is, setting up an estate plan is important at any age - and almost doubly so when you’re single. If you’re not married with children, all of your...