Law Office of Rick Todd Blog

Estate tax planning has taken a turn for the better for the very wealthy – new changes signed into law regarding Estate Taxes temporarily double the exemption amount for estate, gift and generation-skipping taxes (from 5 million to 10 million). This benefits anyone with over $11 million in assets, as it protects this money from taxes when it is given as a gift or transferred at death. As it stands now, very few individuals will be subject to a federal estate tax.

Trust administration is an integral aspect when it comes to ensuring that the wishes of a deceased person are followed after his/her death and that the interests of his/her beneficiaries are respected and protected. If you have been given the role of a trustee, you have the responsibility of administrating the trust properly. In fact, this gives a legal duty also known as a fiduciary duty, which implies that as a trustee, you have a legal responsibility to act in the best interest of all the beneficiaries. Failure to meet your duty as a trustee has legal ramifications since the beneficiaries may sue you seeking damages for improper administration. This is why the importance of having a trust administration attorney cannot be overstated. Below is a rundown of the things that a trust administration lawyer can do for you.

Estate planning isn't just for the wealthy; anyone who has assets – either money or property- or the care of minor children should have a will prepared by an experienced wills lawyer. Nothing can sour familial relationships faster than arguments over the dispersal of assets. Dependent children who are orphaned without a legal guardian may suffer from lengthy custody cases. Even if you are young and healthy, having a legal document in place to protect your wishes is always the smart choice.

When you are planning the future of your small business, it's common to want it protected for future generations. Estate planning can help protect family-owned businesses, but there are some common questions about business succession.

Any estate planning lawyer located in Howard County, MD is going to be faced with this question from their clients: How many times should I review my estate planning documents? Now an unscrupulous lawyer would answer “annually” but realistically a client should review their estate plan every five years or thereabouts. I would add that if a person goes through some life changing event such as divorce or the death of a loved one, they should also review their documents.

What documents go into an estate plan? Every attorney “sells” a will, a power of attorney and an advance directive to their client. But what else do they sell? Most probably leave it at that. I go a step further and add a HIPAA waiver and a final disposition.

The term estate plan is, I believe, marketing terminology used by estate planning attorney to attract clients with money. I also believe that this terminology makes estate planning unattractive to most people since they do not have large “estates” and are just looking for a will. When I first heard the term “estate” in law school over a decade ago, I pictured a palatial estate with fountains and manicured lawns.

Trusts aren’t always necessary. The type of people who make the most use of them are the rich and famous. But the average person probably doesn’t need more than a testamentary or minor’s trust, and that’s only if they have children. Trusts that are used to avoid the estate tax are only for the very very rich, and a revocable living trust isn’t the best deal either.

One of the areas of estate planning often looked over is what is popularly called "business succession." Business succession pertains to business owners primarily, or those who might inherit a business.

To write a valid will in the state of Maryland you need to quite a few things. Here’s a discussion of what most people require when they draft their will.