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…
Tag: estate 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…
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.
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…
The Complete Estate Planning Documents Guide for Beginners
Are you concerned about what it takes to plan your estate for your family after you have passed? Here we’ve provided you a step-by-step guide to understanding what it takes to have everything in order. What documents do you need? The key documents that every person needs for an estate plan: Power of Attorney form Advance Medical Directive Last Will…
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…
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…