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MaKayla Hanington

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End of Life Measures Get Complicated with Shared Legal Powers – Annapolis Estate Planning

The idea that spouses and their stepchildren will share the legal power to make health care decision sounds good in theory, but, in practice, there may be some unexpected side effects. Simple things get complicated in blended families. It’s often the nature of the beast. The idea that stepchildren and... Continue reading

Posted Apr 12, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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What Purpose Does a Revocable Trust Serve In My Estate Plan? – Annapolis Estate Planning

The foundation of your estate plan is a will, also known as a last will and testament. Depending upon your situation, your estate planning attorney may recommend additional documents, including trusts. The first part of your estate plan is the creation of a will to provide clear instructions of how... Continue reading

Posted Apr 11, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Do I Have to Pay Taxes on an Inherited House? – Annapolis Estate Planning

If you have inherited the family homestead, there may be a number of different taxes that have to be paid depending on how the estate was structured and what state the decedent resided in. When a family’s home is sold and proceeds are divided between the siblings, it’s not likely... Continue reading

Posted Apr 10, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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How Should I Plan to Age as a Single “Elder Orphan?” – Annapolis Estate Planning

No one plans to be elderly and alone, but if you are single and either have no immediate family members or are not close with your family, you need a game plan if you need long term care of any kind. If you are married or are close with your... Continue reading

Posted Apr 9, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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And You Thought a Volatile Market Was a Threat to Your Estate Plan – Annapolis Estate Planning

It seems like families need to spend more time discussing estate plans and their finances, especially if they are blended families, to prevent major disruptions. For the second consecutive year, family conflict was named as the biggest threat to estate planning by estate planning and elder law attorneys and other... Continue reading

Posted Apr 8, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Financial Elder Abuse in the Spotlight in Virginia – Annapolis Estate Planning

Virginia is taking steps to protect seniors and other vulnerable individuals against financial exploitation by giving financial institutions more resources to prevent this growing crime. With bipartisan support, the state House and Senate of Virginia have passed versions of State Bill 1490, which encourages financial institutions to have more leeway... Continue reading

Posted Mar 15, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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How Will I Know When I Can Afford to Retire? – Annapolis Estate Planning

The period before retirement is a time when people dream about what the future might hold. They also worry because who hasn’t heard the stories about retirees who return to work because they retired too early? It’s no surprise then that little more than half of Americans surveyed by the... Continue reading

Posted Mar 14, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Second Marriage Pre-Nuptial Agreements – Annapolis Estate Planning

Early adult life is simple. You may or may not have children, a car, a lease on an apartment. However, by the time you reach your 50s and 60s, you likely have some decent assets, like retirement accounts, investments, real estate and maybe even a few collectible cars. You’ll want... Continue reading

Posted Mar 13, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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What’s Hot In Estate Planning? The ING Trust – Annapolis Estate Planning

The ING trust is used to generate tax savings in a number of ways. For the right person, they are a trend worth looking into. Are they right for you? The expanded transfer tax exemptions created by the 2017 tax reform legislation will end in 2026. However, in the meantime,... Continue reading

Posted Mar 12, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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How Life Insurance Works Best in an Estate Plan – Annapolis Estate Planning

Life insurance can help heirs avoid having to incur expenses like estate taxes, funeral costs and similar expenses. However, it also gives heirs breathing room so they can make the best use of other assets. Here is an example of how life insurance should work. A father, Howie, dies and... Continue reading

Posted Mar 11, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Does New Jersey’s Estate Arm Reach as Far North as Canada? – Annapolis Estate Planning

If someone dies in Canada, and her heirs live in New Jersey, are there any estate inheritance taxes owned? A recent article from nj.com’s asks for advice if “My sister died in Canada. Will I owe inheritances taxes to New Jersey?” Unless the sister owned property in New Jersey, any... Continue reading

Posted Feb 15, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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The Battle Against Elder Fraud Supported by Credit Union Organization – Annapolis Estate Planning

A national credit union association sent a letter for the record to the Senate Special Committee on Aging stating its support of efforts to protect seniors from financial exploitation. CUNA, the Credit Union National Association, wants to see more help for seniors, who are targeted victims of elder financial abuse... Continue reading

Posted Feb 14, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Protecting the Kids By Leaving Them Nothing? – Annapolis Estate Planning

