Beneficiary designations are one of the most critical considerations for Maryland residents when they begin planning their estate. However, many people don't put much thought into them or forget to do them altogether. Not having the proper beneficiary designation or...
Estate planning
3 common reasons for revising a will
Keeping the terms of a will updated is not only common but is also a recommended estate planning practice. We go through many changes daily, some significant enough to affect our plans and aspirations. That being said, it is essential to update our wills to reflect...
Creating an irrevocable trust to qualify for Medicaid
Many people will need long-term care at some point in their lives. Since the cost of nursing homes and assisted living facilities is prohibitive, most Maryland residents can't afford it and must turn to Medicaid to pay the costs of care for them. However, to qualify...
Should I use a special needs trust or an ABLE account?
People with disabilities and the parents of special needs children in Maryland have certain options for saving for their future care. The two biggest options include special needs trusts and ABLE accounts. While there are similarities between the two, they also differ...
How to talk to your parents about their estate plan
While it may be uncomfortable to address topics related to aging, having an open and honest conversation about parents' estate plans is crucial for Maryland families. Approaching the issue with the right mindset can make it easier for everyone involved. Why discussing...
Planning for your special needs child in Maryland
Each child is special and unique, with their own talents and challenges. Caring for a special needs child presents different challenges that may take time to adjust to. In Maryland, parents of special needs children can take advantage of several resources to help...
Estate planning concerns for unmarried couples
Over the last two decades, the number of unmarried cohabitating couples in Maryland has almost tripled. Cohabitating couples are older and better educated than in the past, but one aspect of their lives they may not have paid attention to is estate planning. Current...
Qualified Disability Trust in Maryland
If you are the parent of a child or adult with special needs, you must be especially careful when creating your estate plan. You want to provide for your child, but leaving them money could interfere with any benefits they receive and result in tax liabilities....
How to build a successful special needs plan
Your estate plan is important if you are responsible for caring for someone with special needs. You want to know that their needs will be met even when you're not around, and a well-formed special needs plan is an excellent way to do so in Maryland. Your will and...
The most common estate planning mistakes in Maryland
While you may not want to make plans or discuss your death, estate planning allows you to protect both your assets and your loved ones. To ensure that the courts and your beneficiaries follow your wishes, avoid these common mistakes. Failure to plan Too many people...