Relocating to a new state or country brings exciting opportunities but also requires important legal and financial considerations. One crucial step that many people overlook is updating their estate plan. Laws governing wills, trusts, taxes, and healthcare directives vary by location, and failing to adjust your plan accordingly can lead to unintended consequences. Here’s what you need to consider when moving to a new state or country. 1. Review State-Specific Estate Laws Each state has different laws regarding wills, trusts, probate, and power of attorney. Even if your estate plan was valid in your previous state, certain provisions may…
Getting married for a second time is an exciting new chapter in life, but it also brings unique estate planning challenges. Blending families, protecting assets, and ensuring your wishes are honored require careful planning. Here’s what you should consider when entering a second marriage. 1. Review and Update Your Estate Plan A second marriage often means previous estate plans need to be revised. Review your will, trusts, and other estate planning documents to ensure they align with your new marital situation and financial goals. 2. Update Beneficiary Designations Beneficiary designations on life insurance policies, retirement accounts, and payable-on-death bank…
Losing a loved one is an emotional and difficult time. While grieving, legal and financial matters may not be top of mind, but reviewing your estate plan is an important step to ensure your wishes remain intact and reflect any necessary changes. Here’s why and how you should revisit your estate plan after the passing of a loved one. Update Beneficiary Designations If your loved one was named as a beneficiary on any of your accounts—such as life insurance policies, retirement accounts, or payable-on-death bank accounts—you may need to update these designations to ensure your assets will pass according…
Receiving an inheritance can be a life-changing event, but without careful planning, it can also disappear more quickly than you expect. Whether your inheritance is large or small, strategic financial and legal planning can help ensure that it provides long-term benefits for you and your loved ones. Here are some key steps to make your inheritance last. Take Your Time It can be tempting to make big decisions right away, but it’s important to pause and assess your financial situation before making any major moves. Consider meeting with a financial advisor or estate planning attorney to develop a solid strategy….
Applying for Medicaid is far more than just completing forms—it’s a legal and financial maze where mistakes can have lasting consequences. Attempting to navigate this process without professional help can put your family’s financial stability and peace of mind at risk. By working with an experienced elder law attorney at Estate and Elder Planning, LLC, you can: Meet Eligibility Requirements Without PenaltiesMedicaid eligibility rules are complex, and missteps can lead to unnecessary penalties or denials. Our expertise ensures your application meets all requirements, avoiding costly errors. Safeguard Assets for Your Loved OnesWithout proper planning, you risk losing…
Avoid These Common Pitfalls When Applying Without Legal Help Navigating Medicaid applications can feel overwhelming, especially when you’re trying to secure benefits for long-term care. While it may seem cost-effective to tackle the process on your own, doing so often leads to costly mistakes. Here are some common pitfalls individuals face when applying for Medicaid without the guidance of an experienced elder law attorney: Misunderstanding Medicaid Eligibility Rules Medicaid eligibility rules are complex and vary by state. Income and asset limits, “spend-down” requirements, and rules about exempt versus countable assets can trip up even the savviest applicant. Missteps here can…
When it comes to Medicaid asset protection, the phrase “timing is everything” holds significant weight. Early planning is not just beneficial—it’s essential for clients to preserve their assets and secure peace of mind. Medicaid’s five-year look-back period means that asset transfers or planning strategies must be implemented well in advance of applying for benefits. Why Early Planning Matters Avoiding the Spend-Down Trap Without proactive planning, families may be forced to spend down their savings or liquidate valuable assets to meet Medicaid’s strict eligibility requirements. Early intervention ensures that clients retain control over how their resources are allocated. Maximizing Strategic Options…
Navigating Medicaid’s complex eligibility rules can be overwhelming for families seeking long-term care options for a loved one. One of our critical roles is to help clients preserve their assets while qualifying for Medicaid benefits. Asset protection planning is a vital tool in achieving this balance, ensuring that clients’ hard-earned resources are not unnecessarily depleted by the high costs of nursing home care. Below, we outline essential strategies and considerations for Medicaid asset protection. Understanding Medicaid Eligibility Rules Medicaid is a means-tested program with strict income and asset limits. To qualify, applicants typically must have limited countable assets, often…
On October 22, 2024, the IRS issued Revenue Procedure 2024-40, providing the annual inflation adjustments for tax provisions to be used by individual taxpayers for the 2025 calendar year. The adjustments include the following: The estate, gift, and generation-skipping transfer tax exemptions for 2025 are $13,990,000, an increase from $13,610,000 for transfers in 2024. The annual exclusion for gifts is $19,000 for calendar year 2025, an increase from $18,000 for 2024. For 2025, the first $190,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not…
DIVORCE IS FINA UPDATE LIFE INSURANCE BENEFICIARY DESIGNATIONS A life insurance policy is a contract that designates who is to be paid upon the insured’s (your) death. Upon your death, a check will be sent to the person listed as the beneficiary, even if it is your ex-spouse. UPDATE RETIREMENT ACCOUNT BENEFICIARY Although state law may automatically revoke the beneficiary designation if an ex-spouse is listed, federal law (ERISA) states that the last-named beneficiary is the one who receives the funds. Depending on the type of retirement account you have, your ex-spouse may be entitled to the funds if they…
Frederick, MD 
301-663-9230
