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Recent Blog Posts
Why Do You Need a Medical Power of Attorney in Maryland?
A medical power of attorney is a document that allows you to designate someone to make healthcare decisions on your behalf if you become incapacitated. In Maryland, having this document ensures that a trusted person can manage your medical care according to your wishes when you are unable to communicate these yourself. A Potomac, MD estate planning attorney can guide you through the process of establishing this document.
What Does a Medical Power of Attorney Do in Maryland?
This legal tool authorizes your chosen agent to make medical decisions for you when you cannot do so yourself. Your agent can select doctors, agree to medical treatments, and make end-of-life decisions based on your preferences. The medical power of attorney is an important way to ensure that your healthcare aligns with your values, even if you are unable to express them at the time. Under Health-General Article § 5-606, the document must abide by Maryland’s specific requirements for the agent’s decisions to be legally binding.
Can I Write My Own Will in Maryland Without a Lawyer?
Legally, you can write your own will in Maryland. However, this option comes with risks. Maryland law sets strict standards for what makes a will valid. Even minor errors can cause delays and disputes. You could even unintentionally invalidate your will. Before proceeding on your own, speak with a Silver Spring, MD wills attorney to make sure your final wishes are fully protected.
Why Do You Need a Will in Maryland?
A will gives you control over what happens to your assets after death. If you die without one, Maryland’s intestate succession law will decide how your property is divided. These laws might not reflect your personal wishes and may leave out important people in your life. A valid will allows you to:
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Decide who receives your property and specific items
Do Small Estates Have to Go Through Probate in Maryland?
Probate, the court-supervised legal process that handles the administration of an estate, can be lengthy and costly. For the surviving relatives and heirs, it can take months or even years for everyone to receive their inheritance. However, the process is often shorter and simplified for small estates. But what is considered a small estate? A knowledgeable Silver Spring, MD estate planning attorney can help you understand the process of qualifying as a small estate and how it affects the probate process.
What Qualifies as a Small Estate in Maryland?
Losing a loved one is hard enough without worrying about complicated legal paperwork. Maryland offers a simpler option for handling certain estates through the "small estate" process. Under the Annotated Code of Maryland, Estates and Trusts, § 5-602, an estate is considered "small" if everything the person owned totals $50,000 or less. If a surviving spouse is the only heir, the limit is higher at $100,000. The benefit is that the small estate procedure is faster and less formal. It is designed to help families settle affairs without lengthy court filings and waiting.
Who Can Serve as a Personal Representative in Maryland?
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.
Addressing 3 Common Concerns About Powers 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:
Implementing Charitable Giving in Your High-Net-Worth Estate Plan
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.
Three Common Questions About Wills and Trusts in Maryland
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:
What You Should Know About Business 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.
Types of Trusts You Can Include in a Maryland Estate Plan
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.
Resolving Property Disputes Between Beneficiaries in Maryland
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:
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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.
With offices in Bethesda, Silver Spring, and Frederick, The Eleff Law Group provides legal help to clients throughout the surrounding areas, including Washington D.C., North Bethesda, Chillum, Potomac, Chevy Chase, Germantown, Takoma Park, Wheaton, Rockville, Towson, Glen Burnie, Bel Air, Montgomery County, Prince George's County, Baltimore, County, Loudoun County, and Fairfax County.
12305 Kemp Mill Road, Silver Spring, MD 20902
301-857-1990
