America’s response to Covid19 includes new practices to avoid the spread of the novel Coronavirus. The most popular strategy is that of physical distancing, also known as social distancing.
There are certain life occurrences that take place which merit a prompt review of your estate planning documents and often require some updates as a result. These include:
We often hear clients ask about whether their small estate will require them to endure a typical, lengthy probate process. There are ways under Maryland statutes to avoid a full estate administration, but several factors, not just monetary value, determines whether you can qualify for Maryland’s Title 5, Subtitle 6 “Small Estates”.
Taking care of an elderly relative is hard work and time-consuming, but it can be profitable work. As a caregiver you will spend countless hours assisting loved ones with daily tasks such as cooking and cleaning, errands, driving them to appointments and keeping them safe.
Under the Affordable Care Act, Maryland Medicare beneficiaries receive a free annual wellness visit. This is not to be confused with an annual physical. The difference between the two can be extremely costly.
When someone passes away, the probate court supervises the administration of the estate by overseeing how the executor notifies creditors, pays debts and disburses the assets to the beneficiaries.
We advise our clients to periodically review all accounts with beneficiary designations such as life insurance, retirement plans, annuities and the like. Part of comprehensive estate planning includes looking at these types of presumably non-probate assets to ensure the beneficiary designations match up with the client’s overall goals.
