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 …
What is an Advanced Healthcare Directive?
An Advance Healthcare Directive is a legal document that outlines an individual’s preferences for medical treatment and healthcare decisions in the event that they become unable to communicate or make …
What Documents Should I have In My Estate Plan?
An estate plan typically includes a variety of legal documents that work together to ensure your assets are distributed according to your wishes, your healthcare preferences are respected, and your …
What Taxes Could Effect My Estate Plan?
Tax laws can significantly impact your estate plan, influencing how much of your estate goes to your beneficiaries versus to the government. Here’s a summary of the key tax laws …
What is a Pour-Over Will?
A pour-over will is a type of will used in conjunction with a revocable living trust to ensure that any assets not explicitly transferred into the trust during the grantor’s …
Will my Heirs Have to Pay Capital Gains Tax on Inherited Assets?
When heirs inherit assets, they generally do not have to pay capital gains tax on the inheritance itself. However, if and when they decide to sell the inherited assets, they …