Gift-giving is a time-honored tradition that allows us to express our love, appreciation, and generosity towards the people we care about. Whether it’s a token of gratitude, a gesture of support, or simply a way to make someone’s day brighter, gifts hold immense significance in our relationships. However, when it comes to giving substantial gifts to individuals other than our…
Category: Death Planning
What are Death Taxes, and What Do They Mean For Me?
A key component of estate planning is minimizing and planning for the taxes that might be owed. Each state has its own rules, so this post concentrates on Maryland. In Maryland, there are typically three potential taxes that might be owed when someone dies: estate tax, inheritance tax, and income tax. Estate Taxes Estate taxes are taxes imposed on your…
Did Mom or Dad Have Life Insurance?
How do you find out if someone had life insurance after they have died? And if they did have it, who are the beneficiaries? It’s tough to figure out on your own since most life insurance companies won’t take any action to notify beneficiaries until someone reports the insured’s death. So where do you start? The first thing you need…
Why Singletons Should Prepay for Cremation
Absent prepayment, funeral homes require next-of-kin to agree to cremation for recently-departed loved-ones (“decedents”) who have indicated a preference for the process in their wills. If the decedent was married at the time of death, the surviving spouse can authorize cremation. If the decedent was unmarried but had children, the children must unanimously agree to a cremation. And, if the…
You Have Your Way, but Where’s Your Will?
Not finding a loved one’s signed, original will is very frustrating. If the will cannot be found, then it cannot be used. Clients sometimes tell me that their mom or dad died with a will, but it can’t be found. Courts will not probate the idea of a will, so we actually need the signed original. In some circumstances, a…