Profile cover photo
Profile photo
Laura Lynn Thomas
Attorney barred in Maryland and Pennsylvania
Attorney barred in Maryland and Pennsylvania
About
Posts

Post has attachment

Post has attachment
Do you know what will happen if you do not have a valid Will? This is known as "dying intestate" and your state of residence or the state in which your property is located gets to choose who receives your property. Take a look at our handy blog post to find out the details about intestacy statutes in Maryland, Pennsylvania, DC and New York.
Add a comment...

Post has attachment

Post has attachment

http://www.charitableplanning.com/cpc_1850824-1.pdf

The above link is to Estate of Gill v. Commissioner, a U.S. Tax Court case that illustrates why second marriages can cause expensive issues after death. In this case, the decedent substituted his second wife for his deceased first wife in his revocable trust, leaving his second wife as co-trustee of a trust for her benefit, with his children inheriting the remainder after his second wife dies. His children, as remainder beneficiaries and successor trustees, took issue with the second wife’s administration of the trust. Hundreds of thousands of dollars and 16 years later, the matter of the second wife's administration is still not settled.

When considering a second marriage, you should contact your estate planning attorney to ensure that your documents provide sufficiently for all those you love. What worked before may not work in a blended family.
Add a comment...

Post has attachment
As events in our lives occur, it is often easy to overlook how this will change our existing estate plan. In a recent article for Forbes, Deborah Jacobs gives 10 key issues to think about when revisiting your estate plan or creating one for the first time.
1. Anticipate a time when you might not be able to think for yourself.
2. Have your basic estate planning documents updated.
3. Choose a guardian for your minor children or children with special needs.
4. Review your beneficiary designation forms for retirement accounts, life insurance, and banks.
5. Make sure you and your spouse have liquidity in a bank account to cover expenses if one of you passes away.
6. Consider gifting to save taxes.
7. Discuss a Roth IRA converstion with your investment professional.
8. File an estate tax return if your lost your spouse in 2011 for portability of the estate tax exemption.
9. Be informed about your state's estate or inheritance taxes.
10. Consider creating trusts for yourself and your family members.
Add a comment...

Post has attachment
Wait while more posts are being loaded