We have discussed in previous articles the importance of digital asset planning, especially for those with valuable digital assets. Those plans contain instructions for an executor or agent under a power of attorney to access the private information if the circumstances warrant it.
Whether you are a solo practitioner or in a group practice, you need a solid plan in place to protect your family and business interests. These tips apply to many professionals – doctors, dentists, lawyers, accountants, therapists and other professionals in private practice.
The goal of estate planning is to help a client transfer assets to heirs in a financially-efficient manner. To do this successfully, an estate planner needs extensive knowledge in legal, tax, accounting and financial areas.
The importance of making end of life preparations cannot be stressed enough. Many put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time.
The IRS has issued several new policy changes that may impact those creating or revising estate plans in 2022. The policies impact gift exclusions, long-term care insurance, child tax credits, charitable deductions and tax debt.
Unlike other serious and terminal illnesses, dementia related illnesses can be very difficult to determine whether and when hospice should be utilized. Illnesses involving cognitive decline do not follow the same stages of progression typically measured to determine whether hospice care is appropriate.
The laws on same-sex marriage and cohabitation issues continue to change and evolve. As of 2012, Maryland law provides same sex couples who are married the same estate planning and estate preservation tools as heterosexual couples. The key phrase there being “who are married”.
If you don’t have an estate plan, someone else starts making the decisions. Yet many still wait and wait and wait. People are aware that someone else makes the decisions about your estate if you don’t have an estate plan.
The Wikipedia definition of a baby boomer is a person born between the years 1946-1964. This generation stereotypically possesses many characteristics such as being independent, having a strong work ethic and being very goal-centric.
In this digital age, many minors under the age of 18 are amassing wealth from acting, modeling, sports, business ventures and even video gaming. By earning their own money, they may need to protect those assets from family members who try to take advantage of the familial relationship to access the funds.
