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Estate Planning & Elder Law
“Unless someone like you cares a whole awful lot, nothing is going to get better. It's not.” No one could state the obvious better than… Dr. Seuss! So, what does he mean?
Perhaps William James added some explanation by saying “act like what
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1/31/2013
The deal is done? Maybe. The “fiscal cliff” was avoided? Perhaps. Will “estate planning” no longer be an oxymoron? Yes!
The American Taxpayer Relief Act of 2012 (“ATRA”), with broad bipartisan support, was finally passed by Congress in the
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1/2/2013
Taxmageddon is coming. This is the rather clever term being used to describe the impact of Congress’ apparent inability to address the self-created deadline of December 31, 2012, when all of the so-called “Bush Tax Cuts” from 2001 are sunsetted,
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7/17/2012
The marketing of genetic material, such as eggs and sperm, is becoming big business in the United States, with an estimated $100 million in sales last year.1 But are the laws surrounding the use of this genetic material keeping up with
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5/8/2012
This year, as in every year, there are going to be some real challenges and opportunities that will be revealed. Some of the challenges may require that you have done everything necessary or appropriate to prepare you and your family to meet any
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1/12/2012
Adjusting legislation that had previously passed during the 2010 Session seemed to be the general theme in Annapolis for the 2011 Session of the General Assembly. Certainly, no new ground was broken for the Maryland death taxes, wills and estate,
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6/14/2011
Maryland’s General Assembly, after four years of debate, passed the Maryland General and Limited Power of Attorney Act (the “Act”). See Estates & Trusts Article, §17-101, et seq. The Act was the culmination of a tremendous amount of effort from
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10/27/2010
Efforts to provide meaningful reform for general powers of attorney in this year’s General Assembly seem to be falling short of expectations. In a recent column, legislation that was to be introduced in the General Assembly this year that affects
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7/1/2010
The use and misuse of general powers of attorney have been a focus of the Elder Law Section for many years now. On the one hand, these tools are an easy and affordable tool for our clients with diminishing capacity and declining abilities to provide
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7/1/2010
When I first started my estate planning practice, most of the issues I discussed with my clients involved typical concerns about tax planning and methods for distributing their estates. Over the past 10 or 15 years, however, clients’ concerns have
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7/1/2010
Not in an unkind way? But in a compassionate, nurturing manner? Do you have a brother or sister? Perhaps an aunt or a very good friend?
Why is this important? Because, in estate planning, identifying people who can step in for you upon your
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7/1/2010
Some are large; some are tiny; some are cute; some are just plain ugly; but all become important members of our families.
With the ending of the 2009 General Assembly, we can now provide care to all the members of our families, including our
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7/1/2010
The biggest hurdle, unfortunately, is dealing with Maryland’s Motor Vehicle Administration. No one really wants to go to Glen Burnie!
Aside from the fact that there are other full service MVA offices to visit, understanding some of the laws surrounding
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7/1/2010
Our retirement accounts have lost real value, our stock portfolios are down, and even our homes have been reduced in price. This time will pass, certainly, but what can you do now to keep some control in your life?
One thing you can do is to
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7/1/2010
By the time a creditor is knocking at your client’s door, it is most likely too late to protect your client’s assets without risking stiff penalties for fraudulent conveyance.
All is not lost. First, clients need to understand what assets can
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7/1/2010
Pension plans, long a concern for all of us, came into Congress’ focus, and the result is a smorgasbord of changes that fill a 900-page piece of legislation grandly called the Pension Protection Act of 2006. This bill was just signed into law by
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7/1/2010
One of those tools comes out of Ye Olde England, and that is a life estate deed.
A life estate deed can be used by you to transfer a particular real estate parcel, such as your home, to a loved one while allowing you to maintain control over
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7/1/2010
Perhaps the condition is temporary, or maybe the condition is permanent. It could be caused by accident or by disease.
Whatever caused the disability, you are now at the mercy of others to pay your bills, manage your investments, and pay
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7/1/2010
In an attempt to eliminate the Federal Estate Tax, what was then artfully called the “death tax,” the Senate constructed a resolution that would phase out the death tax by 2010. The problem was that there were not enough votes in the Senate to make
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7/1/2010
And every time that advice is given, it could be terrible advice.
Very often, one member of the family will be advised to add another member of the family as a “joint tenant with rights of survivorship” to a bank account for convenience purposes.
