Estate planning can be significantly challenging when minimizing your estate taxes. In Maryland, state and federal estate taxes may apply based on the value of your estate. Here is what you need to know to handle these taxes well. Maryland estate tax Maryland taxes...
An elective share is a legal right of the surviving spouse to claim a fixed portion of the deceased spouse’s assets even though their will or estate planning documents suggest otherwise. This law ensures financial support for the surviving spouse and prevents...
Inheriting property can sometimes be more trouble than it's worth. Aside from pushing you into a higher tax bracket, some properties can come with significant maintenance and upkeep costs, or existing debts like mortgages or liens. The Maryland Uniform Disclaimer of...
Imagine spending thousands of hours building a thriving business, only to have it face uncertainty due to a sudden accident, illness or even your untimely death. Without a clear plan in place, your company's future and your family's financial security could be at...
In the United States, probate can consume up to 10% of the estate's value. This staggering cost is a significant burden for many families, which is why legal and financial experts strongly advise against probate when planning your estate. But what is probate, exactly?...
Becoming a parent is one of life’s most rewarding experiences, but it also comes with substantial financial responsibilities. Raising a child is expensive, and when you are busy providing for their basic needs, it is easy to delay one thing that is just as important:...
With the unpredictability of life, how can one ensure that their assets will go to their desired recipients? Additionally, if they have minor children, how may they secure their kids’ future in case they suffer an untimely passing? Such situations point to the...
When thinking about how to pass down wealth, you might have concerns that your loved ones will quickly spend away their inheritances. And it happens all the time. Assets that take decades to accumulate and build can be blown in a matter of months, being wasted on...
Being single affords more freedom, yet it is also crucial to consider potential situations where disability or illness makes managing personal affairs impossible. Although it is often associated with the affluent, aging adults or those with large families, estate...
Estate planning is not just for people with significant wealth or large families. It can also be a valuable tool for those who have chosen a life of independence or do not have children. Apart from helping safeguard what you’ve worked so hard for, it can provide...