At the end of 2019, the law governing retirement account distributions changed significantly. Until the passage of the SECURE Act in December, 2019 beneficiaries might qualify to stretch out an inherited IRA account over their lifetimes. Now, most designated beneficiaries have no more than ten (10) years to receive their IRA distributions. While the stretch […]
Severe illness is on our minds as virus cases soar. While we may be coping with health care issues, there are also financial concerns and emotional needs. To reduce some of the stress, each of us should organize our estate information for easy access and do some simple planning. Here’s a check list of […]
The time has come for that dreaded conversation with your children. I wish it was the one about sex. Love in the age of Corona virus means planning for illness and even death. This requires a dedicated discussion. Much has changed in the way we communicate. In other times, I would suggest that clients use […]
The Maryland Legislature recently made it more difficult (but not impossible) to disinherit a spouse. When one spouse dies, the survivor has rights to the marital estate. However, the deceased spouse could have owned assets in a way that shielded them from the surviving spouse’s marital rights. The key change made by the new law […]
Hopefully each of us has at least one person we trust to aid us in a time of distress or illness. When it comes to financial matters, we hope that those people are savvy in asset management, record keeping, and tax compliance. Most often when selecting fiduciaries, such as agents under a power of attorney, […]
The appointment of an agent under a Power of Attorney is a minefield of potential abuses. Even a trusted person can become untrustworthy. Agents often have a great deal of discretion and the potential for conflicts of interest abounds. If a power of attorney is effective when executed, the agent can act on the principal’s […]
“Whom do you trust?” is the most challenging question for people planning their estates. This question arises because we each need to rely upon others for support in times of crisis or illness. We wonder who we trust to be honest, fair, reliable and diligent. Designating an agent involves careful consideration of when, how […]
Congress just changed the law governing IRA distributions. The result is not good for your children. The law change affects when a person passes away how their IRA transfers to a named beneficiary of a younger generation. Under the old law, the beneficiary could stretch the payments from the IRA over their lifetime. The non-spousal […]
The role of trustee is laden with distinct and demanding duties. Even more exacting and demanding than the typical role of trustee is service as the trustee of a special needs trust (“SNT”). Estate planners draft with increasing regularity SNTs for clients who may have a family member with a disability. Insurance agents may be […]
Persons with special needs sometimes are better served by pooling their assets into a pooled special needs trust than by having separate trusts. This pooled approach can make many financial and quality-of-life benefits possible for at-risk persons and their families. Unfortunately, many attorneys familiar with guardianships and special needs trusts are not familiar with this […]
