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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 »

Want to disinherit your spouse? Read this first.

Surprise! You Cannot Easily Disinherit Your Spouse

By Andre O. McDonald |

Believe it or not, it is not easy to disinherit your spouse in the United States. In many states and the District of Columbia, you cannot intentionally disinherit your spouse unless your spouse agrees to receive nothing from your estate in a prenuptial, postnuptial, or other marital agreement. However, the same is not true for other… Read More »

Understanding Disinheritance

Want to Disinherit Someone? This Is What You Need to Know

By Andre O. McDonald |

Disinheritance—the intentional exclusion of a family member, usually a child or spouse, from receiving part of your estate after your death—is more common than you might think. It is also easier than you might think to disinherit a loved one, with a couple of notable exceptions. However, it is not as simple as omitting… Read More »

How to avoid 3 common mistakes in estate planning for farmers and ranchers!

Three Estate Planning Mistakes Farmers and Ranchers Make—and How to Avoid Them

By Andre O. McDonald |

Farming and ranching is more than just a livelihood; it is about preserving a legacy and a way of life. Unfortunately, many farmers and ranchers fail to create a comprehensive estate plan—or any estate plan at all. Without proper estate planning for farmers and ranchers, the family farm or ranch – passed down for… Read More »

Estate Planning Tools Everyone Should Consider

It’s Planning Season

By Andre O. McDonald |

To have a successful farm, thoughtful planning must be done every season. Your life is no different. To properly prepare for the next season in your life and the lives of your loved ones, you need a well-executed estate plan. When crafting a foundational plan to protect yourself, your loved ones, your business, and… Read More »

How to choose a trustee (and why family members aren't always the best choice)

5 Reasons Uncle Bill May Not Make a Good Trustee

By Andre O. McDonald |

If you have created a trust that you intend to last for decades, selecting the right trustee is critical to ensuring the trust’s longevity and ultimate success. Today, let’s discuss how to choose a trustee. Initially, you may think that a family member (for example, Uncle Bill to your children, who are the initial beneficiaries… Read More »

how to avoid escheat and intestacy by creating an estate plan

Do Not Let Your Money and Property Go to the State: Why You Need an Estate Plan

By Andre O. McDonald |

Americans tend to bristle when any level of the government meddles in their private lives, especially with their money. Look no further than the famous “death and taxes” quote for a sense of how Americans feel about bureaucratic creep and government’s sticky fingers. You may take pains to minimize government meddling in your personal… Read More »

How to avoid an estate plan contest

4 Tips to Avoid a Will or Trust Contest

By Andre O. McDonald |

Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight. If you are concerned about the potential for an estate plan contest, consider the following: Following these… 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

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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