Maryland's Legacy Planner

Friday, February 1, 2019

Do Your Parents Have an Estate Plan?

             Are you in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously)?, If so, you need to know whether or not your parents have an estate plan. While it is still your parent’s choice to make estate planning decisions, having a plan -- no matter how late in life it is created -- is an absolute must.

            Speaking with your parents about their finances and estate planning probably can be tough. Nonetheless, that conversation is the key to helping make sure your parents are able to live their golden years without financial worries, that their wishes are carried out after their death, and that your care for them doesn’t extend beyond their death to straightening out the mess left behind because there was no estate plan.


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Thursday, November 15, 2018

Why Joint Tenancy Should Not Be the Go-To Plan for Newlyweds

If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think.

What is Joint Tenancy?

After getting married, it is common for couples to take title to one another’s bank accounts, brokerage accounts, personal property, and other assets as joint owners. There are two versions of joint tenancy available in Maryland: joint tenants with right of survivorship (JTWROS) and Tenants by the Entireties (TBE or T/E). There are several distinctions between the two forms of joint tenancy, one of which is that, a JTWROS joint owner can take unilateral action to get out of the joint tenancy very quickly, a TBE joint owner must be divorced in order to change the titling.
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Friday, November 9, 2018

Your Post-Honeymoon Legal Checklist

Your wedding is over and the day was absolutely perfect. You went away on your honeymoon with your new spouse and had the time of your lives. Now you are back and can breathe a sigh of relief and watch the rest of the years ahead unfold before your eyes. Well, not so fast. Now that your honeymoon is over, there are several things you should be mindful of to make sure that the legal and financial parts of your life properly reflect your newly married status.

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Wednesday, April 19, 2017

How to Choose a Trustee

When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs - collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and in good order.
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Friday, May 29, 2015

Maryland income tax refund granted by the Supremes

The Supreme Court (Comptroller of the Treasury of Maryland v. Wynne) has found that Maryland acted unconstitutionally by not giving its residents a full credit for taxes paid to other states.
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Tuesday, April 28, 2015

Mistake #8 - Failing to Take Care in Funding the Trust

It is not unusual for people to transfer existing assets to their trust, but then forget to add new ones.

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Tuesday, April 21, 2015

Mistake #7 - Not Keeping Your Plan Up to Date

Every estate plan is based on the personal, family and financial situations, and tax laws, in effect at the time it was created.
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Tuesday, April 14, 2015

Mistake #6 - Not Funding a Trust

A trust can only control the assets that are placed into it.
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Tuesday, April 7, 2015

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.
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Tuesday, March 31, 2015

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

A guardian for minor children can only be named through a will.
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Tuesday, March 24, 2015

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.
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Attorney Lindsey Warren Duvall assists clients throughout Anne Arundel County and Prince Georges County, including but not limited to Annapolis, Davidsonville, Gambrills, Crofton, Severna Park, Crownsville, South River, Millersville, Waugh Chapel, Odenton, Piney Orchard, Severn, Upper Marlboro, Bowie, Glenndale, Galesville, Gibson Island, Arundel Mills, Columbia, Edgewater, Deale, Harwood, Lothian, Churchton, Shady Side, Cape St. Claire, Broadneck, Arnold, Jessup, Laurel, Linthicum, Mitchellville, Pasadena, and Lake Shore, MD.

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