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Recent Blog Posts
What Happens If You Die Without a Will in Maryland?
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:
4 Common Mistakes to Avoid in Maryland 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.
How do Maryland’s Estate Tax Laws Impact Inheritance?
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.
Digital Assets To Consider in a Maryland Estate Plan
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.
3 Ways to Incorporate Charitable Giving into a Maryland Estate Plan
Planning for the future can be challenging, especially when it involves preparing for a time when you may be incapacitated or no longer alive. However, creating an estate plan is an incredible way to give yourself peace of mind while reducing stress for your loved ones. With an estate plan, you can make all the important decisions in advance, so your family is not left trying to figure out what you might have wanted. Additionally, estate plans allow you to contribute assets to charities that are meaningful to you. If you are considering charitable giving in your estate plans, contact a qualified Bethesda, MD estate planning lawyer to learn more.
Charitable Bequests
One of the most common ways to ensure that your estate plan includes charitable giving is by incorporating charitable bequests. You can include provisions in your living trust or will to allocate assets to a charity of your choosing upon your passing. This method offers significant flexibility since you can adjust the amounts and the beneficiaries in your lifetime. It is also relatively simple to include charitable bequests.
Should I Create an "ABLE" Account as Part of My Maryland Estate Plan?
Estate planning is an interesting field of law. It is a way for you to plan for something that can happen in the future that you would probably rather not think about. However, if you have plans, everything can be more accessible and smoother if that scenario you would prefer not to focus on actually happens.
It is similar to signing a prenuptial agreement as you plan your wedding and dream about your marriage during a time when you would rather not think about how you might end up getting a divorce. Planning now for a time in the future when you might become incapacitated can be uncomfortable, but it is wise to make these arrangements when you are capable of doing so. Many people even find that once they have gone through all the hard work of creating an estate plan, they feel an enormous sense of relief because the difficult decisions are made and everything is in order.
All of this planning becomes even more pressing for parents of children with disabilities. Parents worry about who will take care of their children after they are gone, physically and financially. There are several options available for ensuring certain protections for people with special needs in an estate plan. This article will examine one such option, known as an ABLE account. If this is something you would like to explore, an experienced Bethesda, MD, estate planning lawyer can offer guidance.
What type of Maryland Special Needs Trust Should I Choose?
Estate planning is when you make arrangements now for how your resources and assets can benefit people after your death. While most parents try to leave something behind for their children, parents of children with special needs often feel even more pressure to do so because of their child’s extra expenses and lower ability to earn a decent living. In Maryland, parents have various options for securing their child’s financial stability in the future. This article will examine different types of special needs trusts. If you are thinking about how to secure your child’s future, an experienced Rockville, MD estate planning attorney can help you understand which options best suit your needs.
What is a Special Needs Trust?
Special needs trusts (SNTs) are special ways to provide people with disabilities or chronic illness with a source of income without rendering them ineligible for Medicaid, Social Security, Supplemental Security Income, and other government benefits. A designated grantor creates a trust and then distributes assets to a beneficiary. In Maryland, there are three types of SNTs:
Can I Plan My Own Funeral in Maryland?
While death is inevitable, it is also something that people generally prefer not to think about. However, some find that planning for that part of the future can give them an incredible amount of peace of mind. When there is a clear funeral plan in place, you get the sendoff you want while saving your loved ones from the trouble of scrambling to make decisions and arrangements. If you are considering planning your own funeral, speak with an experienced Silver Spring, MD estate planning attorney to learn more.
Benefits of Planning Your Funeral
- Customization: Some people have clear ideas about how they would like their funeral to be. Influenced by religious beliefs, cultural preferences, and other factors, you can customize your funeral to suit your personality.
- Conflict prevention: When you take all the guesswork out of planning your future, you help your loved ones avoid fighting over decisions, at a time that is already emotional and tense.
Who Needs Business Succession Planning in Their Estate Plan? | MD
Business succession planning is the process of preparing for the future of a business when the owner or key leaders leave, retire, or pass away. It involves creating a plan to ensure that the business continues to operate smoothly and successfully. Many people who own businesses want to make sure that they have a business succession plan in place as part of their overall estate plan. This is especially true for families businesses and small business owners.
A business succession plan might include choosing and training a successor, setting up financial arrangements, and setting guidelines for how decisions will be made in the future. Succession planning is important for businesses of all sizes because it helps protect the business from uncertainty and disruption and allows the name, reputation, and financial worth of the business to be passed forward according to a business owner's wishes. If you own a business in Maryland, consider contacting a Maryland estate planning attorney to help guide you through the succession planning process.
4 Tips for High Net Worth Estate Planning
Estate planning ensures that individuals with significant wealth can protect and distribute their assets according to their wishes, while also minimizing tax implications and potential legal challenges. As a high net worth individual, your estate planning needs are often more complex and require careful consideration. A Maryland estate planning lawyer can help you navigate the common difficulties of high net worth estate planning to make sure you get the most out of your situation.
Understand the Importance of Comprehensive Planning
When it comes to estate planning for high net worth individuals, a simple will often falls short. The challenges of substantial assets calls for a more nuanced, holistic approach. You should carefully craft your estate plan to address various aspects of your financial and personal life. This includes protecting your assets from potential risks, optimizing tax strategies to preserve wealth, and outlining your philanthropic goals.
With offices in Bethesda, Silver Spring, and Washington D.C., The Eleff Law Group provides legal help to clients throughout the surrounding areas, including North Bethesda, Chillum, Potomac, Chevy Chase, Germantown, Takoma Park, Wheaton, Rockville, Towson, Glen Burnie, Bel Air, Montgomery County, Prince George's County, Baltimore, County, Loudoun County, and Fairfax County.
12305 Kemp Mill Road, Silver Spring, MD 20902
301-857-1990