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7/1/2010
Unfortunately, the usefulness of these trusts are often overstated, so you must be careful about falling into the trap of “purchasing” a legal “product” that may or may not meet your estate planning needs. On the other hand, in proper situations
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7/1/2010
Should gifts be considered for your college, your religious institution, or one of your community’s non-profit organizations? How would incorporating such gifts help in your estate planning process?
Perhaps it is the cynical part of being
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7/1/2010
In recent years, non-profit and charitable organizations, such as churches, synagogues, community foundations and institutions of higher education, among others, have been promoting the virtues of philanthropy in order to encourage individuals and
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7/1/2010
Some are used to protect children from their inability to manage assets; some are used for estate tax planning; some are used to meet the special needs of a beneficiary; and, some are used just because a member of one generation wants to control
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7/1/2010
What is the Uniform Power of Attorney Act? In 2002, the Uniform Commissioners of Laws (the “Commissioners”), after an extensive state survey, determined that the use of general powers of attorney as an effective disability planning tool was declining
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7/1/2010
Perhaps it is time to address the perspectives that these terms represent so that the quality of the dying process can be improved for all of us.
During the past several years, at the national level, the term “culture of life” has been used
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Date:
7/1/2010
In Howard County, for example, the population will grow from almost 250,000 people in 2000 to about 300,000 in 2010. With normal population increases, combined with external events such as the Base Realignment and Closure (BRAC) effect, housing
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7/1/2010
Ms. Schaivo is the unfortunate woman who suffered a heart attack some 15 years ago, and remained in a permanent vegetative state until her feeding tube was removed.
The whole world watched as the battle played out between Terry’s husband, Michael,
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7/1/2010
Yes, it is that time of year again for family and friends to gather and celebrate their family, religious and cultural heritages, as well as to celebrate the end of another great year.
This means that it is also the time of year to reflect
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7/1/2010
I have learned from my clients that the ability to control the quality of one’s life, including how that life ends, is a core principle that must be preserved.
In support of this principle, the U. S. Supreme Court, in a decision released
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7/1/2010
One such change is the aging of the baby boomers. These are the children who were born between 1945 and 1962, and make up over 70,000 of the people in Howard County. With the coming of age of the “boomer” generation, the practice of law must change
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7/1/2010
Ms. Schaivo is the unfortunate woman who suffered a heart attack some 15 years ago, and has been in a permanent vegetative state since that time. Her husband, Michael, has been struggling to implement Terry’s wish that she not be kept alive solely
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7/1/2010
As an attorney who advocates the use of advance directives for implementing health care decisions made by clients before a life-threatening situation arises, I am often asked how anyone can be sure whether that person’s decisions will actually be
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7/1/2010
One resolution that should not be forgotten, however, is the one to do your estate planning.
For most people, estate planning is a daunting task that can easily be put on the back-burner. It shouldn’t be. There is much you can do now to protect
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7/1/2010
Can you check this off your list? This is a question I often get, especially after my clients have worked so hard to develop and implement an estate plan that meets their needs.
The answer is “no.” Estate planning is a process that changes as
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7/1/2010
According to my count, let me see, yup, that’s right - everyone has a Will. Surprised? Don’t be. The fact is that the State of Maryland, through its infinite wisdom, has drafted a Will for every adult resident of Maryland who needs one.
Actually,
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Date:
7/1/2010
One goal should be to review and update your estate plan. That means, of course, reviewing your Will, your General Powers of Attorney and your Advance Medical Directives. These are your core estate planning documents that everyone should have.
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7/1/2010
This is very natural; most of us want to reduce all of the stress and responsibilities we face in our day-to-day lives.
What kind planning should go into your retirement? As many professionals note, with some irony, most people put more effort
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7/1/2010
One of the most common concerns that an owner of a closely-held business faces regarding business succession is liquidity. How can the future owners of the business, be they family or key employees, pay the owner or his family the fair market value
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This past December, at almost the very last moment, President Barack Obama and Congress agreed to temporarily end the logjam in Congress over what to do with the income and estate taxes in 2011. The political brinksmanship exhibited in this process
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When it comes to managing a loved assets during any period of disability, most people think in terms of a general power of attorney.
Just what is a general power of attorney? In legal terms, it is a document that allows a principal (such
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Records are meant to be broken; however, being a broken record is something to be avoided. The 2008 General Assembly, it must be said, was a broken record to be avoided, at least for achieving any gains for long-standing estate planning initiatives
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As a Supreme Court nominee, John Roberts must attend Senate hearings and respond to the questions of any and all members of the Senate Judiciary Committee, currently chaired by Senator Arlen Specter.
