25+ Years Of Legal Experience
Estate planning is something all Maryland residents should do to prepare for the future. Having a will is one of the basic steps to take. This is how you can go about creating one. Choose an executor Choose an executor to handle your estate after you’re gone. You will...
Federal estate tax rates range from 18% to 40%, and Maryland imposes a state estate tax that can be as high as 16%. The Old Line State is also one of only six states that has an inheritance tax on its books. Estate taxes are based on the market value of assets like...
Trust funds have long been a popular way to ensure long-term financial security for generations in Maryland. But did you know that trust fund earnings can also be taxed? Trust fund earnings are taxable as income. To avoid any surprises when filing taxes, it's...
In Maryland, when a person dies, their assets may need to go through a legal process called probate. Probate is proving the validity of a will and distributing the deceased’s assets according to their wishes or state law. One crucial decision during the probate...
If you’ve never worked on an estate plan before, the prospect may sound daunting. Many Maryland residents have questions about what they should and shouldn’t do during estate planning. Do make a will Many people wonder when it is they need to consider estate planning....
Being the executor of a Maryland estate can be overwhelming. It’s probably your first - and your last - time acting as executor, so it’s easy to be confused by the terminology and all that goes with the title. Understanding what an executor does An executor is the...
An intentionally defective grantor trust (IDGT) is a tax planning strategy for states which is used to transfer assets to beneficiaries while minimizing gift and estate taxes in Maryland. IDGTs are complex trusts that are often used in conjunction with other trusts,...
If you utilize the right estate planning tools in an optimal way, it may be within your power to provide financial stability and security to your family for generations to come in Maryland. This also applies to anyone in your family who might not be able to support...
The end of the calendar year provides ample opportunity for Maryland residents to spend time with loved ones and take stock of where they are in their lives. It may also be an ideal time to review your estate plan and whether it still meets your needs. Consider making...
With intentionally defective grantor trusts or IDGTs, the name can be misleading if you just take it at face value. Despite the defect stated explicitly in this trust type's title, they do serve an important purpose quite effectively in Maryland. What makes them so...