Death is an inevitable fact of life. However, when most people in Maryland or in any other state die it is not usually a sudden event, but rather a slow process. Usually people will experience a steady decline in health caused by illness, injury, disability or simply natural aging. In many instances, a person may become no longer capable of making decisions for himself or herself, which could require a durable power of attorney.
People with developmental disabilities oftentimes do not have the capacity to fully take care of themselves. Many times this is due to diminished mental capacities which are so severe that they are not able to function and make decisions for themselves like other adults in Maryland or any other state. This is why one woman has decided to apply for legal guardianship of her two children.
For most parents providing for their children's education is of utmost importance. Many parents in Maryland and other states have opted to utilize 529 plans in order to save money for their children's education. These plans are education savings plans which enjoy a variety of tax-advantages. Although these plans are effective, there may be problems during estate administration if parents fail to name a successor.
There was much controversy recently as lawmakers were arguing about where the estate tax exemption level should be. However, in the end lawmakers decided the exemption should be at $5.25 million, which means that most people in Maryland and elsewhere will not be subject to the federal estate tax. On the other hand, this does not mean one should stop worrying about creating a proper estate plan. Even those with a modest amount of assets need to have a will.