Tag Archives: estate planning
Should the Trustee of My Trust Be Different During My Incapacity Than at My Death?
When you create a trust, choosing a trustee is one of the most important decisions you will make. If you create a revocable living trust—that is, a trust that you establish during your lifetime and can revoke or amend—you may opt to act as trustee for your trust, retaining the full control over and… Read More »
What Not to Include in Your Estate Planning Documents
One important purpose of estate planning is to facilitate the transfer of ownership of your money and property to your family and loved ones when you pass away. For this transfer to be as stress-free and efficient as possible, it is crucial that estate planning documents be thorough and provide the necessary information. Nevertheless,… Read More »
What Is a Devise in My Estate Plan?
If you are thinking about creating an estate plan, you may hear some new and confusing terms that make your brain hurt. To add to your bewilderment, not only are some of the words unfamiliar, they may also be homophones—words that are pronounced the same as other words, but have different meanings and spellings…. Read More »
Three Important Concerns Self-Employed Individuals Should Address
Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, we can craft a comprehensive estate plan that will help you address three important concerns you may… Read More »
What Happens to Your Venmo, PayPal, and Apple Pay Accounts Upon Your Death?
It has been said that nothing ever dies on the Internet. While this dictum is typically used as a warning that what we put online may come back to haunt us, it is also true that our online accounts can outlive us, and even live in perpetuity. Having a digital estate plan that makes… Read More »
Creating a Living Will
What is a living will? Creating a living will ensures your future healthcare decisions and plans are respected. A living will, also known as an advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone should have an advance directive, as… Read More »
Estate Tax vs Inheritance Tax
Estate tax vs inheritance tax… what’s the difference? These two forms of taxation relate to transferring wealth from generation to generation but are entirely different. The federal government levies a tax on all estates when the value meets a certain financial threshold. Twelve states (including Maryland) and the District of Columbia levy additional estate… Read More »
Handling a Loved One’s Digital Footprint After They Die
Most adults have not made a will, let alone created an estate plan addressing their online profiles and accounts (aka their digital footprint). As your online presence grows professionally and personally, taking charge of your digital assets and plans for them after you die becomes important. Some social media companies like Facebook, Instagram, and… Read More »
Are You Single with a Minor Child? If So, You Need a Plan
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 »
Basics of Estate Taxes
In the United States, estate taxes are levied on the transfer of assets from a deceased individual’s estate to their heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value of a person’s assets at the date of death. The estate pays the… Read More »
