Elder Law Posts
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Secure your future with confidence: Learn how to obtain a Power of Attorney in Maryland, with support from a Maryland estate planning attorney.
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.
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.
A Maryland elder law attorney can help if your loved one got ripped off by one of these scams against the elderly in 2020. You can call us today for a consultation.
Yes, the Older Americans Act (OAA) provides the funding for critical services seniors need to stay independent and healthy. Congress re-authorized the OAA unanimously in 2020. A Maryland elder law attorney can answer your questions about the Act.
The legal terms used in elder law situations can be confusing and daunting. It is impossible to list and define all the elder law terms in this article, but here are some of the more common jargon you might encounter. A Maryland elder law attorney can answer your questions about these and other elder law terms.
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.
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.
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).
If your loved one has Alzheimer’s disease or another form of dementia, it is best to scout out long-term care centers before there is a crisis. During recent years, many facilities started offering memory care services. Because there are few regulations and little oversight of what constitutes an adequate facility, here are five things to look for in an Alzheimer’s care center.
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.
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.
I am pleased to announce that I am added elder law services to my practice. The addition of elder law services enhances and compliments the legal services I offer to my clients. Thienel Law provides experienced, trusted legal counsel to individuals, families, and businesses throughout Maryland. I focus my law practice on business, tax, and estate planning matters.
Engaging in estate planning before remarrying can resolve many issues the couples might face. Through open and transparent discussions, each person can develop an estate plan that meets his or her goals and desires while considering the other person’s feelings and needs too.
A trust is a legal entity that can own title to property. The trust is established by a settlor (the person who transfers property to the trust) for the benefit of the settlor and/or other beneficiaries. A trustee appointed by the settlor manages the property according to the terms of the trust. A settlor can serve as the trustee under many trust agreements. A trust is a way to separate legal title for property from the individuals or entities who receive the benefits of the property.
Through a will, you can appoint a guardian for your minor children and set up a testamentary trust for your children. A will’s primary purpose in an estate plan is to ensure your property is distributed after your death in accordance with your wishes. Many individuals who have a will might assume that they need not take any further steps to safeguard their estate plans. However, some property does not pass through your estate. It may pass directly to a beneficiary or a joint owner.
Single parents have unique challenges when developing an estate plan. In most cases, their overriding goal is to provide for the care and upkeep of their children should they pass away while their children are still minors. With that in mind, below are three essential estate planning questions that all single parents ask themselves when they begin developing an estate plan.
Estate planning has numerous benefits for you and your loved ones. With a comprehensive estate plan, you can protect your property and your heirs. One of the common reasons many people create estate plans is to address tax matters. However, without the assistance of an experienced Maryland estate-planning attorney, an individual could make big tax mistakes that are costly for those the person is trying to protect.