When it comes to estate planning, most people are worried about avoiding tax liabilities from the estate tax. One of the most common ways that people do this is by making sure to leave as many of their assets to their spouse as possible. This is usually a good estate administration strategy because the current law allows unlimited exemptions for assets left to a spouse in Maryland and other states. However, this strategy does not work the same way when one or both spouses is a non-citizen.
Usually art imitates life; however it also works in the opposite direction as well. This seems to have been the case with Paul Walker, who most people in Maryland may remember as the star actor in the Fast & Furious movie series. The actor was recently killed in a high-speed car crash. However, the actor's death has put light on various estate administration issues which could be applicable to anybody.
Many people think of estate planning as something only needed by the wealthy. Young people may ignore estate planning because they do not believe they have accumulated enough assets to even have an estate. Contrary to this belief, everybody has an estate regardless of their wealth. Therefore, estate administration planning is important for everybody in Maryland.
Over the recent years, people have become acutely aware of the problems with the nation's healthcare system. The Affordable Care Act is just one attempt at solving various issues with healthcare in Maryland and other states. Many experts believe there is not a single action that could ultimately fix the situation. However, one action that every person can take to help alleviate some of the costs on the healthcare system is to make sure to have a healthcare power of attorney and a living will in place.