To qualify for Medicaid coverage of long-term care, you must satisfy very complicated financial eligibility rules—rules that often can be traps for the unwary. One of the most significant traps is Medicaid’s right to recover its expenses from your estate after you die – a…
Life estates without powers are a tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation. What…
There are many unknowns when planning an estate, but you can’t let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan at all.
Dennis Twigg, a partner with Hoffman, Comfort, Offutt, Scott, & Halstad in Westminster, joined the Carroll County Chamber of Commerce to host a webinar on how to handle estate planning post COVID-19. To learn more about how to navigate estate planning, check out the webinar…
In the United States your estate may owe taxes when you die. In 2019, the State of Maryland Estate Tax Exemption is $5 million. The Federal Estate Tax Exemption is $11.4 million. Unless your assets at your death exceed either exemption, your estate does not…
Making good choices in estate planning is crucial. Below is a list of some of the most common mistakes our office witnesses in estate planning. 1. Procrastinating. No plan is perfect, but your best effort is better than no effort at all. Maryland Intestacy and…
People often consider who they want to inherit their estate when they die. Fewer people consider who is going to have the job of handling their financial and legal matters if they should be living, but unable to do those tasks on their own. While…
When considering their Last Will and Testament, people must decide who they want to inherit their estate. Whether it be a spouse, child, other relatives, friend, or charity, most individuals tend to have some idea of desired beneficiaries. Often however, people haven’t considered who is…
People often consider who they want to inherit their estate when they die. Fewer people consider, in the event they create a trust, that they need to appoint someone to be in charge. The person in charge, called a Trustee, has a fiduciary duty to…
When your outlook on life changes, your legal needs may undergo a great shift as well. In Maryland, few people have to worry about tax issues when they die, but virtually everyone needs to consider the possibility of a long illness or stay in a…