IvyLaw Law Office, LLC Blog
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Key topics covered are Elder Law, Estate Planning, Financial Planning, and Probate. IvyLaw Law Office, LLC focuses on clients' immigration and estate planning needs and delivers the legal solutions that the clients need.
IvyLaw Law Office, LLC Blog
6M ago
Estate taxes are a major concern for families in Maryland. With the potential to consume a large portion of one’s assets upon death, it is imperative to adopt strategic measures to minimize these taxes. Fortunately, there are several techniques that you can employ to reduce estate taxes in Maryland. Gifting assets to loved ones By gifting your assets to your loved ones, you can reduce the size of your taxable estate. Maryland does not have a gift tax. However, the Federal government does. Be aware that you can only gift up to $18,000 to a single person per year before you possibly incur Federa ..read more
IvyLaw Law Office, LLC Blog
7M ago
Probate is the legal process of handling someone’s estate after they die. However, it can sometimes take a while. Several issues can stretch probate out, making it more complicated for everyone involved. Tax problems Taxes can hold up probate. Depending on the jurisdiction and the value of the estate, various taxes such as estate tax, inheritance tax or income tax may apply. Executors must accurately assess and fulfill the estate’s tax obligations. This often involves coordination with tax authorities, leading to delays in the probate process. Missing or incomplete documentation If important d ..read more
IvyLaw Law Office, LLC Blog
7M ago
When it comes to estate planning in Maryland, creating a trust can be a strategic move to manage and protect your assets, both during your lifetime and after you pass away. Trusts serve various purposes, and with several types of trusts available, understanding which option best suits your needs is helpful for effective estate planning. Revocable living trusts A revocable living trust is a popular choice for many, as it allows you to retain control over your assets while you are alive. You can change or revoke the trust at any time. This type of trust helps avoid probate, making the transfer o ..read more
IvyLaw Law Office, LLC Blog
8M ago
Current federal budget negotiations threaten to further limit the ways that asylum seekers can legally enter the U.S. In opposition to these looming restrictions, a group of 50 local, state and federal elected officials across Maryland recently signed a joint letter to Department of Homeland Security Secretary Alejandro Mayorkas, advocating for relief for Haitian migrants. This effort, spearheaded by Montgomery County Councilmember Kristin Mink, emphasizes the direct impact federal immigration policy has on local communities in Maryland. Conditions in Haiti Haitians have long lived with the fo ..read more
IvyLaw Law Office, LLC Blog
8M ago
Sponsoring a family member’s green card comes with financial responsibilities. It is important for any sponsor to carefully consider these requirements. Essentially, when you sponsor a family member for a green card, you agree to financially support them. You must ensure they do not become a public burden. Income requirements As a sponsor, you must meet certain income requirements to demonstrate your ability to support the sponsored family member. You may have to provide copies of your tax returns and other financial documents. If your income is not sufficient, you may need to find a joint spo ..read more
IvyLaw Law Office, LLC Blog
9M ago
Planning for the future is a responsible and caring step toward ensuring the well-being of your loved ones. One important aspect of this planning is discussing your estate plan with your family. Although it can be an uncomfortable conversation, open communication avoids confusion and provides everyone with peace of mind. Choose the right time and setting Initiating a conversation about estate planning can be sensitive, so pick an appropriate time and setting. Ensure that everyone is calm and focused, perhaps during a family gathering or a quiet evening at home. A relaxed environment can foster ..read more
IvyLaw Law Office, LLC Blog
9M ago
For families with members who have special needs, planning for the future is of utmost importance. Establishing a special needs trust helps ensure the health and happiness of those who require continuing care. This legal instrument offers a host of valuable benefits. Preserving eligibility for government assistance One reason to set up a special needs trust is to assure qualification for social services. Many with special needs rely on government benefits, such as Supplemental Security Income (SSI) or Medicaid. However, these programs have strict eligibility criteria. By placing assets in a sp ..read more
IvyLaw Law Office, LLC Blog
10M ago
Probate can be an emotional process for all involved. As an executor, it is important to approach the task with sensitivity. One aspect of this responsibility is the treatment of beneficiaries. How you handle communication during probate can greatly impact the relationships involved. Communicating transparently Clear and open communication is the cornerstone of a successful probate process. Keeping beneficiaries informed about the progress, decisions and potential challenges can help them relax. Regular updates, whether through written communication or meetings, build trust and reduce concerns ..read more
IvyLaw Law Office, LLC Blog
10M ago
According to the United States Citizenship and Immigration Service, approximately 30% of visa applicants get denied each year. Facing a visa denial can be a disheartening experience for anyone looking to travel or move to the United States. The U.S. immigration process is complex, and various factors can lead to visa denial. Understanding these factors and knowing what steps to take after a denial can make a significant difference in how one moves forward. Review the reason for denial The first step after receiving a visa denial is to carefully review the reason for the denial. The U.S. immigr ..read more
IvyLaw Law Office, LLC Blog
11M ago
Ensuring the well-being and financial security of a loved one with special needs is a priority for many families. Special needs trusts are powerful tools that can play a crucial role in achieving this goal. However, misinformation can cloud the understanding of these trusts. There are several things you should understand about a special needs trust to protect your family. Special needs trusts are not only for the wealthy It is important to recognize that the need for financial planning extends beyond economic status. Special needs trusts offer a structured way to provide ongoing financial supp ..read more