Category: Trusts

End-of-Summer Checklist: 6 Financial Considerations and Annual Maintenance Reminders

Last year, we created an end-of-year list of some financial considerations and annual maintenance items that clients should consider. As fall approaches, we want to revisit some of those items while also outlining some additional considerations which may require more time and effort to address. 1. Prepare and/or Revise Your Personal Inventories We often advise […]

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7 Important Estates & Trusts Law Updates for Maryland in 2023

7 Important Estates & Trusts Law Updates for Maryland in 2023

With the conclusion of the 2022 Maryland legislative session, there are several estates and trusts law changes – from the rules involving remote and electronic execution of estate planning documents, to changes regarding RULONA, and the signing of Maryland’s new Supported Decision-Making Statute. Below are 7 key takeaways related to estate planning from this year’s […]

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4 IRA Rules You Should Know About the SECURE ACT of 2020

4 IRA Rules You Should Know From the SECURE ACT of 2020

The SECURE ACT of 2020 set forth new rules for inherited retirement accounts (“IRAs”), but there was confusion as to when a beneficiary must take withdrawals from the IRAs. The Treasury issued Proposed Regulations on February 23, 2022, and although these regulations are not final, they provide clarity. Below is a summary of the minimum […]

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Should You Consider an Irrevocable Life Insurance Trust (ILIT)?

Life insurance is often one of the first investments people consider when they begin estate planning. The right policy can help cover certain expenses for your beneficiaries after you pass. However, choosing the right life insurance policy for you and your family can be a difficult and confusing process. Policies vary widely in their terms. […]

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Estate Planning Tools for Families with Children with Special Needs

Parents and guardians of children with special needs are keenly aware that they must take extra precautions to ensure that their child will continue to live happy, healthy, and fulfilling lives after the parent or guardian passes away. To imagine a child with special needs carrying on without their current support system can be difficult […]

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Understanding Grantor Retained Annuity Trusts (GRATs)

Grantor Retained Annuity Trusts, or GRATs as they are commonly known, are a powerful tax-saving tool used by estate planners to shift assets with significant potential appreciation to beneficiaries without utilizing their lifetime gift tax exemption. When creating a GRAT, your assets are placed within an irrevocable trust which expires after a set period while […]

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Best Practices for Irrevocable Trusts

Sometimes, we are approached by prospective clients who wish to make changes to their irrevocable trusts—unaware that under current law, these trusts cannot be easily amended. In fact, modifying the agreements of an irrevocable trust, unless under very specific conditions, is a violation of state and/or federal law. As the current administration seeks to increase […]

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Estate Planning 101 Education Funding for Children and Grandchildren

Estate Planning 101: Education Funding for Children and Grandchildren

In 2021, the average tuition for four-year public colleges increased by 1%, and 2% for private colleges. These price increases reflect a trend that has been growing for years. Many parents and grandparents dream of the opportunities which higher education can provide for their children and grandchildren. However, the nightmare of massive student debt is […]

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Demystifying Estate Planning Here’s What the Process Actually Entails

Demystifying Estate Planning: Here’s What the Process Actually Entails

As estates and trusts attorneys, we often hear similar questions and misconceptions about what the estate planning process actually entails. Prospects and new clients will ask questions like, “Do I have enough assets to qualify for an estate?” Or “I thought estate planning was something only the ultra-wealthy do.” And the most common of the […]

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Estate Planning 101 Who Should I Choose as My Trustee

Estate Planning 101: Who Should I Choose as My Trustee?

When you create a trust, you must choose someone to serve as the trustee. The trustee will be the person responsible for handling the management and distribution of the assets owned by the trust. Choosing the right trustee is one of the most important decisions you will make on your estate planning journey. The role […]

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