Planning for Long-Term Care in Maryland: Protecting Your Estate from Medicaid Recovery
Long-term care is an essential consideration for individuals and families in Maryland, especially as healthcare costs continue to rise. Planning ahead can help protect your assets from Medicaid recovery and ensure your estate is preserved for your loved ones. This guide will explain the basics of long-term care planning, how Medicaid recovery works, and why
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How to Use a Qualified Terminable Interest Property (QTIP) Trust
When planning your estate, ensuring the financial security of your loved ones while maximizing tax benefits can be a complex challenge. A Qualified Terminable Interest Property (QTIP) Trust is a powerful tool for addressing these concerns, particularly for individuals in second marriages or with complex family dynamics. This guide explains what a QTIP trust is,
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Handling Unclaimed Property in a Maryland Estate
Dealing with unclaimed property in a Maryland estate can be challenging. Whether it’s locating assets or navigating legal requirements, understanding the steps involved is crucial. Learn the essentials of handling unclaimed property in this post from Blackford & Flohr. What Is Unclaimed Property in an Estate? Unclaimed property in an estate typically refers to assets
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How to Incorporate a Maryland Business Succession Plan into Your Estate Plan
For Maryland business owners, an estate plan is not just about distributing personal assets—it’s also about safeguarding the future of your business. Incorporating a business succession plan into your estate plan ensures a seamless transition of ownership and management, minimizes conflicts, and protects your legacy. In this post from Blackford & Flohr, we will walk
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The Importance of Including Specific Personal Property in Your Maryland Will
Planning for the future is a crucial step in ensuring your loved ones are protected and that your wishes are honored. When drafting a will in Maryland, it’s essential to consider the distribution of all assets, including specific personal property. From heirlooms to sentimental items, these possessions often hold more than just financial value, and
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How to Handle Out-of-State Property in a Maryland Estate Plan
When it comes to estate planning in Maryland, handling out-of-state property requires careful consideration and planning. Owning property outside of Maryland can add complexity to the estate process, as each state has its own laws governing real estate, probate, and taxes. Understanding how to effectively include out-of-state property in your estate plan can help protect
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How Maryland’s Elective Share Law Impacts Your Estate Plan
Maryland’s Elective Share Law plays a significant role in estate planning, particularly for married individuals. This law grants a surviving spouse the right to claim a portion of the deceased spouse’s estate, regardless of what the deceased’s will or trust may specify. Understanding how this law works and its implications is crucial when drafting or
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Navigating the Maryland Inheritance Tax: What You Need to Know
When it comes to estate planning and transferring wealth after death, taxes play a significant role. Taxes often determine how much beneficiaries ultimately receive. Maryland is one of the few states in the U.S. that imposes both an estate tax and an inheritance tax. Understanding how the Maryland inheritance tax works, who it applies to,
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Understanding the Role of a ‘Trust Protector’ in Maryland Trusts
A “Trust Protector” is a relatively new but increasingly important role in the world of estate planning, particularly in Maryland. While not traditionally part of a trust’s structure, more individuals are appointing Trust Protectors to ensure their trusts operate smoothly and according to their long-term wishes. In this post, we’ll break down the role of
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What to Expect During the Maryland Probate Inventory and Appraisal Process
When a loved one passes away, navigating the probate process can be overwhelming, especially when it comes to managing the estate’s assets. In Maryland, one of the crucial steps in this process is the inventory and appraisal of the deceased’s estate. Understanding what to expect during this phase can help ensure that everything is handled
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