Tag Archives: estate planning attorney
![Understanding the purpose of a Residuary Clause in estate planning Understanding the purpose of a Residuary Clause in estate planning](https://www.mcdonaldesq.com/wp-content/uploads/2024/02/AdobeStock_351012417-150x150.jpeg)
What Is a Residuary Clause and Why Is It Important?
When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary… Read More »
![Understanding the responsibilities and duties of a trustee Understanding the responsibilities and duties of a trustee](https://www.mcdonaldesq.com/wp-content/uploads/2024/02/AdobeStock_621435929-150x150.jpeg)
How Much Authority Does a Trustee Have Over the Stuff in My Trust?
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the… Read More »
![Understanding the differences between survivor's trust vs. decedant trust Understanding the differences between survivor's trust vs. decedant trust](https://www.mcdonaldesq.com/wp-content/uploads/2024/02/AdobeStock_314853358-1-150x150.jpeg)
I’m a Survivor . . . and Now I Have My Own Trust?
Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts:… Read More »
![Understanding the purpose of the Deceased Spousal Unused Exclusion Amount (DSUEA) in Estate Planning Understanding the purpose of the Deceased Spousal Unused Exclusion Amount (DSUEA) in Estate Planning](https://www.mcdonaldesq.com/wp-content/uploads/2024/01/AdobeStock_144692425-150x150.jpeg)
What Is the “Last Surviving Spouse Rule”?
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. Part of this is understanding the purpose of the Deceased Spousal Unused Exclusion Amount, commonly referred… Read More »
![Can you change an irrevocable trust? Read more to find out. Can you change an irrevocable trust? Read more to find out.](https://www.mcdonaldesq.com/wp-content/uploads/2023/12/AdobeStock_505230498-150x150.jpeg)
3 Examples of When an Irrevocable Trust Can—and Should—Be Modified
A frequently asked question that we receive is: “Can you change an irrevocable trust?“ You may be surprised to find out that YES, they can indeed be modified. If you did not know this, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws,… Read More »
![AI Estate Planning programs: worth the risk? AI Estate Planning programs: worth the risk?](https://www.mcdonaldesq.com/wp-content/uploads/2023/12/AdobeStock_632455309-150x150.jpeg)
Can Artificial Intelligence Programs Write Basic Estate Planning Documents?
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI estate planning program can create their documents for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no… Read More »
![Understanding the Michael Oher conservatorship controversy Understanding the Michael Oher conservatorship controversy](https://www.mcdonaldesq.com/wp-content/uploads/2023/11/AdobeStock_114818206-150x150.jpg)
Blindsided: The Michael Oher Conservatorship Controversy Explained
Michael Oher has had a remarkable life so far. Born to a single mother struggling with addiction and growing up in and out of foster care, Oher went on to star as a University of Mississippi football player and was selected in the first round of the 2009 NFL draft by the Baltimore Ravens…. Read More »
![Understanding the role and responsibilities of a Property Guardian Understanding the role and responsibilities of a Property Guardian](https://www.mcdonaldesq.com/wp-content/uploads/2023/11/AdobeStock_159067317-150x150.jpeg)
When Does Someone Need a Property Guardian?
When individuals cannot manage their finances, courts can appoint guardians. Guardianship is for those who need help handling money. Depending on the jurisdiction, financial guardianship may also be called guardianship of the estate or conservatorship. In Maryland financial guardianship is called Guardian of Property. Similarly, in the District of Columbia, a financial guardianship is called a… Read More »
![Key Considerations Around Estate Planning for Expatriates Key Considerations Around Estate Planning for Expatriates](https://www.mcdonaldesq.com/wp-content/uploads/2023/10/AdobeStock_484460757-150x150.jpeg)
Key Considerations Around Estate Planning for Expatriates
The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least part-time. This begs the question: are there any specific considerations… Read More »
![Can someone else collect money owed to deceased person? Can someone else collect money owed to deceased person?](https://www.mcdonaldesq.com/wp-content/uploads/2023/09/AdobeStock_112936193-150x150.jpeg)
Collecting Debts on Behalf of Your Deceased Loved One
People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect the money owed to deceased… Read More »