A new augmented estate law, also known as the new elective share law, was signed into law by Governor Hogan and became effective October 1, 2020. This new law may significantly impact the finances of many Maryland families who fail to initiate proper estate planning techniques to circumvent some unintended results that may occur under this law without proper planning.
We love our pets and cherish their roles in our lives more than ever during a pandemic. Planning for your pet’s care in the event of your death or incapacity can provide tremendous peace of mind.
Many parents in the Christian faith appoint close friends or family members as Godparents of their baby during the baptism or christening service. These Godparents promise to bring the child up in the faith and love and protect the child. Most find that being asked to be a Godparent is a treasured honor and take the role very seriously.
- Stimulus Checks:$1400 direct payments to individuals earning up to $75,000 annually. Eligible adult dependents also qualify for these payments. Those collecting Social Security or VA benefits automatically receive the payment even if they did not file tax returns.
There are times when a loved one becomes incapacitated or incapable of managing his or her own affairs. Ideally, prior to the emergency situation, the person will have executed power of attorney documents authorizing a trusted agent to step in.
Creating a will or trust allows you to designate who will receive your assets after you pass away. You can name your partner as the sole beneficiary in your will or trust or you can designate only certain assets to be distributed to your partner.
While many families may prefer the simplicity of outright gifting, setting up an irrevocable trust may be a better way to preserve assets for the future and provide a longer legacy. An irrevocable trust cannot be changed after it is created.
It can be a difficult task in estate planning to figure out how to divide an estate unequally but fairly between children, according to the Wills, Trusts & Estates Prof Blog in "Dividing Your Wealth Among Your Children."
Recently, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) imposed a 10-year limit on distributions from an inherited IRA. A beneficiary who is not the IRA owner’s spouse is now required to withdraw all funds from the inherited IRA within a 10-year period.
As you may already assume, the mortgage does not simply disappear. It must be repaid, but there are several different approaches available to pay it off.
