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Tag Archives: Revocable Living Trust

Trusts and probate in Maryland: what you need to know

My Trust is Signed, No Probate for My Family Right?

By Andre O. McDonald |

Planning ahead has obvious benefits. Whether you’re planning a vacation or researching for a job interview, it’s always smart to outline your priorities and anticipate potential challenges that may arise. Planning your estate has similar benefits. With plans clearly established, your wealth and assets are protected should you pass away or become incapacitated. It’s… Read More »

It's tax prep time!

9 Tax Prep Questions That Will Help Organize Your Estate Plan, Too

By Andre O. McDonald |

It’s the start of a new year, which can only mean one thing: time to start your tax prep. This tax season comes with dramatic changes to the Internal Revenue Code, and this year’s April 17th IRS filing deadline is just around the corner. Soon you’ll be receiving tax forms, such as your W-2… 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 »

Lifetime Planning for the game of life: Don't roll the dice!

Lifetime Planning vs. Deathtime Planning (and why you need both)

By Andre O. McDonald |

There is a misconception among the general public that “estate planning” is only for the wealthy. According to a March 2017 survey by Caring.com, six out of ten Americans have no will or any other kind of estate plan in place. Many said they’d get around to it, eventually. When they’re old. (The survey… Read More »

Naming Life Insurance Beneficiaries: Are Your Loved Ones Really Protected from the Storm?

Life Insurance and Estate Planning: Protecting Your Beneficiaries’ Interests

By Andre O. McDonald |

One misconception people have about life insurance is that naming life insurance beneficiaries is all you have to do to ensure the benefits of life insurance will be available for a surviving spouse, children, or other intended beneficiary. Life insurance is an important estate planning tool, but without certain protections in place, there’s no… Read More »

Estate Planning for Unmarried Couples: Til' Death Do Us Part, Too!

‘Till Death Do Us Part, Too: Estate Planning Tips for Commitment Without Marriage

By Andre O. McDonald |

Advice columnist Ann Landers once observed that “love is friendship that has caught fire.” If that’s true, there are thousands of ways for that blaze to unfold. For many Americans, such devotion and passion do not need to be neatly formalized as marriage.   In fact, our cultural norms are shifting, and quickly. Consider… Read More »

How to Avoid Probate Costs in Maryland

3 Simple Ways to Avoid Probate Costs in Maryland

By Andre O. McDonald |

The bad news: not only does probate take forever, probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, and courts. Depending on the complexity, probate costs in Maryland can run into tens of thousands of dollars. In Maryland, attorneys’ fees and executors’ fees are regulated by state statute; the final… Read More »

Why an Incapacity Plan is Essential

It’s Not Just About Death and Taxes: The Essential Legal Documents You Need for Incapacity Planning

By Andre O. McDonald |

Comprehensive estate planning is about more than your legacy after death, avoiding probate, and saving on taxes. It must also be about having a plan in place to manage your affairs if you become mentally incapacitated during your lifetime.   What Happens Without an Incapacity Plan? Without a comprehensive incapacity plan in place, a… Read More »

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For help with estate planning, special needs planning, elder law or Veteran's Pension Planning needs throughout Howard, Montgomery, Prince George’s, Anne Arundel, and Baltimore County; and Baltimore City, contact McDonald Law Firm, LLC.

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