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Posts Tagged ‘estate’

TRUSTS & ESTATE PLANNING 101 – A FREE SEMINAR

Thursday, February 27, 2014 Courtyard Gaithersburg Washingtonian Center 204 Boardwalk Place, Gaithersburg MD 20878 Times 2.30 pm and 6.30 pm This seminar will help you understand the basic details about Trusts, Estates and Long Term Care.     Types of Trusts and when should a Trust be used     The difference between a revocable and irrevocable Trust     Trusts that provide for future generations     How to avoid probate     How to preserve your assets Please RSVP as limited seating. Cal 240 453 0070 (Rockville office) or 301 663 9230 (Frederick office) or email jaynika@davidwingate.com  

New MD Case Law – Deed Acquired Through Fraud by Son From Dying Mother (Md. App.)

Substitute trustees for refinancing mortgagee, on behalf of mortgagee, brought foreclosure action against refinancing mortgagor and personal representative of estate of original mortgagor. The personal representative filed a motion to stay and dismiss the action, alleging that the estate was the lawful owner of the property. The trial court denied the motion. The personal representative appealed and the court reversed and remanded. The substitute trustees then petitioned for certiorari. The court of appeals held that the creation of a constructive trust over property in the prior action did not by itself preclude foreclosure. The refinancing mortgagee was not a bona…

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Who Gets Access to Your Online Accounts After You Die?

You may have a plan for what to do with your physical belongings after you die, but what about your online accounts? In today’s social media-dominated world, a person's digital presence lives on online even after he or she is gone. But who has the right to access those accounts? States have begun addressing this issue with new digital access laws. Under current Facebook policy, if an account member dies, Facebook will remove the account at the request of family or put it into "memorial status," but it is very difficult for family members to get access to the account…

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Is You Will Out of Date?

Is having an out-of-date will better than having no will at all? While wills do not have expiration dates, certain changes can render them useless. When this happens, having an out-of-date will can be the same as having no will at all. It is important to review your will periodically to ensure it still does what you want. The following are five ways your will can become out-of-date: Your beneficiaries have died. What happens if your will leaves your estate to your two siblings, but both siblings die before you? If your beneficiaries predecease you, your will is still technically…

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Being asked by friends or family to be executor of an estate is a big honor, but the warm feelings can vanish once the job starts.

 Choosing an executor can be a difficult task, and in no small part this is because it means finding someone you trust to do as you would do. Oftentimes it is gesture of trust and respect made to a friend or family member. Neither the estate planner nor the would-be executor ought to forget, however, that serving as executor can be a fairly difficult role to play. The Wall street Journal recently offered some practical insights and advice on the topic, noting that to be named executor is both “an honor… and a pain.” Simply put, the executor administers a…

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So in the case of choosing an executor, who should get the job, what are the fees and what should you expect? There are a few things to consider when answering these questions.

 There are a number of decisions to be reached when planning for your estate and not least among them is the choice of executor. A poor choice of an executor, or a disconnection between executor, estate, and beneficiaries can hobble even the best laid of estate plans. Indeed, Reuters offers one unfortunate beneficiary’s troubles in a recent article on the topic and offers some solid suggestions to consider. The beneficiary was Stephanie Stephens, who, in the end, was surprised to find that the estate she received had shrunk by $129,000, something she angrily blames on the executor. Apparently, the estate…

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Beware of Financial Exploitation.

 Forbes.com notes the circumstances surrounding Anna Nicole Smith and her protracted legal siege as an example of what not to do. 2010 marked the fifteenth year of fighting, and the Supreme Court’s ruling that it will hear her case once more, of whether or not her late 90-year-old husband left his estate to her. Some allege the young model was financially exploiting her (wealthy) elderly husband. This year the first of the baby boomers will turn 65, along with approximately 2.5 million of their peers. Exploitation of those 65 and older is a growing epidemic: a study by Met Life…

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Why would you pay Estate Tax?

Sometimes the estate tax isn’t all that bad, and according to a recent Smart Money article it may actually be better to choose it over no tax at all! Why would anyone want to subject an estate to taxes if they could opt out? There actually are some pretty sound reasons to consider this. The new tax law gives estate executors (for 2010 estates) the choice between estate taxes and the right to use the new estate tax law. Here’s why some executors may choose to use the new federal estate tax law instead of avoiding estate taxes altogether: stepped-up…

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Disadvantages to probate, including the length of time required to complete the process and wrap up the estate, and the potential costs involved.

Regardless the legislative fate of the federal estate tax, there is another aspect of your estate that you will want to consider – your Probate Estate.

What is Medicaid Estate Recovery?

The state cannot force you to sell your residence, but they will put a lien on the property, and when you die, the Government will go after your estate.

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