Posted on June 22, 2025 in Estate Planning

The role of a personal representative is not available to just anyone in Maryland, but the law allows for a range of qualified individuals to serve. Whether you are writing a will or dealing with any other element of estate planning, understanding who may legally serve as a personal representative is essential to the process. A knowledgeable Silver Spring, MD estate planning attorney can help you choose a personal representative with confidence and avoid common issues.

Who Is Legally Eligible To Serve as a Personal Representative Under Maryland Law?

Under Maryland Code, Estates and Trusts § 5-105, any person who is at least 18 years old, of sound mind, and not disqualified by statute can serve as a personal representative. When a person dies intestate, meaning without a last will and testament, or does not name a personal representative in their will, the court will appoint one. 

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 Posted on June 10, 2025 in Power of Attorney

Giving someone power of attorney is a serious decision. It allows another person, called your agent or attorney-in-fact, to handle your financial, legal or medical matters. Many people worry about the risks that come with giving someone this much control. When you trust our experienced Silver Spring, MD estate planning lawyer for your legal solutions, we can ensure that your powers of attorney protect your rights and best interests.

What Is a Power of Attorney?

At some point, you may become unable to handle your own affairs. You can choose someone else now to act on your behalf by granting that person a power of attorney. A durable power of attorney is usually effective immediately and stays in effect until revoked or until you die. A springing power of attorney only becomes active once specific circumstances are met, such as you becoming incapacitated. In Maryland, a power of attorney can grant your agent(s) broad or limited authority in different areas:

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 Posted on May 22, 2025 in High Net Worth Estate Planning

Including charitable giving in a high-net-worth estate plan is a priority for many. It allows you to support causes that are important to you while also activating tax benefits for you and your heirs. If using your wealth to give back matters to you, an experienced Rockville, MD estate planning attorney can offer advice and legal guidance to ensure your estate plan adequately reflects how you would like to distribute your wealth.

Reducing Your Taxable Estate in Maryland by Giving Directly

Giving directly to qualifying organizations can reduce your taxable estate. The IRS explicitly states that only qualified organizations trigger tax deductions for charitable contributions. Gifts to individuals do not count. Philanthropic donations to nonprofits can include gifting financial assets like cash or retirement accounts. Gifts given while you are alive may entitle you to a deduction in income tax, and donations made after your death will remove assets from your taxable estate.

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 Posted on May 05, 2025 in Wills and Trusts

Estate planning is not just for those with a heavy asset portfolio. It is a customized process designed to document your wishes and ensure they are fulfilled in the event of your death, just as you outlined them. It also offers several ways to protect assets while you are still here, and wills and trusts are common components of a strong estate plan. If you are new to estate planning and looking for a comprehensive approach that will best serve you and your family, consider some commonly asked questions before speaking to an experienced Chevy Chase, MD estate planning attorney.

What Is the Difference Between a Will and a Living Trust?

Wills and living trusts are commonly compared, mainly because they have many similarities. But they have distinct differences that are important to understand when working on an estate plan. Some key distinctions between the two are:

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 Posted on April 23, 2025 in Business Formation & Succession Planning

Business succession planning can be a sensitive subject, especially for small and family-owned companies. However, it is an essential part of being a responsible business owner. Without a formal plan, you could leave the business in jeopardy or your family with the burden of making complex legal decisions. A Bethesda, MD business succession planning attorney can help you create a plan for your business that will make you and those important to you comfortable with the company’s future.

What Is Business Succession Planning?

A business succession plan is a strategy for what will happen to your business once you are no longer in charge. You can stipulate who will transition into ownership when you retire, leave the business, or pass away. When you have an adequate and effective plan, the company will continue to operate with little or no disruption, minimizing the costs and risks often associated with a change in ownership. This is especially important for family-owned businesses.

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 Posted on April 14, 2025 in Wills and Trusts

There is much more to estate planning than just creating a will. Trusts provide legal protection for asset distribution and have many purposes. It is common practice to include trusts in your estate plan, and choosing the right trusts will depend on your unique circumstances. A Silver Spring, MD estate planning attorney can help you decide which trusts best suit your estate plan needs.

Common Trusts Included in Maryland Estate Plans

Revocable, irrevocable, and testamentary trusts are among the most common types of trusts. A revocable living trust allows you to place assets and alter or revoke them. You can act as the trustee during your lifetime and appoint someone to control it after your death. It is a more flexible option.

An irrevocable living trust can not be modified as easily. It permanently transfers assets out of your estate, protecting them from litigation and reducing your estate taxes. It is most commonly used as a means of asset protection and long-term support for your beneficiaries.

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 Posted on March 24, 2025 in Estate Planning

Inheriting property can be amazing and challenging at the same time, especially when you are only one of multiple beneficiaries of the same asset. Disputes over inherited property are common in Maryland, especially when family members have different ideas about what to do with the property that was left to them in a loved one’s estate plan. There is great potential for conflict, but a qualified Potomac, MD estate planning lawyer can explain possible solutions that can help you and your fellow beneficiaries resolve your disputes effectively.

What Are Common Causes of Property Disputes?

Beneficiaries can end up in disputes for various reasons, including:

• Differing Financial Interests: Each beneficiary could have different needs that dictate different wishes for the inherited asset. For example, one beneficiary might want to sell the property for immediate financial gain, while another prefers keeping it as a long-term investment.

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 Posted on March 11, 2025 in Estate Planning

We have all seen someone in a movie threatening to write a relative out of their will, but is that something you can legally do? Estate planning lets you control how your assets will be distributed after your death, so if there is someone you think you should exclude from inheriting your estate, this should be within your power to do. Whether due to estrangement, financial irresponsibility, or personal reasons, in most cases, Maryland law gives you the legal right to exclude someone from your will. However, there are some important exceptions and considerations to keep in mind, and a qualified Maryland estate planning lawyer can explain these to make sure your will holds up in court.

Can You Disinherit a Spouse in Maryland?

People generally have broad discretion over who inherits their assets. However, Maryland law does not allow spouses to be completely disinherited. It follows an elective share rule, which means a surviving spouse can choose to take a portion of your estate even if you try to leave him or her with nothing. If you have surviving children, your spouse can claim one-third of the estate and if not, your spouse can claim half of it.

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 Posted on February 21, 2025 in Estate Planning

When you are ready to think about estate planning, it is important to consider how your heirs and beneficiaries might be impacted by taxes. One important concept to know is called the "step-up in basis." This rule can significantly affect how much your loved ones will owe in taxes after they inherit the assets you leave behind. To learn more about arrangements that address tax concerns, speak with a qualified Maryland estate planning lawyer.

What Does Step-Up in Basis Mean?

The "step-up in basis" refers to inheritance taxes, meaning how the value of an inherited asset is calculated for taxation purposes. Normally, if you sell an asset like real estate or stocks, you are taxed on the profit made from the sale, i.e. the difference between what you bought it for – the basis – and what you sold it for.

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 Posted on February 11, 2025 in Estate Planning

Many people throughout Maryland end up incorporating long-term care costs into their budgets at some point, generally relying on Medicaid benefits to help cover the expenses. However, Medicaid recovery can be detrimental to a family’s finances years later. Speak with a knowledgeable Maryland estate planning lawyer to learn more about Medicaid recovery and how you can address it in your estate planning to protect your family’s assets.

What Does Long-Term Planning Commonly Include?

Individual needs can, of course, differ from person to person. However, long-term care planning typically means taking financial steps to help cover the costs of a nursing home or assisted living facility, in-home care, adult day care center, memory care unit treatment, or hospice care, should any become necessary.

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