What are Revocable Living Trusts in Maryland?
Revocable living trusts are estate planning documents that can give the grantor (the person for whom the trust is created) complete control over his or her assets during life, in the event of in capacity, and after death.
Who Inherits Property In Maryland If There’s No Will?
When a person passes away without a will (or, in the case of certain assets, without designated beneficiaries), the decedent’s assets are distributed according to what is known as intestate succession. In this situation, “who gets what” follows strict guidelines established by the state of Maryland. Broadly speaking, these guidelines mandate that assets be...
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6 Ways to Minimize or Eliminate Estate Taxes.
Let’s begin with a look at the numbers. The current federal estate tax exemption is $11.7 million for individuals and $23.4 for couples filing jointly. Assets in excess of these amounts will be taxed at a graduated rate between 18 and 40 percent depending on the size of the estate. In Maryland, the 2021...
6 Ways to Minimize or Eliminate Estate Taxes. Continue reading…