Posted on March 24, 2025 in Estate Planning

Inheriting property can be amazing and challenging at the same time, especially when you are only one of multiple beneficiaries of the same asset. Disputes over inherited property are common in Maryland, especially when family members have different ideas about what to do with the property that was left to them in a loved one’s estate plan. There is great potential for conflict, but a qualified Potomac, MD estate planning lawyer can explain possible solutions that can help you and your fellow beneficiaries resolve your disputes effectively.

What Are Common Causes of Property Disputes?

Beneficiaries can end up in disputes for various reasons, including:

• Differing Financial Interests: Each beneficiary could have different needs that dictate different wishes for the inherited asset. For example, one beneficiary might want to sell the property for immediate financial gain, while another prefers keeping it as a long-term investment.

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 Posted on March 11, 2025 in Estate Planning

We have all seen someone in a movie threatening to write a relative out of their will, but is that something you can legally do? Estate planning lets you control how your assets will be distributed after your death, so if there is someone you think you should exclude from inheriting your estate, this should be within your power to do. Whether due to estrangement, financial irresponsibility, or personal reasons, in most cases, Maryland law gives you the legal right to exclude someone from your will. However, there are some important exceptions and considerations to keep in mind, and a qualified Maryland estate planning lawyer can explain these to make sure your will holds up in court.

Can You Disinherit a Spouse in Maryland?

People generally have broad discretion over who inherits their assets. However, Maryland law does not allow spouses to be completely disinherited. It follows an elective share rule, which means a surviving spouse can choose to take a portion of your estate even if you try to leave him or her with nothing. If you have surviving children, your spouse can claim one-third of the estate and if not, your spouse can claim half of it.

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 Posted on February 21, 2025 in Estate Planning

When you are ready to think about estate planning, it is important to consider how your heirs and beneficiaries might be impacted by taxes. One important concept to know is called the "step-up in basis." This rule can significantly affect how much your loved ones will owe in taxes after they inherit the assets you leave behind. To learn more about arrangements that address tax concerns, speak with a qualified Maryland estate planning lawyer.

What Does Step-Up in Basis Mean?

The "step-up in basis" refers to inheritance taxes, meaning how the value of an inherited asset is calculated for taxation purposes. Normally, if you sell an asset like real estate or stocks, you are taxed on the profit made from the sale, i.e. the difference between what you bought it for – the basis – and what you sold it for.

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 Posted on February 11, 2025 in Estate Planning

Many people throughout Maryland end up incorporating long-term care costs into their budgets at some point, generally relying on Medicaid benefits to help cover the expenses. However, Medicaid recovery can be detrimental to a family’s finances years later. Speak with a knowledgeable Maryland estate planning lawyer to learn more about Medicaid recovery and how you can address it in your estate planning to protect your family’s assets.

What Does Long-Term Planning Commonly Include?

Individual needs can, of course, differ from person to person. However, long-term care planning typically means taking financial steps to help cover the costs of a nursing home or assisted living facility, in-home care, adult day care center, memory care unit treatment, or hospice care, should any become necessary.

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 Posted on January 24, 2025 in Estate Planning

Probate is the term used to describe the legal process through which someone’s estate is managed and distributed after they die. Unfortunately, probate can be expensive, stressful, and time-consuming for the people you want to leave inheritances for. There are several steps you can take to minimize or avoid the need for the probate process altogether, thereby ensuring that your assets are transferred smoothly, efficiently, and according to your wishes after your death. To understand more about these options, speak with an experienced Maryland estate planning lawyer.

How Can I Avoid Probate?

In Maryland, there are several options available for people who want to plan for the future of their estate without needing probate. Some of these options are:

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 Posted on January 13, 2025 in Estate Planning

Many people tend to have assets like their home, other property, and bank accounts in the state where they live. When it comes time to create an estate plan, this simplifies matters, particularly because states have different guidelines, rules, and regulations for estate planning matters.

