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As we kick-off the new year, where do things stand as far as the federal and state estate planning and tax laws? We certainly suffered a bit of whiplash with all the potential changes that were initially proposed as part of the Infrastructure Investment and Jobs Act...
When making your estate plan, you need to select an executor. This person will hold crucial responsibilities and a fair amount of power, so it is important to choose wisely. Your first instinct may have you leaning toward one of your relatives. But is a relative...
Including a trust in your estate plan can be a beneficial way to manage your assets. But you will want to choose carefully and ensure using a trust makes sense for your plans. A revocable trust is the most common option. This type of trust allows you to make changes...
It’s that time of year where everyone starts to think about making charitable donations, whether that be for the simple act of kindness, the goal of reducing income taxes owed for the year or both. Whatever the reason, if you have charitable intentions heading into...
You may have heard the term “portability” thrown around in the past few years in consultation with your attorney or tax preparer, but do you really understand what it means? In this post, we will take the time to explain portability and why it could be an important...
The estate tax is a one-time tax that may be assessed against a person’s estate at the time of their death. There is currently a federal estate tax, and some states also have a separate state estate tax, including Maryland. At the most basic level, if the total value...
With interest rates dropping to a historical low during the pandemic, lots of people took the opportunity to refinance their mortgages. If you refinanced your mortgage in the past year and you also have a revocable living trust as part of your overall estate plan, you...
After signing your Last Will & Testament (“Will”), you may be tempted to not think about it again. After all, thinking about your death and what will happen to your loved ones and your assets after you are gone isn’t the most fun thing to think about. But before...
Do you have a child heading off to college for the first time in the Fall? If so, I’m sure you have been busy planning with your child to make sure they have everything they need to be ready for the big move: school supplies, clothing, food, and those personal touches...
In this modern day and age there are so many resources readily available to us online, it can be overwhelming. Sure, you can “Google” anything and get so much information that your head will spin, but in the end, you don’t know what you don’t know. How do you...