What is an Irrevocable Life Insurance Trust (ILIT)? An Irrevocable Life Insurance Trust (ILIT) can be an important tool in a comprehensive estate plan. An ILIT is a trust created during an insured’s lifetime that owns and controls a term or whole life insurance policy. The trust will also manage and control the distribution of the proceeds that are paid out upon the insured’s death.   There ..read more

"Understanding Maryland Estate and Inheritance Tax" by Attorney Alex Pagnotta (Audio) Understanding Maryland estate and inheritance tax implications is crucial for residents that are planning their estate. Maryland has an estate tax separate from the federal estate tax.  To calculate whether or not your estate will owe an estate tax in Maryland, you need to determine the fair market value of … about Understanding Maryland Estate and Inheritance Tax ..read more

The process of estate planning often involves navigating a myriad of decisions and processes, and one of the misconceptions is that filing your Will with the Register of Wills during your lifetime is a necessary step. Contrary to what some believe, there is no legal obligation to file your Will before you pass away. In Maryland, there is an option to file your Will with the Register of Wills for … about Should I File My Will ..read more

"Understanding Your Estate Planning Documents" by Attorney Stephanie Blair (Audio) Occasionally, as time passes, you may have forgotten or become confused about what each estate planning document you put in place does and when to use it. Your comprehensive estate plan may include a financial power of attorney, health care power of attorney, HIPAA authorization, living will (sometimes referred … about Understanding Your Estate Planning Documents ..read more

"Lifetime Charitable Giving" by Attorney Cristol Wagner (Audio) Clients are often curious about the best way to donate to charitable organizations during their lifetime. While there is no wrong way to donate, there are a few options for charitable giving that can help minimize income taxes or even reduce the value of your estate to avoid estate taxes while also accomplishing … about Charitable Giving During Your Lifetime: Maximizing Your Impact ..read more

"Estate Planning for Your Timeshare" by Attorney Melanie Marban (Audio) You are sold on the marvels of timeshares and ready to relive your favorite vacation for years to come! But what happens when you grow tired of the timeshare, can no longer travel, or when you pass away? What happens if your family does not want it or cannot afford it? Let’s begin with the two ways a timeshare can be … about Estate Planning for Your Timeshare ..read more

Jay Leno recently started his legal journey to obtain conservatorship or guardianship over his wife who was recently diagnosed with dementia. The court paperwork shows that he was filing so he could set up a living trust for his wife to manage her assets and provide for her continued care if he died. He is asking the court for permission to create an estate plan because they had not done so before … about Guardianship: Insights from Jay Leno’s Wife’s Court Proceeding ..read more

"Considerations Before Changing Your Deed" by Attorney Alexander Pagnotta (Audio) Have you thought about changing your deed to include a child as a co-owner? How about adding your spouse to the deed? If so, then there are a few things to consider before signing on the dotted line and going to the local courthouse to file your deed. While doing a new deed may not seem like an arduous task, it is … about Considerations Before Changing Your Deed ..read more

In December, we hosted an online webinar on the Corporate Transparency Act (CTA). The presentation focused on the details of the Corporate Transparency Act and its reporting requirements. Recently, there has been an update to this new legislation.   In National Small Business v. Yellen, the U.S. District Court for the Northern District of Alabama ruled that the CTA exceeded Congress’ … about Update on the Corporate Transparency Act: Legal Challenges and Implications ..read more

"First Steps to Estate Planning" by Attorney Jon Gasior (Audio) I often get asked the question, "What are the first steps in estate planning and what should I bring to my initial consultation?" The real answer is we do not need you to bring all your financial and asset information to the first meeting. The initial meeting is just a conversation to get to know you, your concerns, and your … about First Steps to Estate Planning ..read more