Got a kid or grandchild headed to college....sooner or later? December is a great time to set up and contribute to a 529 plan, to take advantage of this year's annual gift exclusion amount. 529 plans are an efficient and cost effective way for parents and other family...
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With Proven Results
Estate Planning
Trusts: The benefits of flexibility and control
When creating an estate plan, you will likely run into the option of setting up a trust or a will - or both. This leaves many wondering what the best option is. Should you transfer your assets to a trust? Or should you spell out your wishes in a will? Or does it make...
Prenuptials and estate plans for marriage after 50
Finding love in life is a great feeling, no matter your age. However, just like there are considerations for a 25-year-old to make prior to marriage, there are also important decisions someone 50 or older also needs to consider before walking down the aisle. In this...
Strategies To Save Your Loved Ones Money After You Pass
You have worked hard for everything you have and you no doubt want to leave your children with your assets when you pass. While this sounds simple enough, the truth is that estate tax laws are downright confusing, and one small mistake or oversight can have serious...
Spread The Word : Big Jumps In Estate Tax Exemption Amounts Effective In 2017
D.C.'s New Estate Tax Exemption Amount The District of Columbia's Office of Tax and Revenue recently announced that the D.C. estate tax exemption amount - - that is the portion of an estate NOT subject to tax - - will DOUBLE, from $1 million to $2 million, applicable...
Reasons You NEED A Power Of Attorney
In a perfect world, people are able to handle their own affairs and stay in control of their own lives. However, no matter how healthy you are, the future is uncertain. There is always a possibility you could fall ill, or be incapacitated for one reason or another....
Estate Planning For Your Pets As Well As Your Family
Entrusting Your Pet's Care Is your pet a part of your family? Pets are a great source of comfort, stress relief, and joy. Just as you want to provide for your friends and family if you are disabled or after you pass away, it is natural that you wish to do the same for...
Estate Planning Lingo – What Is A Power Of Appointment?
Getting Comfortable With Powers Of Appointment. Does your will contain power of appointment? Does it waive powers of appointment? Do you know? Can you check? A power of appointment can provide flexibility for transferring property to legatees and heirs, usually...
IRS Issues Proposed Regulations Restricting The Use Of Valuation Discounts
For many family owned businesses the creation of a Family Limited Partnership ("FLP") is a great way to achieve succession planning. When it works well, a founding member of the business can enjoy peace of mind knowing that his hard-earned business can stay within the...
Going Through MD Probate Just For A Car? Don’t Let That Happen.
I am often asked: What is the probate process and how can I avoid it? Simply put, probate is the government supervised process of transferring assets titled in an individual's name according to the terms of that individual's last will and testament, or if the...