We have written about the differences between a first-party special needs trust and a third-party special needs trust recently. With tax season upon us, we wanted to add more information pertaining to the differences in tax return requirements.
Under Maryland law, a child under the age of eighteen cannot inherit property in his or her own name. An adult must be designated to manage the assets inherited. Depending on how the inheritance occurs it will impact the manner in which it is managed on the child’s behalf.
Avoiding family feuds is often an underlying motivation in developing a fair estate plan. Some items to consider that may help prevent costly and emotionally draining litigation later.
Estate planning involves a lot more than wealth distribution and tax avoidance. Everyone over the age of eighteen needs a proper estate plan to protect current and future assets as well as safeguarding your health.
It’s tax season and we are all looking for deductions. If you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes.
In Maryland, a probate court bond is issued to executors and guardians, and this bond requirement often causes confusion for those new to Maryland probate. This bond requirement is in place for anyone serving as the administrator or executor of the estate of a deceased person and anyone serving as the guardian of an estate for a person with a disability.
We strongly advise our clients to execute proper health care documents like the Health Care Power of Attorney to appoint a health care agent and Advance Directives to make their wishes known on issues involving life-prolonging measures and options.
Often adult children find themselves navigating complex long-term care policies purchased by their aging parents in hopes of maximizing the benefits for much needed care.
In developing estate plans for individuals who have remarried, we often see a need to help the individual provide income for the spouse while attempting to preserve assets for the children after the surviving spouse subsequently passes away.
