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…
Category: Estate Planning
Maryland Updates its State Estate Tax
For years, Maryland has imposed a state-specific estate tax on assets transferred from a recently deceased person to anyone other than his or her spouse. In 2017, the tax was assessed on assets with a total value greater than $3,000,000. For deaths in 2018, the tax is assessed on assets greater than $4,000,000. During the 2018 legislative session, the Maryland…
The Role of the Attorney-in-Fact
When a client becomes incompetent the person named as the “attorney-in-fact” in the Power of Attorney form must step in and assist with all components of the client’s financial life. An attorney-in-fact handles all money matters – paying bills, investing assets, ensuring safekeeping of valuables while maintaining detailed and accurate records of all transactions. The attorney-in-fact is the incompetent person’s…
Winter Home Listings Equal Lower Prices
As a probate attorney for the past decade, I’ve been involved in somewhere between one and three home sales every year. The biggest lesson I’ve learned is not to list a home during snow and ice season! Here in Montgomery County, winter runs from Thanksgiving through the first full week in March. Few prospective buyers bother shopping during this season.…
A Joint Owned Bank Account Is not Yours Alone
Many people add friends or family members to their bank accounts for convenience or to avoid probate. But, when circumstances change, and the original account holders want to regain sole ownership of their accounts, they are shocked to learn they cannot. Many people add friends or family members to their bank accounts for convenience or to avoid probate. But, when…
Why you shouldn’t be concerned about the Federal Estate Tax
The federal estate tax is also sometimes known as the “death tax”. This is a federal tax imposed upon estates in which the assets total greater than $5.43 million for individuals who are single at the time of their death. No death taxes are imposed on estates where a person leaves all assets to a surviving spouse. Surprisingly, the federal…
What happens if you die before you sign your will. Who gets what?
People frequently wonder what will happen if they die intestate – that is, without a will. Don’t worry, the state has written a will for you, but it just may not be the one you want. The following is a summary of that state-authored will: • If you are married and have children under the age of 18, your…