What to Do When a Spouse Dies – Annapolis and Towson Estate Planning
Unfortunately, during the grieving process surviving spouses also need to navigate the complex financial issues that arise after the death of their partner.
Do Joint Accounts With Rights of Survivorship Work?- Annapolis & Towson Estate Planning
Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.
What Happens When There Is No Will? Annapolis and Towson Estate Planning
Creating a will should be the first step in a comprehensive estate planning process, since it allows you to make sure that your wishes are properly carried out after your death.
What Happens When Gift and Estate Tax Exemptions Change? – Annapolis and Towson Estate Planning
The federal lifetime gift and estate tax exclusion will increase for 2023, with possible increases for 2024 and 2025. However, these high thresholds are only temporary, unless there is a change in tax law.
What Is a Community Property Trust? – Annapolis and Towson Estate Planning
Getting a step-up in basis when each spouse dies can be a big tax advantage. It has not been available to those who live in common-law states. However, it may now be–through a community property trust.
What Is a QTIP Trust? – Annapolis and Towson Estate Planning
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust's assets are split up after the surviving spouse dies.
How Do You Provide Financial Help for a Special Needs Child and Retirement Too? – Annapolis and Towson Estate Planning
People with children who cannot support themselves need to think well past their own lifetime and figure out how to provide for children after they are gone.
Estate Planning for Blended Families – Annapolis and Towson Estate Planning
Traditional, very simple estate planning may not be sufficient to accomplish estate planning goals in many blended family situations.
What Do You Need to Do When a Spouse Dies? – Annapolis and Towson Estate Planning
Death, while inevitable, is not often predictable. This can leave many people financially unprepared if their spouse suddenly dies–especially if the deceased was the one that took care of the household balance sheet.
IRS Extends Portability Election Option Deadline from Two to Five Years – Annapolis and Towson Estate Planning
Portability allows spouses to combine their exemption from estate and gift tax. This allows a surviving spouse to use the unused estate tax emption of the deceased spouse.