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…
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…
Did You Know that “Incompetent” People Cannot Sign Legal Documents?
Under the law, a person must have the “capacity” to validly sign legal documents. Before I permit my clients to sign their wills, I must believe that they know what belongs to them and to whom they wish to leave it. For example, if a client knows she has four kids and wants her money and personal belongings split evenly…
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…