Archive for July 2018

Don’t Ignore Maryland’s Inheritance Tax in Estate Planning

Maryland is one of a small number of states that imposes separate inheritance and estate taxes. Unlike the estate tax that is charged on taxable estates above a high threshold, Maryland’s 10% inheritance tax can apply to friends, aunts, uncles, nieces, nephews and other family members receiving property having a value in excess of $1,000.00. Transfers Subject to Maryland Inheritance Tax The inheritance tax is assessed against property passing to…

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Topics to Discuss with Your Spouse before You Retire

There are numerous considerations involved in planning for retirement. To ensure a comfortable life in retirement, couples should review a variety of factors to allow for an easy transition. While it may be years away, the sooner you discuss the circumstances of your retirement, the more prepared you will be for the changes in lifestyle and income that will follow retirement. Conversations about retirement should encompass a variety of topics,…

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Can a Power of Attorney Be Overridden?

A Power of Attorney is a powerful legal document that allows an individual (the “Principal”) to give a third-party (the “Agent”) the authority to act for the Principal in specified or all legal or financial matters. Challenging a Power of Attorney can be a difficult process. Nonetheless, there are situations when a family member or loved one may be able to successfully invalidate a Power of Attorney and/or override acts…

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