When you begin estate planning, you will run into several terms you may not be familiar with, and the two most common terms will be will and trust. Both are Maryland estate planning legal tools, but how are they different, and how can you use them? A will, generally A...
Plan For The Future With Confidence
Estate planning
What are the two types of public guardianship in Maryland?
Public guardianship is a law-enforced arrangement that gives another person or party the responsibility to make decisions for you, including concerns about your property or personal welfare. In Maryland, this program is open to elders at least 65 years old,...
Minimizing conflict when creating an estate plan
Family dynamics can make estate planning complicated, even if you don't think that you have a lot of assets to distribute. However, there are steps that you can take to ensure that your Maryland home, a bank account or other possessions can be allocated without...
You’re trying to help. Is a special needs trust right for you?
Millions of people in America have family members with special needs, including many people in Maryland. These individuals may be vulnerable for any variety of reasons, from mental health issues to physical disabilities, among other potential issues. And no matter...
What are the benefits of revocable trusts?
Revocable trusts can help individuals manage their estate while they are alive and provide distribution directions applicable after their death. It is a widely used option, especially among individuals with health conditions that cause impairments or disabilities. A...
Elder law can help aging individuals plan for the inevitable
Elder law addresses the legal and financial concerns of aging individuals and their loved ones. It is more diverse than you might believe. It is an integral part of the estate planning process that can help you answer essential questions regarding your future and the...
Beneficiary designations are critical in estate planning
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...
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...
