Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue … [Read more...]
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed … [Read more...]
Medicare and Medicaid – What Seniors Need to Know
Most people expect to rely on Medicare to cover healthcare expenses when they reach their “Golden Years.” What you may not expect is the need to also qualify for Medicaid at some point during your retirement years. Because people often get the two programs confused, the Owings Mills Medicaid … [Read more...]
State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the … [Read more...]
What You Need to Know about a GRIT (Grantor Retained Income Trust)
Tax avoidance tools and strategies should be part of your estate plan to ensure that your estate doesn’t lose a significant portion of its assets to federal gift and estate taxes. At your death, your estate assets will be inventoried and valued. If the value of your probate assets exceeds the … [Read more...]
How Estate Planning for a Family May Trap the Unwary Practitioner
Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as … [Read more...]
Special Needs Trust: Do I Need One?
Do you have a child or other relative who has a physical, developmental, or intellectual disability and receives or might be eligible to receive government benefits? If so, a Special Needs or Supplemental Trust (or SNT) might be appropriate. What Type of Special Needs Trust Do I Need? If you … [Read more...]
Why Should I Use a Living Trust to Distribute My Estate?
Why Should I Use a Living Trust to Distribute My Estate? When you think about the method used to distribute your estate assets you likely think of a Last Will and Testament. Many people do use a Will as the foundation of their estate plan and as their primary distribution document, however, there … [Read more...]
Start 2022 the Right Way
The New Year gives us an opportunity to start fresh. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your goals and concerns. If you already have one, the New Year gives you an opportunity to review it to ensure that it … [Read more...]
Why Use a Trust for Charitable Gifting in Your Estate Plan?
If you are someone for whom charitable gifting is a way of life, you probably have several charities that are dear to your heart and to which you donate on a regular basis. Your charitable gifts may even be dependent on to keep the charity afloat. If so, you likely want to make sure your support … [Read more...]
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