The hearings on John Roberts’ nomination before
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As we entered this session back in January, we anticipated so much. We had a new governor, and both the Senate and the House of Delegates were poised to enter a time of unparalleled cooperation. After four years of struggle, all the pieces for a
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When Judge Robert I. H. Hammerman, retired judge of the Circuit Court for Baltimore City recently took his own life because of his fear that he was suffering from a progressively deteriorating condition, I was reminded of the tremendous need for
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End-of-life medical decision paradigms are as unique as each individual. For those individuals who have decided to die in peace, without further fighting a deadly disease, Hospice is invaluable in helping them to implement their wishes. And for
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A client comes into my office and describes the following: Dad, who used to be on top of everything and in total control of his life, now is being cared for by Sister who is robbing him blind. Client is no longer allowed to visit, Dad is living
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In our last column, we reviewed the Federal Gift and Estate Tax and how it is applied to transfers of assets during one’s lifetime or upon one’s death. In this column, we will continue the review of the so-called death taxes by reviewing Maryland’s
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There is the old saying that nothing in life is certain except death and taxes. As an attorney who practices in the area of estate planning, the primary focus happens to be helping clients to plan for both of these certainties. One component of
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Ever since 2001, we have looked to the year 2009 as being a seminal year in estate planning because 2009 was to be the last year of the federal estate tax. After 2009, we hoped that this “death tax” would finally be repealed. As we got closer and
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As we are planning for the holidays and for 2009 to come to a close, many of us will be considering making gifts, either to our loved ones or to charitable organizations that we support. The facts about the tax issues associated with these kinds
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Finally, after nearly two years, the 2008 Presidential Election belongs to history. Now, we need to try and understand what the new landscape will be with regard to estate and income tax planning issues and how that landscape will affect you.
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Prudent and effective estate tax planning will require more attention this year, especially with the “help” that was just provided by our elected representatives in Annapolis. A tax trap created by the General Assembly a couple of years ago with
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Estate planning is more than preparing a will, a revocable living trust or powers of attorney. To maximize your estate plan’s effectiveness, it must also be understood by your family, especially those persons in your family who will be responsible
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Many people want to have a super hero come to their rescue from time to time. In estate planning, this desire can actually be fulfilled. Let me introduce you to the “Trust Protector.”
In most estate plans, trusts are incorporated as an integral
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In today’s world, we, as parents, are continuously concerned about our children’s safety and welfare. No matter how old a child gets, that child will always be our child.
When it comes to providing for the financial security of our children in
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Normally, in this column, readers are urged to plan their estates now, taking advantage of applicable tax laws and estate planning tools to make maximum advantage for their benefit. Through the years, however, I am sometimes asked to help one spouse
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Children these days seem to be so different. It used to be that children couldn’t wait to get their driver’s license, move out of the house, and prove that they were adults. Today, kids often take five years to complete a four-year college program,
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Forms. Everyone has them; everyone uses them. Forms can make life easier, or they can be incredibly frustrating. Regardless, they are everywhere.
But, forms should not be at the heart of your estate plan. Whether a document is a will, a trust
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When working on an estate plan, most people focus on how their home, their investments or their retirement accounts will be managed and distributed upon their deaths. That is as it should be. However, some time should also be spent on how their
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I have been working with estate planning clients for nearly 25 years now. During this time, most of my attention has been focused on helping clients minimize the impact of so-called “death taxes” when their estate is ultimately distributed, with
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Up front, any reasonable effort to encourage seniors in our community to remain in Howard County once they retire needs to be supported. Targeted reductions in property taxes will help, but they are not only answer.
The Howard County Commission
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The Debt Reduction Act of 2005 (“DRA”), which became law on February 8, 2006, complicates the prospect of paying for long-term care costs, such as nursing home costs, enormously. This is because the DRA has significantly altered the tools available
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One of the most effective ways to protect a business owner's personal assets is to operate the business through a corporation, LLC, limited partnership, or other limited liability entity (LLE). LLE's are considered persons under the law. As such,
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Happy Holidays! ‘Tis the season for family and for giving. So, in the spirit of the holidays, consider giving something that combines family sharing with the ethic of philanthropy. Give your family and your community the gift of a legacy!
Right
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