Estate planning is a complex process, and many people overlook the importance of this step because they feel that it is not necessary for their stage of life. In reality, Maryland adults of all ages and income levels will benefit from having a plan in place. While many have been reluctant to initiate long-term planning, more millennials are now taking steps to plan for the future. According to a recent study, around 75% of millennials now have a will-based estate plan.  The estate planning needs of this generation  Each individual will have specific estate planning needs, and millenn ..read more

One of the primary goals for planning for the future is the care and protection of loved ones. It is possible that a Maryland adult finalizing his or her estate plan has the desire to leave money and assets for the specific purpose of providing for a disabled loved one. It is critical to use the appropriate estate planning tools in order to accomplish this goal without compromising one’s eligibility for other types of benefits.  Caring for special needs loved ones  One mistake many make when leaving assets to special needs loved ones is passing assets directly to them in a will. This ..read more

There is no telling what tomorrow may bring, and it is up to you to prepare for it. Having an estate plan in place can answer some important questions after your passing, yet half of all Americans do not have one. While you may already have an estate plan in place, are you sure that no one will contest it after your passing? Will contestation can considerably drag out how long it takes your loved ones to get the inheritance you left them if they ever see it at all. If you want to be sure that no one will contest your will when you pass on, here are some mistakes to avoid: Having mult ..read more

It is impossible to predict the future, but there are certain steps an adult can take to have a measure of control over certain aspects of his or her finances and medical care. By creating an estate plan, one can have the final say over certain medical decisions and what will happen to his or her property. However, even the most well-intentioned plans may not be effective or useful if a Maryland estate owner does not make necessary changes over the course of his or her lifetime.  When are changes necessary?  An estate plan should evolve over time as one’s needs an ..read more

For the young, planning for the future can seem like an unnecessary task, but due to the unpredictability of life, it is a critical one. Health problems and unexpected accidents can happen to anyone, and certain estate planning documents will be crucial in these situations. It is never too early to draft documents and make plans that will not only give a Maryland adult peace of mind, it will protect the interests of his or her loved ones as well. Taking care of heirs and beneficiaries Without an estate plan, heirs and beneficiaries may be left in the position of making critical decisions on be ..read more

For the young, planning for the future can seem like an unnecessary task, but due to the unpredictability of life, it is a critical one. Health problems and unexpected accidents can happen to anyone, and certain estate planning documents will be crucial in these situations. It is never too early to draft documents and make plans that will not only give a Maryland adult peace of mind, it will protect the interests of his or her loved ones as well. Taking care of heirs and beneficiaries Without an estate plan, heirs and beneficiaries may be left in the position of making critical decisions on be ..read more

Discussing your finances with your loved ones may feel uncomfortable and counterintuitive. When it comes to your estate plan, you may anticipate objections and hurt feelings. While it might be challenging to decide on the right time to talk to your loved ones about your estate plan, it can simplify the probate process when they know what to expect. Here’s what you should keep in mind as you talk to your loved ones about your estate plan. Make the conversation comfortable The last thing you or your loved ones want is a conversation about your estate plan that sounds like a confrontation. No one ..read more

After the death of a loved one, Maryland family members must take the appropriate steps to settle his or her estate. This means distributing assets as outlined in the will, paying off remaining debts and more. It is also likely that the probate process will be necessary, and a family will find it helpful to prepare for what they can expect from this requirement. If you are the beneficiary of an estate or the executor of a will, knowing how this process works is important.  Probate involves the authentication of a will, payment of remaining debts and distribution of assets to ben ..read more

One of the most important benefits of careful financial and legal planning is the protection this offers to loved ones. Estate planning allows one to provide for a spouse, ensure loved ones secure assets after passing and much more. This process is critical for all Maryland adults, including those who are not married to their partners. An estate plan is useful regardless of marital status, income and the size of the estate.  What do unmarried partners need?  The specific protections that unmarried partners may need depend on their individu ..read more

One of the most difficult aspects of planning for the future is determining what health and financial needs one may face long-term. While it is impossible to know exactly what to expect in the years ahead, estate planning allows one to prepare for contingencies. Certain documents allow a Maryland adult to look to the future with confidence.  Financial preparation  Long-term health care needs can be very expensive, especially if one requires nursing home care, hospitalization and more. Creating a plan for potential needs can provide peace of mind and take a possible financia ..read more