Individuals who own property in the United States but who are not U.S. citizens, such as nonresident aliens and green card holders, need effective estate planning strategies to counteract this set of challenges. The primary challenge is that noncitizens are not qualified to exert the exemption for federal estate and gift taxes that citizenship provides.
Age is a measure of time, but it does not require certain physical or mental limitations to be imposed at any certain time. Feeling young, energetic and free of pain can be a reality for many regardless of physical age if they follow certain steps.
There are two main objectives when it comes to the proper storage of estate planning documents – (1) preventing it from being lost or damaged; and (2) ensuring that it is accessible when needed. That accessibility may not always be after you pass away.
Far too many people make the mistake of putting off estate planning and writing a will. This can end with someone on a deathbed attempting to communicate verbally their final wishes for distributing their wealth or naming a guardian for their minor children.
Since the laws have changed to allow a grandparent to fund a 529 plan for education expenses without it negatively impacting the student’s ability to qualify for federal financial aid, many grandparents are seriously considering this gifting option. Many still wonder about the flexibility of the plan and what it can actually be used to buy.
Digital assets are often overlooked during the inventory phase of creating business succession plans and personal estate plans. Many digital assets can be quite valuable and need to be properly identified and protected.
Caregivers, whether paid or family members, who deal with seniors experiencing dementia related symptoms often wonder how to best manage psychiatric symptoms such as paranoia, hallucinations and delusions. Many psychiatrists advise that trying to argue or rationally explain the incidences is not the best approach.
Estate planning can be complicated for harmonious families but can be especially difficult when there are family members who suffer from addictions, cannot properly manage money or are estranged from the family altogether. With the rise of drug addictions in the United States, this scenario is becoming increasingly and alarmingly common.
Maryland law divides probate estates into two types – small estates and regular estates. You must first determine which one fits your situation to know which steps to take next in the probate process.
