Make A Payment
410.721.1660

Blog

Mistake #5 – Not Planning for Incapacity

If someone cannot conduct business due to mental or physical incapacity, only a court (guardian) appointee can take over for this person—even if a valid will exists. (A will only goes into effect after death.) A power of attorney can name someone to also act for the...

read more

Mistake #4 – Not Naming a Guardian for a Minor Child

A guardian for minor children can only be named through a will. If the parents have not done this, and both die before the children reach legal age, the court will have to name someone to raise them without knowing whom the parents would have chosen. From my...

read more

Mistake #3 – Not having a Coordinated Estate Plan

It can be difficult to coordinate multiple beneficiary designations and titles so that your beneficiaries inherit the way you want. Keeping beneficiary designations and titles balanced while you are living is a challenge; impossible if you should become ill or...

read more

Mistake #2 – Relying on Joint Ownership

Many older people add an adult child to the title of their assets (especially their home), often to avoid probate. But this can create all kinds of problems. When you add a co-owner, you lose control. Jointly-owned assets are now exposed to the co-owner’s creditors,...

read more

Mistake #1 – Not Having a Plan

Maryland has laws for distributing the property of someone who dies without an estate plan—but not very many people would be pleased with the results. State laws vary, but generally they leave the deceased’s assets to family members. (Non-family members, like an...

read more

New Death Tax Proposal

Have you been following the proposed tax law changes on the Hill? Our President wants to eliminate "step-up basis" at death, which means he opts for "carry-over basis". When you sell an asset, your capital gain is the difference between your basis and the sales...

read more

Have You Defeated Your Own Will?

Contrary to popular belief, your Will does not supersede the beneficiary designations on your insurance, bank accounts, and retirement assets. If you put a child’s name on your bank account for convenience, that child may well be a co-owner of the account and receive...

read more

Should I Write My Own Will?

Lincoln said “He who represents himself has a fool for a client.”  Unfortunately, this wisdom still applies to the law, legal documents, and writing your own Will, absent specific training in the law. Even attorneys, who don’t focus on estate planning, are hesitant to...

read more

Life Insurance: How Much and What Kind?

Life insurance can be an affordable way to provide for our children, spouse, a sibling, aging parents and others if we should die while they are depending on us. Life insurance proceeds can provide extra income to help pay ongoing household bills and child care; pay...

read more

Estate Planning Basics for Newlyweds

It’s that time of year – the time for beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons.  While this is a joyous time for everyone, it’s also time for you and your new spouse to plan for your future – for richer or for poorer,...

read more