THIENEL LAW BLOG
Frequently Asked Questions About the Maryland Probate Process
Probate is the judicial process of distributing a person’s assets to heirs. If the person had a Will, the property is distributed according to the Will. However, when a person dies without a will, the Maryland intestate laws determine who receives the person’s property. Below are frequently asked questions about the Maryland probate process answered by our Maryland estate planning lawyer.
12 Headaches Your Loved Ones May Face with Improper Estate Planning
When people think about what they want to leave behind to their family and friends, they might not know how a well-intentioned gift could cause problems. Just as troublesome to your survivors is a situation in which you die without valid estate planning documents. Let's discuss the 12 headaches your loved ones may face with improper estate planning. A Maryland estate planning attorney could help prepare your documents so you avoid these common estate planning mistakes.
Disadvantages of a Revocable Living Trust in Maryland
Probate is the legal process of transferring assets to heirs and beneficiaries after a person’s death. Many people view a revocable living trust as a way to avoid probate. However, there are several pros and cons of creating a revocable living trust. Therefore, before deciding to create a revocable living trust, it is wise to discuss your estate planning goals and needs with a Maryland trust attorney.
12 End-of-Life Documents You Need Now
Thinking about the end of your life is never pleasant. However, estate planning is the best way to take care of the ones you love after you are no longer with them. Our Maryland estate planning attorney helps you develop a plan that protects your assets during your lifetime and ensures your wishes are carried out after your death.
Should My Aging Parents Add Me to Their Bank Accounts?
There comes a time when elderly parents may need assistance with their finances. They may need assistance paying bills, making financial decisions, and managing assets. Many families assume it is sufficient to add children to their parents' bank accounts. However, there could be other matters to consider. Before transferring assets or creating joint accounts, it is best to talk with a Maryland estate planning attorney.
Should I Give Gifts During My Life or Leave Them in My Will?
There comes a time when elderly parents may need assistance with their finances. They may need assistance paying bills, making financial decisions, and managing assets. Many families assume it is sufficient to add children to their parents' bank accounts. However, there could be other matters to consider. Before transferring assets or creating joint accounts, it is best to talk with a Maryland estate planning attorney.
Estate Planning for Unmarried Couples
Most single adults do not think too much about life decisions related to estate planning. They may believe that estate planning is something they will do once they are married. However, estate planning is essential for singles and unmarried partners. Without an estate plan, your partner may be locked out of important decisions about your health care and your estate.
What is Medicare Planning?
Medicare is a federal health care plan for seniors. Individuals become eligible to enroll in Medicare when they reach 65 years of age. Medicare is also available for individuals who can no longer work because of a disability. Unlike Medicaid, Medicare is not a needs-based health care plan. However, that does not mean you should not include Medicare planning when discussing your estate planning goals with our Maryland estate planning attorney.
How to Use a Standalone Retirement Trust (SRT) to Protect Your Assets From Creditors
Protecting assets from creditors is a priority during your life and after your death. Using trusts is one of the most common ways to accomplish both of these goals. A Standalone Retirement Trust might be a good option for your estate planning needs. Our Maryland estate planning attorney can help you choose the trust that offers the highest level of asset protection.
What Happens if My Spouse and I Die at the Same Time?
Most spouses leave everything to their surviving spouse in their Will. Therefore, when spouses die simultaneously and there is no surviving spouse, there becomes an issue of who inherits the combined estates.
Life Insurance Types and Their Place in Estate Planning
You can use life insurance to fund your estate planning goals for your family, your business, and your charitable giving. Different kinds of life insurance coverage can provide options that can protect what is important to you.
Maryland Trust Attorney Discusses the Differences Between a Living Trust and a Will
We have all heard that it is important to have a will or trust, but many people do not clearly understand the differences between the two documents. In this article, a Maryland trust attorney discusses the differences between a living trust and a will.
How Do I Get a Power of Attorney in Maryland?
Secure your future with confidence: Learn how to obtain a Power of Attorney in Maryland, with support from a Maryland estate planning attorney.
Maryland Trust Attorney - How Does a Trust Work?
Trusts offer unique advantages and greater flexibility than wills, making them a popular estate planning tool. Your personal circumstances and legacy objectives will guide which type of trust you select to meet your needs.
Estate and Gift Tax—Are You Prepared for Changes?
The IRS recently announced new limits for estate and gift tax exemptions. For high-net-worth individuals, the estate and gift tax exemption increase is an essential element of estate planning. Shielding $11.7 million (or $23.4 for a married couple) can significantly reduce the estate tax burden for heirs.
What if I Can’t Find the Original Will? Using a Photocopied Will in Maryland
Yes, potentially the probate court will admit a copy of an executed will for use to probate an estate, but the associated problems with this outcome are many. According to Maryland Rule, Rule 6-153, the personal representative named in the will can petition the court for admission of a copy of a will.
Five Ways to Prevent a Will Contest
When you prepare your will, it contains your desires for the disbursement of your estate after your death. You and your Maryland estate planning attorney spent countless hours developing an estate plan that met all your goals and wishes.
Planning for Long-Term Care
Most individuals need some level of long-term care as they age. The level of long-term care depends on a person’s health and mental condition. Some individuals may require extensive personal and medical care as they age, while other individuals may only require limited assistance with the activities of daily living (ADLs).
Understanding the SECURE Act
The Secure Act has over two dozen provisions that impact various retirement rules, including eligibility, distributions, and contributions. Below are five provisions that may greatly affect your estate plan and retirement plan.
Death & Business in 2020: Succession Planning Tips for Small Business Owners
A business succession plan is a document that guides you through the change in ownership of your company. Business succession plans that are well-crafted include several sections that cover many topics and information.