Many individuals mistakenly believe that they need a large estate before concerning themselves with taxes at their death. While the Federal government does not impose taxes until an estate exceeds the Applicable Exclusion Amount, it’s important to the role that state estate and inheritance tax play, … [Read more...]
How Do I Title Thee…Part 1
We often consider Estate Planning documents such as a Will, Trust, Property Power of Attorney, and health care documents to be the building blocks of an Estate Plan. While a necessary and important part of Estate Planning, thinking of the documents as the starting point for an Estate Plan skips … [Read more...]
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. Read on to learn more. … [Read more...]
The Toll of Serving as Fiduciary
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the … [Read more...]
Estate Planning Considerations When You Divorce
Going through a divorce can be emotionally, financially, and even physically exhausting. Often, the strong emotions experienced during the divorce process make it easy to overlook the practical consequences of the divorce itself. With that in mind, we, the Owings Mills estate planning … [Read more...]
What an In Terrerem Clause Can Do for You
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a … [Read more...]
Is Retiring Early a Wise Decision?
Social Security retirement benefits play a significant role in retirement budget planning for many people. If you are one of those, you may be wondering at what age you should retire and start accepting your benefits. Whether you choose early, on time, or late retirement will likely impact your … [Read more...]
Business Succession Planning May Be Easier than You Think
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start … [Read more...]
The Power in Powers of Appointment
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without … [Read more...]
Application of the Transfer for Value Rule to the Sale of Life Insurance
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences. Read on to … [Read more...]
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