The scheduled estate tax reversion back to the $1 million exemption has caused many Maryland residents to consider their estate planning options sooner rather than later. Among those working to plan their estates before the end of the year have been landowners across the country with gas and oil interests. For these landowners, the process of estate planning may have implications beyond just drafting a trust in order to protect assets.
Once an estate plan is established, the individual planning may only have the concern of how the plan will be managed in the event of their incapacitation or death. The process of estate administration in Maryland can be challenging, especially in today's world of blended and unconventional families. A recent report indicates that an increasing number of people planning their estate are looking toward the "spiritual" side of things and are planning their estate based more on values.
When estate planning, it is important that Maryland residents understand all the necessary steps to ensuring the security of their assets. A prime example is that of trusts. When a trust is established, there are additional steps that must be taken to ensure that it will function in its entirety when needed. According to one recent news report, one task that is often missed is the funding step, which can have detrimental consequences during the probate process.
When Maryland residents choose to divide their time residing in our state and another, they must consider the implications for taxes, insurance and even estate planning. Owning real property in more than one state is something to carefully consider during estate planning. Unless the dual ownership is handled through the creation of a trust or other estate planning measure, there is a possibility that the estate will ultimately have to be probated in both jurisdictions. While real property can be owned in more than one state, a person is considered a domicile of only one jurisdiction for tax purposes.
As technology advances, so does society. Often, these changes include many areas of life which Maryland residents may not traditionally consider technology, such as estate planning. Because so many accounts and so much information is stored on the Internet, if an estate plan does not adequately cover online material, then the executor or power of attorney may face serious challenges.