What is Asset Protection Planning?
Asset protection planning is the process of organizing and structuring your assets to protect them from potential risks such as lawsuits, creditors, and other financial liabilities. The goal of asset …
What is Probate?
The probate process in Maryland is the legal procedure through which a deceased person’s estate is administered, ensuring that debts are paid and assets are distributed according to the will, …
What is an Irrevocable Trust?
An irrevocable trust is a type of trust that, once established, cannot be altered, modified, or terminated by the person who created it (the grantor) without the consent of the …
Can I Disinherit Someone from My Will?
Yes, you can disinherit someone from your will, but there are important legal considerations to keep in mind depending on who the person is and where you live. Disinheriting someone …
What Happens If I Die Without a Will?
If you die without a will, you are said to have died “intestate,” and the distribution of your assets will be handled according to the intestacy laws of the state …
What is a Life Insurance Trust?
A Life Insurance Trust is a type of irrevocable trust specifically designed to hold and manage life insurance policies and the proceeds from those policies for the benefit of the …
Will I Owe Capital Gains Taxes on Real Estate Left to Me in a Will?
When real estate is left to you in a will, the potential capital gains tax implications depend on a few key factors: 1. Step-Up in Basis Automatic Step-Up: In most …
How Do I Fund My Trust?
Funding a trust involves transferring ownership of your assets into the trust so that they are managed and distributed according to the trust’s terms. Here’s a step-by-step guide on how …
How Can I Avoid Probate?
Avoiding probate is a common goal in estate planning because the probate process can be time-consuming, expensive, and public. Here are several strategies you can use to minimize or avoid …
Are There any Maryland State Specific Taxes I Should be Aware of in my Estate Planning?
Yes, Maryland has several state-specific taxes that can impact your estate planning. Understanding these taxes is essential to developing an estate plan that minimizes tax liabilities for your heirs. Here …