Year: 2021

In Maryland, any individual over the age of 18 who is legally competent can make a Last Will and Testament (“Will”). In order for a Will to be considered valid under Maryland law, it must be (i) in writing, (ii) signed by the person making the Will (the “testator”),...

Most people understand the importance of having a Will to handle the distribution of their assets upon death.  As described in our prior post ("Trust Basics"), when you use a Will as your primary estate planning tool, some of your assets have to pass through the...

Trusts can be an extremely useful and important part of your estate plan depending on your circumstances and needs. There are three parties to any trust.  First, the Grantor is the person who creates the trust and transfers property to the trust (also commonly...

Last week we introduced the Will, identified what it is and why every adult should have one.  This week we will discuss what assets are controlled by a Will and the importance of asset titling. A common misconception about Wills is that your Will controls the...

A Will, formally called a “Last Will and Testament”, is probably the most well-known estate planning document.  Most people know that a Will is the document where you designate in writing your wishes for how your assets should be distributed upon your death.  Your...

Most of us have heard the term “power of attorney” and understand generally what that means. Put simply, a power of attorney is a legal document where you can choose the people you want to have the authority to make financial related decisions for you when you no...

What exactly is an advance directive?  In the simplest of terms, an advance directive is your way of retaining some control over decisions about your health care even after you no longer have the mental or physical capacity to do so.  This is accomplished by...

 What exactly is an ABLE account?  An ABLE account is a relatively new special needs planning tool that is designed to give individuals with disabilities more independence and control over their lives.  ABLE stands for Achieving a Better Life Experience, which is the...

(1) Marital status of you and/or your children (2) Birth or adoption of any children or grandchildren (3) Serious illness or possible mental incapacity of you or a family member (4) Creditor issues for your children and/or grandchildren (5) You want to make gifts to...

For many people, the mere mention of a prenuptial agreement makes marriage feel more like a business arrangement than the celebration of love and happiness that is intended when two people decide to spend their lives together. This notion, however, could not be...