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Recent Blog Posts

Understanding the cost of dementia

The Staggering Cost of Dementia to Society

By McDonald Law Firm, LLC |

Many Marylanders know of someone who has been diagnosed with dementia. It is a costly, heart-breaking and life- altering syndrome that is nearly doubling in the numbers of people affected worldwide every 20 years. Dementia has affected the likes of Rosa Parks, James Doohan, Robin Williams, Ronald Reagan, Charlton Heston, Norman Rockwell, and many… Read More »

The importance of a special needs trust

10 Tips for Using a Special Needs Trust to Protect Your Child

By McDonald Law Firm, LLC |

When caring for a child or loved one with special needs, it’s important to understand what resources are available to you, and what steps can be taken to provide quality care and financial security is vital to your dependent’s lifetime needs. Careful planning and a properly executed special needs trust can protect your loved… Read More »

Understanding how your HSA works with your estate plan

How Your Health Savings Account (HSA) Works with Your Estate Plan

By McDonald Law Firm, LLC |

If you’re enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan—especially to make sure that any hard-earned money left in your HSA when you die goes where you want it.   What is an HSA? An HSA is an account whose… Read More »

Why your estate planning attorney needs to know about intra-family loans

Why Your Estate Planner Needs to Know If You’ve Lent Money to Family

By McDonald Law Firm, LLC |

According to data from the U.S. Census Bureau, millennials have surpass the baby boomers to officially become the largest generation in the United States. Millennials age range from 18-35 years-old and they are poised to be the engine that drives the U.S. economy in the near future. With that said, many millennials are skipping… Read More »

Understanding What Happens to Debt After Death

Debt After Death: Why You Should Think About It When Estate Planning

By McDonald Law Firm, LLC |

It may be a dirty word in some quarters, but debt is a fact of life for more and more Americans. According to a study by the Pew Charitable Trust, 8 in 10 Americans are in debt is some fashion, . . . and that debt is not limited to young people starting out… Read More »

how the new tax law affects seniors and people with disabilities

How Does the New Tax Law Impact Seniors and Persons with Disabilities?

By McDonald Law Firm, LLC |

On December 22, 2017, President Trump signed the Tax Cut and Jobs Act (TCJA) into law. The new tax law represents the largest overhaul of the tax code since the passage of the Tax Reform Act of 1986, during the Reagan Administration. This vast legislation was passed by both the House and Senate with… Read More »

Spendthrift trust: solution for financially irresponsible heirs?

How a Spendthrift Trust Keeps Your Heirs from Blowing their Inheritance

By McDonald Law Firm, LLC |

There are many tools that can be used when putting together your estate plan. One such tool- a trust- is a fiduciary arrangement, established by a grantor or trustmaker, which gives a third party (known as a trustee) the authority to manage assets on behalf of one or more persons (known as a beneficiaries). Since… Read More »

Why Factoring Cognitive Impairment into Your Estate Plan is Critical

Better to Play It Safe: Proactive Estate Planning and Cognitive Impairment

By McDonald Law Firm, LLC |

Most financially savvy individuals begin planning their estate when they’re in peak mental shape. The idea that this might change at some point in the distant future is an unpleasant one, and they would rather go about their estate planning as if they’ll be as sharp as a tack late into their golden years…. Read More »

It's tax prep time!

9 Tax Prep Questions That Will Help Organize Your Estate Plan, Too

By McDonald Law Firm, LLC |

It’s the start of a new year, which can only mean one thing: time to start your tax prep. This tax season comes with dramatic changes to the Internal Revenue Code, and this year’s April 17th IRS filing deadline is just around the corner. Soon you’ll be receiving tax forms, such as your W-2… Read More »

Estate Planning in 2018: New Tax Laws and Other Key Considerations

How New Tax Laws Will Impact Estate Planning in 2018

By McDonald Law Firm, LLC |

With 2017 now relegated to history, including Congress passing (and President Trump signing into law) the Tax Cut and Jobs Act, the question as we look ahead to 2018 now becomes: how do these new tax laws affect my estate plan? With that in mind, let’s consider a few things to watch regarding estate planning,… Read More »

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For help with estate planning, special needs 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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