Prescription drugs are one of the most common and ongoing expenses for many retirees. Even if you start retirement with only a few medications, costs often increase over time as health needs change. As estate planning attorneys, we regularly see prescription costs quietly reduce retirement savings faster than people expect. These expenses rarely feel overwhelming at first. Instead, they add…
Medicare Parts A and B: The Foundation of Medicare Coverage
Happy New Year!If you’re turning 65 this year, understanding Medicare Parts A and B is the foundation of making confident healthcare and retirement decisions. As estate planning attorneys, we often see health care costs create stress for families. Medicare choices can affect how long retirement savings last — and what may be left for loved ones later. If Medicare already…
Navigating the 2024 Landscape: A Guide to Beneficial Ownership Reporting
Welcome to 2024! If you find yourself as the “beneficial” owner of a business, whether it’s an LLC, corporation, or a similar entity, it’s time to gear up for the crucial task of filing your first beneficial ownership report with FinCEN. The primary mission of FinCEN is to safeguard the financial system from illicit activities, such as money laundering and…
Some thoughts on Gift Taxes To Anyone other than your Spouse
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…
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…
Welcome Chandra
We are excited to welcome Chandra Dawn Wright to the Kahan Law team. Chandra started her career journey in Real Estate Brokerage for commercial sales and small business leasing. S
Maryland Tax Code vs. Federal Tax Code
Each year, most of us file a federal income tax return and a Maryland income tax return. Some different rules and statutes determine how much money we owe to the Federal government and the Maryland government.
Storage Solutions for Important Documents
Important documents must be stored safely and securely so that a trusted person can find them. This is true, even if you are the trusted person looking for your own documents. I often receive phone calls and emails from children looking for their parent’s documents. So make it easy for them to help you if there’s an emergency. Two Types…
Who Pays the Bills if You Can’t Manage the Task
Some ideas to help you pay your bills when you may be slightly or very forgetful. So, let’s assume you are still safely living at home but you are worried that you might stop being able to manage your financial affairs before you realize you have stopped being able to manage your financial affairs. There are a couple of things…
BINGO Fundraising Event in Olney
For several years, I have helped a local nonprofit organization called Olney Home for Life. And in just a few days they will be hosting a fun evening filled with Bingo games, food, and some fun raffle prizes to win. The mission behind OHFL is to establish and maintain an organization that facilitates neighbor-to-neighbor assistance on a voluntary basis for…