If you live in Maryland but own assets in other states, you might be confused about how to address them in your estate plan. It is important to handle these matters properly to prevent unnecessary stress and expenses for your beneficiaries and loved ones after you pass away. A knowledgeable Maryland estate planning lawyer can help explain your options and advise you as you make informed decisions.

What Makes Out-of-State Assets Different?

When you pass away, your estate will have to go through the probate process in any state where you own property. If you live in Maryland but have a summer home in Colorado, for example, your heirs need to go through a separate probate process in Colorado in addition to the regular probate process in Maryland. This is known as ancillary probate, and in addition to the added time and expenses, it can also be confusing when the laws are different in the various states where you have property.

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 Posted on December 19, 2024 in Estate Planning

Dying "intestate" is what it is called when someone passes away without a will. If you do not leave behind a will, Maryland’s intestacy laws will determine what will happen to your property. The intestacy process can be complicated, and it may not reflect your wishes for how your assets should be distributed.

When you do not have a will, the state uses a legal formula to decide who will get your property. This prioritizes your closest relatives, such as your spouse, children, parents, or siblings. The law does not consider special relationships, friendships, or charitable causes, even if your loved ones can demonstrate that these were very important to you. A qualified Maryland estate planning lawyer can explain more about how Maryland’s intestacy laws work.

General Breakdown of Maryland’s Intestacy Laws

Since people all have different family structures, there are several scenarios addressed by Maryland’s intestacy laws. Some include:

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 Posted on December 09, 2024 in Estate Planning

Estate planning is an important way to ensure that your wishes will be carried out when you pass away. You can decide who should get your property, raise your children, and manage your finances when you are no longer able to do so.  

While people tend to know about the most common aspects of an estate plan - having a will or trust - many make mistakes during the estate planning process that can cause confusion, increase costs, or prevent your wishes from being followed. For help creating a thorough plan for the future that anticipates and addresses various scenarios, speak with a qualified Silver Spring, MD estate planning lawyer.

Not Updating Your Estate Plan

There is a common misconception that once you have an estate plan in place, you do not need to change it. However, major life events like marriage, divorce, having children, or buying property in Maryland can change your estate planning needs. If you do not update your estate plan after any of these events, your will or trust might not reflect your wishes. 

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 Posted on November 25, 2024 in Estate Planning

Estate planning is an important part of preparing for the future, and for how your assets will be passed on to loved ones in particular. Maryland’s estate tax laws could affect how much money heirs receive and how trusts are structured. Speak with a qualified Chevy Chase, MD estate planning lawyer to learn more about how these laws might impact inheritance and trust planning.

What is Estate Tax?

An estate tax is a tax on the value of a person’s property after they pass away. This can include real estate, savings accounts, investments, and personal belongings. In Maryland, if a person’s estate is worth more than a certain amount, it is subject to an estate tax. The estate tax is paid before the heirs are given the inheritance.

Maryland’s New Estate Tax Laws

Maryland’s estate tax laws determine how much money people must pay when they inherit property, money, or other assets. More specifically, the laws set an estate tax exemption, meaning the value of the inheritance you can receive without needing to pay estate tax. The exemption amount is $5 million, so estates valued above that amount must pay estate tax on the portion that exceeds $5 million.

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 Posted on November 14, 2024 in Estate Planning

As technology continues evolving, so do the ways we store and manage important legal, financial, professional, and personal information. Digital assets have become an essential part of our daily lives, but many people overlook them when creating their estate plans. If you are ready to create or update your estate plan in Maryland, speak with a qualified Silver Spring, MD estate planning lawyer about how your digital assets will be handled after your death.

Why Should Digital Assets Be Included in an Estate Plan?

Digital assets are online or electronically stored information and assets that have financial or personal value. They can include social media accounts, email accounts, financial accounts, cloud storage and digital files, cryptocurrency, websites, domain names, or digital entertainment.

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