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Author Archives: dgalinis
How Does the New Fiscal Cliff Legislation Affect my Estate Tax Planning?
On January 2, 2013 the American Taxpayer Relief Act of 2012 was enacted, avoiding the so-called “fiscal cliff.” In addition to income tax changes, the law contained provisions on estate taxes which certainly did avoid something very cliff-like. Had the … Continue reading
What is so “Special” about a Special Needs Trust?
The Problem. You have a disabled child who is currently receiving need-based public assistance such as Supplemental Security Income (SSI) and Medicaid. Your child is receiving those benefits because he or she is disabled and because he or she does … Continue reading
Posted in Beneficiaries, Medicaid, Trust
Tagged (d)(4)(a), (d)(4)(c), beneficiary, disabled beneficiary, disabled child, life insurance, medicaid, payback, pooled, pooled special needs trust, self settled, self settled special needs trust, SNT, special needs trust, SSI, supplemental needs trust, supplemental security income, third party, third party special needs turst, trustee, Will
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Preparing For the Death of a Loved One: 7 Practical Recommendations
This is not an easy time and, emotionally, there is not much that your lawyer can do to help. What we can to is to assist you in understanding some of the practical issues involved. Below we describe seven recommendations … Continue reading
Posted in Advance Directive, Power of Attorney, Wills
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5 Things to Understand About Maryland’s Inheritance Tax
1. It’s All About Who Inherits Maryland has both an estate tax and inheritance tax. The estate tax is assessable if more than one million dollars passes at death. The total dollar value of the property determines whether there is … Continue reading
Posted in tax
Tagged domestic partnership, estate tax, inheritance tax, IRA, life insurance, non-probate asset, probate asset, same sex couples
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Power of Attorney: Why Should I Give My Agent the Power to Make Gifts?
The idea behind a Durable General Power of Attorney (POA) is to appoint someone (your agent) who can manage your financial affairs if you (the principal) are unable to do so. The overwhelming majority of the language in the document … Continue reading
Posted in Medicaid, Power of Attorney
Tagged agent, dementia, gift, gifting, gifts, inheritance, nursing home, principal, steal
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Should I Use an Online Legal Document Service to do my Will?
The question I get about online Wills (or do-it-yourself kits often purchased at office supply stores) is whether they are “valid.” I cannot answer the question in a global fashion. It is certainly possible to have a technically “valid” Will … Continue reading
Posted in Wills
Tagged do-it-yourself Will, legal disclaimer, LegalZoom, online legal document service, Will
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Domestic Partnerships: How to Avoid Costly Inheritance Taxes on the Family Home
In this modern era, families come in all shapes in sizes. It has become fairly common for same sex couples to buy a home and raise children. Then there are opposite sex couples who share their lives, including buying a … Continue reading
6 Reasons Not to Put Your Child’s Name on the Deed to your House
Instead of drafting a Will, many people just put their child’s name on the deed to their house. Their goal is to make things easier for their child by eliminating the need to go through probate. If the house is … Continue reading
Posted in Probate, Wills
Tagged capital gains tax, co-owner, creditor, deed, gift tax, joint owner, joint ownership, medicaid, medicaid penalty, probate, taxable gift
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Get Your Advance Directive: Don’t Be A Headline.
In giving estate planning seminars, I am always trying to impress upon my audience the importance of planning while young and healthy. One of many reasons to plan sooner rather than later is to avoid being the subject of a … Continue reading
Should I get an Advance Directive, a Living Will or a Health Care Power of Attorney?
The answer is the first one or the second one and the third one. The problem with answering the question is first and foremost one of terminology. For starters, each state calls these legal documents by different names. For instance, … Continue reading
Safekeeping Your Last Will & Testament: 5 Recommendations
So you stopped procrastinating, hired a lawyer, and executed a Will. Now what should you do with it? To fully understand the following five recommendations it is essential that you understand the importance of the original Will. After your death, … Continue reading
Posted in Wills
Tagged codicil, intestate, original Will, register of wills, revoke, safe, safe deposit box, witnesses
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Think Twice About Designating A Disabled Person as a Beneficiary
Despite your good intentions, naming your disabled niece as the beneficiary of your life insurance policy may not do her any good whatsoever. In this final installment in this series, I explain why disabled beneficiaries should be handled with extreme … Continue reading
Estate as Beneficiary of Life Insurance, IRA or 401k: Bad Idea
The last place you want your life insurance, retirement account, or pay-on-death (POD) account to go upon your death is to your Estate. Thus, do not name your “Estate” as the beneficiary on the designation form provided by your insurer, … Continue reading
Avoid Naming Your Minor Children as Beneficiaries
Beneficiary designations can be an effective tool to avoid probate, if used appropriately. (See Beneficiaries Instead of Probate: Use Caution). Assets can go quickly and directly to loved ones after your death. However, there are certain types of beneficiaries that … Continue reading
Posted in Beneficiaries, Probate, Trust
Tagged accounting, custodian, guardianship, life insurance, minor, trust, trustee, uniform transfers to minors, UTMA
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Beneficiaries Instead of Probate: Use Caution
The term “probate” refers to the court process whereby a decedent’s assets are gathered together and, after the payment of the decedent’s debts, distributed to the decedent’s heirs. One way to avoid probate is through the use of beneficiary designations. … Continue reading
Posted in Beneficiaries, Probate, tax, Wills
Tagged 401k, beneficiary, beneficiary designation, IRA, life insurance, pay on death, probate asset, retirement, tax liability, taxable estate
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3 Issues to Consider When Drafting your Power of Attorney
So you are now convinced that you need a Power of Attorney (POA) in place to help your family and loved ones take care of you in your time of need. Or maybe you and your aging parent have decided … Continue reading
Posted in Power of Attorney
Tagged agent, effectiveness, incapacity, joint agents, principal, successor agent
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Maryland’s New Power of Attorney Act
On October 1, 2010, a new power of attorney act went into effect in the State of Maryland. Efforts had been made for a number of years to get legislation passed that would govern the use of power of attorneys. … Continue reading
5 Important Facts About the New Estate Tax
In December 2010 Congress enacted the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This law created an entirely new estate tax regime. To understand the extent of the change, it is important to remember where we … Continue reading
Problems with Joint Ownership
Posted in Videos, Wills
Tagged acceleration of mortgage, capital gains, co-sign, control, creditors, estate planning, gift tax return, gifting, joint ownership, joint title, medicaid, mortgage, tax
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What is a Durable Power of Attorney Anyway?
So many people come in to see me and are convinced that they need a Durable Power of Attorney (DPOA). When I ask them why, they don’t know. Further probing usually reveals that they aren’t quite sure what a DPOA … Continue reading
Posted in Power of Attorney
Tagged agent, Alzheimer's, dementia, durable, incapacity
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