I’m so very pleased to introduce you to my new colleague, Tracy Liden. She’s joined Kahan Law to work as a paralegal. She will mostly prepare the behind-the-scenes court documents required of probate cases. Tracy will also occasionally work directly with clients to assist with transferring assets from the deceased to the estate, and then from the estate to the…
Why do I even need a will?
Recently a client spoke with me about whether he even needed a will. He had set everything up so that upon his death his money went to his kids without probate. All of his assets: bank accounts, investment accounts, community deposits, life insurance, and IRA’s either had a joint owner or a beneficiary. As he correctly pointed out all of…
Your great Uncle died and left you all of his IRA accounts
If you are the beneficiary of a Traditional IRA account there are a few rules you need to be aware of. If the person who owned the account at the time of their death was someone you did not marry and they were at least 10 years older or younger than you, here are a few rules to keep track…
Have you checked your beneficiaries in a while?
There are four ways to give what we have to those we love at death: joint ownership, trusts, wills, and named beneficiaries.
What’s going on with the IRS?
Here are some truths about tax season this year that are very helpful but at the same time very disheartening: The IRS is very behind on its work and can’t keep up. This is particularly troublesome for people who file paper returns and pay with paper checks. Presently there are over 7 million individual returns and 2.3 million business returns…
Social Security Benefits for Surviving Spouses
Here’s a brief overview of Social Security Benefits for Surviving Spouses (even if you were divorced from your ex-spouse when he or she died).
Thoughts on the Newly-Enacted SECURE Act
Recently signed into law, the SECURE Act became effective January 1, 2020, and affects the rights of some people who inherit IRA accounts. Specifically, it applies when an account holder leaves his or her IRA to someone other than a spouse (a friend, child, or other relatives, whom a lawyer would call a “non-spouse beneficiary”). The law changes the time…
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…
Olney Night Out 2018
Thanks to everyone at the Chamber of Commerce and Our Lady of Good Counsel High School for making last night’s great event possible! We had a great time meeting folks from the community.
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…