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Author Archives: Andre O. McDonald

S Corporation Interests & Estate Planning

Handling S Corporation Interests in Estate Planning: Electing Small Business Trusts and Qualified Subchapter S Trusts

By Andre O. McDonald |

One of the many challenges of owning a small business is determining the appropriate tax classification of the business. When an individual owns a business entity that is classified either entirely or partially as an S corporation, it is important to seek the guidance of an experienced estate planning attorney and tax advisor when… Read More »

generation skipping transfer tax: does it matter for me?

Generation- Skipping Transfer Tax: What it is & Why it Matters

By Andre O. McDonald |

When it comes to federal taxes, most people are very aware of the federal income tax because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the gift tax,… Read More »

Accepting or declining an inheritance: what you need to know

Things to Consider Before Accepting Your Inheritance  

By Andre O. McDonald |

The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting. On the one hand, you might… Read More »

Differences between a Nongrantor Trust and a Grantor Trust

What Is a Nongrantor Trust?

By Andre O. McDonald |

Every trust has at least one grantor, also known as the trustmaker, i.e., the person who creates the trust. So, it can be confusing when terms like grantor trust and nongrantor trust are used. It is helpful to understand that neither of these terms refers to the existence or nonexistence of the trustmaker (the… Read More »

3 things to do if your trustee is unresponsive

What to Do if Your Trustee Is Unresponsive

By Andre O. McDonald |

A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. In Maryland and the District of Columbia, such duty to inform may require the trustee to give beneficiaries a copy of the trust document, provide information regarding the anticipated… Read More »

Right of Occupancy Trust: How does it work?

Right of Occupancy Trust: A Trust to Protect Your Home and Your Loved Ones

By Andre O. McDonald |

Estate planning is about protecting you and your loved ones. Sometimes this can be a difficult endeavor when there is a loved one who may require additional support at your death. While you may want to give as much as possible to this individual, you may not want to do so at the expense… Read More »

How to protect your child's inheritance if they go through a divorce

How to Keep Your Child’s Inheritance Out of Your In-Law’s Hands

By Andre O. McDonald |

About 40 to 50 percent of all marriages in the United States end in divorce. Regardless of how you feel about your child’s spouse, you must face the possibility that they could become your child’s ex-spouse. Should that day come, the money you leave to your child could be subject to a division of… Read More »

3 powerful provisions in financial power of attorney

Powerful Provisions in Your Financial Power of Attorney

By Andre O. McDonald |

In a financial power of attorney, you designate a trusted decision maker (agent or attorney-in-fact) to act on your behalf if you become disabled or unable to manage your financial affairs. Depending on the provisions you choose to include, your agent may have the power to buy and sell property, the power to invest,… Read More »

3 things to know about cryptocurrency and your estate plan

Three Things You Need to Know about Cryptocurrency and Your Estate Plan

By Andre O. McDonald |

The popularity of cryptocurrency has rapidly increased in recent years, with more people buying and selling it. Here are three things you need to know about cryptocurrency in relation to your estate plan. Beware of the Tax Consequences Transferring your cryptocurrency to other people, either during life or at your death, could have income,… Read More »

Guardianships 101 (Part 2)

The Basics of Guardianships (Part 2)

By Andre O. McDonald |

If you haven’t already read The Basics of Guardianships (Part 1), click here to do so. Once you understand how guardianships are intended to help a special needs adult, you must understand the key responsibilities a guardian plays within their legal role. Guardian duties vary depending on the protected person’s limitations and abilities. However,… 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

Columbia Office

10500 Little Patuxent Pkwy, #420
Columbia, MD 21044-3563

Bethesda Office:

(By Appointment Only)

7315 Wisconsin Avenue, Suite 800 West
Bethesda, MD 20814

Washington, DC Office:

2101 L Street, N.W., Suite 300
Washington, DC 20037

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