It’s not a concept that everyone agrees with: your kids will be ruined if you leave them a lot of money. However, for many celebrities, especially those who came from modest beginnings, this is the best way to ensure that their kids are not spoiled brats. Sometimes we learn about... Continue reading

Posted Feb 13, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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But I Don’t Live in an Estate–Why Do I Need an Estate Plan? – Annapolis Estate Planning

If estate planning had a different name, like planning for aging or planning for sickness and death, people might not think that an estate plan is only for wealthy people. However, the legal term “estate” means everything you own. A humble homeowner needs an estate plan as much as, or... Continue reading

Posted Feb 12, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Paying for Special Needs Care Under the New Tax Laws – Annapolis Estate Planning

The cost of paying for special needs care depends on the type and intensity of each individual’s condition. Planning for care, including the use of Special Needs Trusts, can help families manage costs and plan for the future. The financial needs of a loved one with special needs can be... Continue reading

Posted Feb 11, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Want to be in Charge of Your Own Funeral? - Annapolis Estate Planning

For people who like to plan and don’t trust anyone else to get the details right, estate planning and even funeral planning can provide peace of mind. If you watched the funeral of the former President George H. W. Bush, you may have noticed how smoothly everything went. Every detail... Continue reading

Posted Jan 18, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Millennials Need an Estate Plan Too - Annapolis Estate Planning

Live long enough, and you learn that life can change in a heartbeat. Young adults don’t always know this, but they need to have an estate plan as much as older people. Whether you are a Baby Boomer or a millennial, you need to have an estate plan. With the... Continue reading

Posted Jan 17, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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The Biggest Retirement Risks? The Ones You Don’t Know About - Annapolis Estate Planning

You know that health care, taxes and not saving enough for retirement can derail retirement. However, what about the risks you never saw coming? Consider these three risks to retirement says Wealth Advisor in the article, “The Three Risks To Prepare For In Retirement.” They are a little less obvious... Continue reading

Posted Jan 16, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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The Sooner You Complete Your Estate Plan, The Better - Annapolis Estate Planning

Among the top three reasons for an estate plan are to make sure that your assets are distributed according to your wishes, helping your loved ones from having to pay more taxes than necessary and if possible, avoiding having your estate go through probate. When there are minor children or... Continue reading

Posted Jan 15, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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What If I Don’t Want My Inheritance? - Annapolis Estate Planning

It sounds crazy, but there are many good reasons why someone would not want to receive an inheritance. Making sure that you are not forced to receive assets must be done very carefully, so you’ll need an estate planning attorney on your team. An estate waiver, also known as an... Continue reading

Posted Jan 14, 2019 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Can I Trade Options in My Roth IRA? – Annapolis Estate Planning

There are opportunities to trade options using Roth IRAs, but investors must follow many of the rules that apply to traditional IRAs. That includes restrictions on withdrawals and limitations on certain trading strategies and the types of securities that can be traded. From the time they were introduced, Roth IRAs... Continue reading

Posted Dec 7, 2018 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Funeral Instructions in Michigan Get an Assist from New Law – Annapolis Estate Planning

Now you can direct your funeral from the great beyond, if you live in the Wolverine State. Here’s a concept that is perfect for people who like to be in charge: about two years ago, Michigan enacted a law that lets you name a funeral representative, a person who is... Continue reading

Posted Dec 6, 2018 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Can Beneficiary Designations Help Simplify the Estate Planning Process? – Annapolis Estate Planning

Often overlooked, the beneficiary designation can help move assets directly to heirs without going through the probate process. Many accounts and financial products allow the owner or investor to designate a beneficiary, who will receive the asset directly when the owner passes away. This is something that most of us... Continue reading

Posted Dec 5, 2018 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Fitting a 529 Plan into Your Estate Plan – Annapolis Estate Planning

529 college savings plans are a great way to fund a college education and they can now also be used for other educational needs. However, they can also be part of your estate plan. Before exploring a new use for a 529 plan, let’s start with how it has been... Continue reading

Posted Dec 4, 2018 at Annapolis, Maryland Wills, Trusts & Estate Planning

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Prenups for Tech Entrepreneurs – Annapolis Estate Planning

Maybe you made your first million in a crowdfunded start up, and now you’re working with venture capitalists on your next big idea. If marriage is on your event horizon, you may need a prenup. Not every tech-savvy entrepreneur makes millions, but many millennials are finding themselves in the right... Continue reading

Posted Dec 3, 2018 at Annapolis, Maryland Wills, Trusts & Estate Planning

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