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The importance of estate planning for single parents

Are You Single with a Minor Child? If So, You Need a Plan

By Andre O. McDonald |

You have a minor child who depends on you for their survival, so you need to make sure that they will be cared for if you are ever unable to care for them. Estate planning for single parents is critical so you can address your minor child’s care and custody and provide instructions about… Read More »

in-home care and Medicaid Waivers: what you need to know

In-Home Nursing Care and Medicaid Waivers

By Andre O. McDonald |

You may want to think again if you believe you can’t meet Medicaid’s strict income and asset limits to qualify for long-term care benefits. If you currently demonstrate the need for nursing home facility services, you may meet health eligibility rules for a Medicaid waiver program to support the costs of in-home nursing care… Read More »

QTIP Trusts: Is My Spouse Protected?

QTIP Trusts: Will My Spouse Get What They Need?

By Andre O. McDonald |

A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own at the time of their death, which spouse will die first, whether the surviving spouse will… Read More »

When transferring real estate into a trust, what type of deed should I use?

What Type of Deed Should I Use When Transferring Real Estate into a Trust?

By Andre O. McDonald |

When using trusts in estate planning, a key element includes transferring real estate belonging to the trustmaker into the trust by recording a deed with the local recording authority. This step is crucial for ensuring that the trustee has the authority to manage and ultimately sell or transfer the property should the trustmaker become… Read More »

qualified personal residence trust: what is it, and do I need one?

Qualified Personal Residence Trust: What Is It and When Should You Consider One?

By Andre O. McDonald |

Americans have enjoyed historically high estate tax exemption rates for most of the last twenty years. Such high exemption amounts have kept many of them from needing to seek out more advanced estate planning strategies to avoid estate taxes, which have been as high as 60 percent during those same years. However, it is… Read More »

How remarriage affects your estate plan

How Can Remarriage Affect Your Estate Planning?

By Andre O. McDonald |

Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how remarriage can impact the estate planning from a… Read More »

Estate Planning strategies to help surviving spouse protect inherited IRA from creditors

Warning: Don’t Let Creditors Inherit from You or Your Spouse

By Andre O. McDonald |

Although a surviving spouse receives special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or… Read More »

Beware! Adding your kids to your bank accounts can be dangerous...

The Danger of Adding Your Kids to Your Bank Accounts

By Andre O. McDonald |

I want to leave my bank accounts to my children when I’m gone. Can’t I just make the children joint owners? That idea sounds better than it actually is. Yes, the bank accounts would avoid probate proceedings when you pass. But by adding kids to your bank accounts, you’d put yourself at risk at… Read More »

How to prevent elder financial abuse

Elder financial abuse and Medicaid: How are they related?

By Andre O. McDonald |

A major problem faces Americans as they grow older – Elder Financial Abuse. But did you know that there is a documented link between elder financial abuse and Medicaid denials?   What is Elder Financial Abuse? Elder financial abuse is a growing issue for Americans. Studies show that $2.9 Billion are lost every year… Read More »

Here's why you must include your vacation property in your estate plan

Does My Estate Plan Need to Include My Vacation Property?

By Andre O. McDonald |

Yes! If you own a vacation property, timeshare, investment property, or any other asset outside of the state where you are domiciled, you must make sure it’s included in your estate plan. If you fail to include these in your estate plan, or fail to have an estate plan at all, your heirs will… 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.

McDonald Law Firm, LLC

Columbia Office

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

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7315 Wisconsin Avenue, Suite 800 West
Bethesda, MD 20814

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

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