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Monthly Archives: February 2022

what is a springing power of attorney?

Springing Financial Power of Attorney 

By Andre O. McDonald |

Estate planning is about more than preparing for the inevitable. A good estate plan should also consider the unexpected. Your plan may have detailed instructions for what happens when you are no longer around, but what if something goes wrong while you are alive? If you can no longer manage your affairs, you will… Read More »

New FAFSA Rules: What Do They Mean for Grandparents

Changes to the FAFSA Form (and What It Means for Grandparent-Funded 529s)

By Andre O. McDonald |

For grandparents who want to leave a legacy to their grandchildren, the gift of a 529 college savings plan is an option. Not only can opening a 529 plan account help a grandchild with educational expenses, it can also help grandparents with their estate planning goals. In the past, grandparent 529 plans had the… Read More »

Options for how to afford paying for long-term care

Paying for Long-Term Care

By Andre O. McDonald |

According to findings, the US Department of Health and Human Services (HHS) cites that almost seventy percent of retirees in America will need some long-term care (LTC), with median annual costs for these services ranging from $53,768 to $105,850 in 2020, according to research from Genworth. HHS also reports that those who receive Medicaid-financed… Read More »

What is a pour-over will (and do I need one?)

Pour-Over Will: Not Your Average Will

By Andre O. McDonald |

Wills and trusts are the two basic legal instruments that people use to pass accounts and property on to their loved ones at death. Although a revocable living trust is often used in place of a will, the two are not mutually exclusive. You can have both a will and a trust, and in… Read More »

How to avoid a Medical Penalty

Medicaid Gifts and Penalties

By Andre O. McDonald |

Medicaid is a federal/state program helping low-income seniors with limited income and assets afford healthcare and long-term care. Many seniors believe their only option to qualify for the program is to “spend down” their assets. While this is true in some cases, proactive Medicaid planning can protect a substantial portion of your assets if… Read More »

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

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McDonald Law Firm, LLC

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Bethesda, MD 20814

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