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.
Family-owned and small businesses need to plan ahead for the owner’s retirement, death, or disability to ensure the business can move forward intact. This is typically a long-term strategy and ranges from simple to extremely complex depending on the individuals involved and the goals.
Most business owners are so busy running their businesses that they lose sight of the importance of having proper estate planning in place. Personal estate planning coupled with a well-thought out business succession plan is a necessity to prevent chaos from occurring in the event of the business owner’s death or incapacity.
The traditional death care industry, encompassing funeral homes, casket manufacturers, and other products and services related to death and burial, has seen profits decline over the last decade.
As parents age, they may need more and more assistance in managing their financial affairs. Adult children frequently step in to offer this assistance.
For many seniors who face moving to a new home late in life, they are forced to face the grief of giving up a home that they enjoyed for years, maybe even decades. This process can be very challenging for all involved.
