Will Making a Gift Conflict with Medicaid? – Annapolis and Towson Estate Planning
Understanding the different treatment of gifts by the IRS, Medicaid and VA systems can ensure that property passes as expected.
Some States Have Tough Estate and Inheritance Taxes – Annapolis and Towson Estate Planning
Federal estate taxes are no longer a problem for all but the extremely wealthy. However, several states have their own estate taxes and inheritance taxes that could still hit your heirs.
When Should I Hire an Estate Planning Attorney? – Annapolis and Towson Estate Planning
Here are four types of estate situations that could call for professional legal help.
What Is a Marital Trust? – Annapolis and Towson Estate Planning
If you’re married, you may be wondering what happens to your assets once you or your spouse passes. The answer to that question depends on various factors, including whether or not you have a marital trust.
What’s Involved with Being a Trustee? – Annapolis and Towson Estate Planning
Being a trustee is difficult but adopting these four best practices employed by professional trustees will go a long way to ensure that you’ll effectively execute your duties and mitigate your liability.
The Future of Your IRA and How the SECURE Act Changed the Rules – Annapolis and Towson Estate Planning
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
What are the Current Gift Tax Limits? – Annapolis and Towson Estate Planning
In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.
Do You Need a Revocable or an Irrevocable Trust? – Annapolis and Towson Estate Planning
There are two main kinds of trusts: revocable and irrevocable.
What Can a Trust Do for Me and My Family? – Annapolis and Towson Estate Planning
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
What Is Elder Law? – Annapolis and Towson Estate Planning
Estate Planning may not be something you necessarily WANT to think about, but it could protect your interests and wishes long after you are gone.