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Recent Blog Posts

How to avoid probate in Maryland? This "do it yourself" strategy could backfire...

Caution: Writing Your Own Deed to Avoid Probate Can Lead to Unintended Consequences

By McDonald Law Firm, LLC |

Are you wondering how to avoid probate in Maryland? If so, you want to make sure you’re going about it the right way… In Howard County and beyond, one common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights… Read More »

Why your comprehensive estate plan needs asset protection

How to Build a Comprehensive Estate Plan that Includes Asset Protection

By McDonald Law Firm, LLC |

Much of estate planning has to do with the way a person’s assets will be distributed upon their death. But that’s only the tip of the iceberg. From smart incapacity planning to diligent probate avoidance, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset… Read More »

The truth about using asset protection planning to make sure your wealth is secure

“Cover Your Assets!” The Truth About Asset Protection Planning

By McDonald Law Firm, LLC |

Some people believe that asset protection planning is a less-than-ethical form of wealth planning.  They believe there is a moral obligation to pay one’s debts, and therefore think that asset protection planning is immoral because it prevents a creditor from collecting on a judgment entered by a court. The truth is . . …. Read More »

4 Things to Consider When Leaving an Early Inheritance for Your Children

Want to Give the Kids an Early Inheritance? 4 Things to Consider

By McDonald Law Firm, LLC |

If you’re thinking about giving your children an early inheritance, you’re not alone. A recent Merrill Lynch study suggests that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying… Read More »

Maryland Inheritance Laws: Don't let these mistakes hurt your children's inheritance

3 Decidedly Dumb Ways to Leave an Inheritance for Your Children

By McDonald Law Firm, LLC |

Estate planning offers many ways to leave your wealth and pass on a legacy to your children and future generations, but it’s just as important to know what not to do when it comes to Maryland inheritance laws. If you live in Howard County, Maryland or a surrounding area and want to leave an… Read More »

How CPTs create tax savings

How a Community Property Trust Could Save You From Heavy Taxation Down the Road

By McDonald Law Firm, LLC |

When it comes to your family’s legacy, every dollar you can save from tax collection counts. One way to keep your assets out of the hands of the IRS is the formation of community property trusts. Last week, we discussed why integrating a community property trust (CPT) into your estate plan is a good idea… Read More »

How Community Property Trusts integrate with your estate plan (and save you on taxes, too!)

Integrating a Community Property Trust into Your Estate Planning

By McDonald Law Firm, LLC |

A well-crafted estate plan is comprised of many individual parts, and careful, trust-based estate planning is the best way to preserve your family’s legacy for you and your loved ones. One way couples can get the most mileage out of their estate plans is through community property trusts. This is a special type of… Read More »

These Life Events May Require you to Update your Estate Plan

Which life events require an immediate estate plan update?

By McDonald Law Firm, LLC |

Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan… Read More »

Naming Life Insurance Beneficiaries: Are Your Loved Ones Really Protected from the Storm?

Life Insurance and Estate Planning: Protecting Your Beneficiaries’ Interests

By McDonald Law Firm, LLC |

One misconception people have about life insurance is that naming life insurance beneficiaries is all you have to do to ensure the benefits of life insurance will be available for a surviving spouse, children, or other intended beneficiary. Life insurance is an important estate planning tool, but without certain protections in place, there’s no… Read More »

Why George Carlin Thinks Estate Planning is a Must

Got Stuff? George Carlin Says You Need an Estate Plan!

By McDonald Law Firm, LLC |

George Carlin would have been a great pitchman for estate planning. You may remember his stand-up routine on “stuff.” We all have stuff, and we’re pretty particular about our stuff. We move it around with us, it’s hard for some of us to get rid of it, and some of us don’t like our… Read More »

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For help with estate planning, elder law or business planning needs throughout Howard, Montgomery, Prince George’s, Anne Arundel, and Baltimore County; and Baltimore City, contact McDonald Law Firm, LLC.

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