Trusts are great tools for leaving assets to your heirs while maintaining control over their access to those assets. In many cases, you would tell your beneficiaries that you have made a trust for them. However, this is not always desirable — and this is where a “quiet” trust may be helpful. A quiet trust is …
If you have a child with disabilities, it is crucial to set money aside for the child’s future. At the same time, you need to consider your child’s access to public benefit programs such as Medicaid and Supplemental Security Income (SSI), as well as the state and federal tax implications. The two major vehicles to accomplish …
ABLE Accounts vs. Special Needs Trusts: Why Not Have It All? Read More »
Many individuals engaging in estate planning opt to create a third-party special needs trust to provide for their loved one living with a disability. However, did you know that these trusts may have to pay taxes on any income generated from the trust assets and retained by the trust for future use? If the trust is a …
Is a Qualified Disability Trust Right for Your Estate Plan? Read More »
While Medicaid helps pay for nursing home care, being admitted to a nursing home as a Medicaid recipient is not always easy. There are several ways to navigate the process, depending on your situation, and it is important to speak to an experienced elder law attorney who understands the process and can help streamline the …
How to Get Into a Nursing Home as a Medicaid Recipient Read More »
August is ABLE to Save Month and ABLE programs across the country are celebrating more than 119,000 ABLE account holders nationwide. Check out this video to hear from a Maryland ABLE account holder who is proud to be saving for her dreams during ABLE to Save Month. ABLE programs nationwide have changed the way people …
By: Stephen R. Elville – Managing Principal and Lead Attorney – Elville and Associates, P.C. This spring the Maryland General Assembly delivered a long-overdue victory to persons with disabilities across Maryland, one that will forever change countless thousands of lives. Not unlike Rich Strike’s astounding 80-1 odds come from behind heart-stopping victory in the Kentucky …
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple generations while keeping the assets out of the grantor’s and the beneficiaries’ taxable estates. …
Dynasty Trusts – A Tax-Efficient Way to Pass Down Wealth Through the Generations Read More »
By: Charles A. Borek – J.D., CPA, MBA, Founder of the Borek Group, LLC – Guest Contributor Business expenditures generally may be recovered through a deduction against income at some point in time. The critical issue is “when?” If a business expenditure mut be capitalized, its deduction is delayed; the cost is recovered either over …
Business Expenditures – Capitalize at Your Own Expense! Read More »
By: Shannon K. Mumaw – Associate Attorney Just as there are taxes owed during life, there are taxes owed upon death. One such tax imposed after death is inheritance tax. Inheritance tax is imposed on any property passing from a decedent to a beneficiary, except for property passing to those beneficiaries who are statutorily exempt …
By: Renee Q. Boyd – Associate Attorney Introduction: When most people think about Estate Planning, they think about planning for how their assets (the estate) will be distributed when they die and how to facilitate smooth administration. But Estate Planning encompasses much more – it is also planning for and deciding who will manage your …
