In Maryland, the statutes lay out certain requirements that must be met to create and execute an estate plan. For someone to execute a will, he or she must be 18 years of age, of sound mind and sign the will in the presence of two witnesses and a notary.
Long-term care planning involves looking at your wealth portfolio and determining how to instruct your family to pay for any long-term care you may need. Long-term care costs in Maryland can be very expensive, often averaging more than $10,000 per month.
While the pandemic has increased the overall estate planning activity, many Maryland residents still do not have a plan in place. The statistics are consistent with other states and the country as a whole shows that only 32% of Americans have a will (Caring.com).
Many clients search online for do-it-yourself estate planning forms or call an estate planning law firm asking for prices for a simple will. They are often convinced that it is a standard form where you simply change out the names and execute it.
The cost of long-term care in a nursing home facility in many of the urban portions of Maryland range from $11,000 to $14,000 per month. This can be a daunting figure for many upcoming retirees to wrap their heads around.
Learning that you are receiving an inheritance can be a really exciting, per perhaps overwhelming concept. There are a few things to know about inheriting assets because depending on the type of asset, you may need to plan for and manage them differently.
These type of “see-through” trusts come into play when someone leaves an IRA to beneficiaries in a will or trust. Inherited IRA rules are different for spouses and non-spouses, and have changed under the SECURE Act.
There are two basic types of trust documents designed specifically for married couples. One is called the A-B Trust and the other is a Disclaimer Trust.
