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Why a trust for your child needs to mature along with them as they age

Why a Trust for Your Child Should Mature with Your Child

By Andre O. McDonald |

From the moment a child is born, a parent feels an instinctive drive to protect and nurture. We childproof our homes, carefully choose schools, offer guidance through adolescence, support their careers, and watch with pride as they start their own lives. The desire to be there for them extends beyond emotional and physical care…. Read More »

What you need to know about funding a living trust

How to Help Your Loved Ones (and Your Life Savings) Avoid Probate

By Andre O. McDonald |

Today, many people use a revocable living trust instead of a will, joint ownership, or beneficiary designation as the foundation of their estate plan. When properly prepared, a trust avoids the costly public, and often time-consuming, court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make one… Read More »

What to Do When You Do Not Own What You Think You Own

By Andre O. McDonald |

Imagine the following scenario: You have been living in a house for years. As your mother’s sole heir, you inherited it from her when she passed away. You pay the taxes and insurance. You make the repairs and mow the lawn. You call it home, and everyone in the family calls it “yours.” However,… Read More »

Is it fair to leave your children unequal inheritances?

Does Treating Your Children Fairly Mean Unequal Inheritances?

By Andre O. McDonald |

When thinking through their estate plan and how they want their assets(money and property) managed after they pass away, most parents wish to treat their children equally, often out of a sense of fairness. However, sometimes being fair or doing what is right by your children may mean giving unequal inheritances. The Key Takeaways… Read More »

Understanding the basis of income tax basis planning (and why it matters)

Is an Income-Tax Time Bomb Lurking in Your Estate Plan?

By Andre O. McDonald |

As the federal estate tax exemption has ballooned from $5 million in 2011 to $13.99 million today (increasing to $15 million in 2026 adjusted for inflation), the need for estate tax planning has drastically decreased. However, with a top marginal income tax rate of 37 percent, the focus of estate planning has shifted to… Read More »

Minimalist estate plan? Bad idea!

Minimalist Estate Plan? Save “Less is More” for Your Decor!

By Andre O. McDonald |

In a modern world marked by information overload, overflowing inboxes, nonstop notifications, and the constant pressure to accumulate more stuff, minimalism offers a compelling counternarrative. But, is a minimalist estate plan a smart idea? NO! Let’s discuss why… Born from the mid-twentieth century artistic rebellion and revived in the 2010s on the back of… Read More »

What to know before purchasing real estate in a foreign country

Planning for Real Estate in a Foreign Country

By Andre O. McDonald |

The allure of a foreign land—perhaps where the weather is milder, the pace of life slower, and the cost of living lower—is a dream for many Americans who want to escape our country’s fast-paced, high-cost living. That dream can become a reality, and a tangible investment, for Americans who purchase real estate in a… Read More »

Have the irrevocable life insurance trust lost its luster?

Undoing an Irrevocable Life Insurance Trust: Options and Alternatives in a Changing Estate Tax Landscape

By Andre O. McDonald |

The irrevocable life insurance trust (ILIT) has long been a staple of estate planning. This tool is designed to hold life insurance policies and remove the death benefit proceeds from an individual’s taxable estate (meaning that the value is not subject to estate tax) while also providing liquidity to cover estate taxes, the deceased… Read More »

Do you need to modify estate plan after divorce decree?

Your Divorce Decree: The First Step in Estate Planning

By Andre O. McDonald |

You and your spouse have recently divorced, and the judge has signed the divorce decree. Now what? Although you may feel that you have spent enough time and money on lawyers, there is one last attorney you need to talk to: an estate planning attorney. If you and your former spouse created an estate… Read More »

Minimizing federal estate tax with portability

How to Minimize the (Voluntary) Federal Estate Tax with Portability

By Andre O. McDonald |

Most people may be surprised to learn that the federal estate tax is considered by some to be voluntary. Estate planning attorneys used to say, “You only pay if you do not plan.” The relatively recent introduction of portability provides yet another planning tool available to married couples to minimize or eliminate estate taxation…. 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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Washington, DC 20007

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