Summertime & Estate Planning

Summertime & Estate Planning

Summertime & Estate Planning Now that summer is near, many of us are enjoying the warm weather, planning vacations, and otherwise relaxing. While Estate Planning is a year-round duty, summer can be a great time to review and update your Estate Plan. As we plan...
New law avoids Inheritance Tax for Domestic Partners.

New law avoids Inheritance Tax for Domestic Partners.

On October 1, 2023, a new Maryland law went into effect regulating how couples may register as Domestic Partners and the information required in a Domestic Partnership Agreement. Senate Bill 792 (SB 792) extends significant protections and benefits to qualifying...
Should I include Pets in my Estate Plans?

Should I include Pets in my Estate Plans?

Nearly 70% of U.S. households own pets. While you may consider your pet to be a living, breathing member of your family, the reality is that the law considers your furry friends as your property. Because your pets are considered property, you cannot legally leave...
Revocable Trusts: Not Just for the Wealthy

Revocable Trusts: Not Just for the Wealthy

“I am not rich – why would I need a Trust?” A common misconception we often hear regarding Trusts is that Trusts are only needed by people who have substantial wealth. This could not be further from the truth. If you own a home, when you are gone, your home will...
𝐌𝐲 𝐟𝐚𝐭𝐑𝐞𝐫 𝐫𝐞𝐜𝐞𝐧𝐭π₯𝐲 𝐩𝐚𝐬𝐬𝐞𝐝 𝐚𝐰𝐚𝐲. π–π‘πšπ­ 𝐝𝐞𝐚𝐭𝐑 𝐭𝐚𝐱𝐞𝐬 𝐰𝐒π₯π₯ 𝐈 π›πž π«πžπ¬π©π¨π§π¬π’π›π₯𝐞 𝐟𝐨𝐫?

𝐌𝐲 𝐟𝐚𝐭𝐑𝐞𝐫 𝐫𝐞𝐜𝐞𝐧𝐭π₯𝐲 𝐩𝐚𝐬𝐬𝐞𝐝 𝐚𝐰𝐚𝐲. π–π‘πšπ­ 𝐝𝐞𝐚𝐭𝐑 𝐭𝐚𝐱𝐞𝐬 𝐰𝐒π₯π₯ 𝐈 π›πž π«πžπ¬π©π¨π§π¬π’π›π₯𝐞 𝐟𝐨𝐫?

There are five sets of death taxes that are relevant for Maryland residents: First, there is Final Personal Income Tax (Federal and Maryland), which refer to the income taxes that the deceased person would have had to pay in the year they died. This is something that...