Can I Plan My Estate to Avoid Leaving Residual Assets? – Annapolis and Towson Estate Planning
What Is Residuary Estate?
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.
Is Estate Planning Affected by Property in Two States? – Annapolis and Towson Estate Planning
When it comes to owning property in two different states, you may wonder how to manage these in your estate plans.
Taking Care of Dying Parent’s Financial Affairs Can Be Challenging – Annapolis and Towson Estate Planning
Dealing with a sick family member is a challenging and emotional time.
Can I Add Children’s Names to my House Deed? – Annapolis and Towson Estate Planning
It’s true that if your child is on your deed as a joint tenant on your home, your home will not have to go through probate if your child survives you. At your death, your surviving child would immediately become the sole owner of your home without probate and with minimal transfer costs.
Is Life insurance a Good Idea? – Annapolis and Towson Estate Planning
According to the U.S. Department of Agriculture, a middle class family raising a child to adulthood will spend over $233,000 on that child between the ages of 0 to 18. That doesn't even factor in the cost of college education, which can be thousands of dollars more per year once a child reaches adulthood.
What Is the HEMS Standard? – Annapolis and Towson Estate Planning
The ‘HEMS’ (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.
Can I Restructure Assets to Qualify for Medicaid? – Annapolis and Towson Estate Planning
Several types of special income trusts and other strategies can be helpful, when trying to protect your family’s assets from the devastating costs of long-term care.
Any Ideas How to Pay for Long-Term Care? – Annapolis and Towson Estate Planning
The costs of long-term care for older adults can be significant. Federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources.
What’s the Best Way to Mess Up Estate Plan? – Annapolis and Towson Estate Planning
Here are the top five mistakes people make that upend their planning.
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