Asking one or both parents if they have a will can be awkward. However, it's an essential question all Maryland residents should ask to avoid problems after their parents pass away. Even if they have a will, regular reviews are important to ensure that it is updated...
Estate planning
How can you make sure your edited will is valid?
While "estate planning" in Maryland can involve many complex steps, the most basic is making a will. Most adults should draw up a will to protect both their assets and heirs. But major life events may create changes in your estate planning which may prompt you to...
Paying adult beneficiaries in Maryland
Estate planning can come with a lot of questions for Maryland residents. While some think the process ends with figuring out who gets what, there are also a lot of financial and logistical questions that need to be answered in the planning process. Oftentimes, adult...
Setting up a special needs trust in Maryland
Thinking about what happens to your loved one after you’re gone can be difficult for any Maryland resident. This can be even more stressful if your loved one has special needs or is otherwise incapable of supporting themselves financially. Thankfully, there are estate...
Are there alternatives to guardianship?
There may be some other routes to guardianship, a process where the court appoints someone to make financial and personal decisions for a Maryland resident with illness or a disability. The guardian may make choices in housing, food, education, medical care, or...
Mistakes to avoid when updating your estate plan
You already know the importance of establishing an estate plan once you have married, had a child, or accumulated wealth. However, updating your estate plan is just as important. Be careful about updating your plan, as many Maryland residents tent to forget certain...
The benefits of a special needs trust
A special needs trust allows a disabled individual to get the financial assistance they need without having to rely solely on government assistance. Setting up a special needs trust also means that your Maryland loved one will still be able to receive benefits such as...
ABLE account vs. special needs account: What’s the best option?
People who have disabilities often find it hard to do what's necessary to earn a living. If you're living with or caring for a disabled person in Maryland, it's important to know you have options regarding how they can save money. Two ways that people can provide an...
Why consider an irrevocable life insurance trust?
For people in Maryland thinking about planning for the future, an irrevocable life insurance trust (ILIT) may hold certain advantages. An ILIT can allow people to meet various goals, from reducing exposure to estate taxes to distributing insurance proceeds to a range...
Don’t make these beneficiary designation mistakes
Planning your estate is a critical exercise to undertake in Maryland. There are many details that you need to remember as you draw up your plan. You should also keep in mind how easy it is to commit a few key errors. You may not notice them at the time but they can...