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Estate Administration & Probate Archives

New investment tax may affect estate administration in Maryland

Many people work hard for their money and assets and could benefit from estate planning. However, usually people are only concentrating on their daily financial circumstances and are not quite as aware of their overall financial picture. The end of the year is a good time to consider taking a look at one's overall estate planning goals in order to ensure that any estate plan enhances financial goals. This includes considering any new laws which may have been passed that affect estate administration in Maryland.

Estate planning can help avoid probate court in Maryland

Life is precious; which means people should do everything they can to enjoy their lives as well as do everything they can to preserve them. However, no matter how much people do to avoid sickness and risky situations, nobody in Maryland in can avoid death forever. This means it can be important for people to begin estate planning as soon as possible, which can help avoid future problems for heirs, such as having to go to probate court.

Proper estate administration requires some key steps in Maryland

Estate planning is something which should be started sooner rather than later. Even those who are not wealthy may still want to create a plan to deal with estate administration in case something unexpected or unfortunate occurs. However, there are a few key things to consider when starting to plan a Maryland estate.

Common estate administration mistakes in Maryland

It is best to begin estate planning as soon as possible since it will make the process easier and more efficient in the long run. Once a person has a plan created to implement the estate administration process he or she will simply have to update the plan periodically in order to ensure assets are distributed as intended. However, there are various common mistakes which people in Maryland and other states should be careful not to make.

Digital assets should be part of estate administration plans

With the advance of technology, people's lives are becoming more digitized with much of their financial and personal lives being stored online. This can make life more convenient in most cases in Maryland and other states. However, it can also cause problems during estate administration if one does not take certain variables into consideration when creating an estate plan. There are several important aspects to consider when creating a digital estate plan.

Pets should be included in estate administration plans

Most people treat their pets as if they were members of their own family on a daily basis. However, when it comes to planning for estate administration many people will forget to take their pets into consideration. This can cause problems in Maryland or in another other state. Without taking pets into consideration there may be nobody able to care for the pets after their owners pass away.

Estate administration laws reached stability in Maryland

Estate planning has recently become more stable as a result of decisions made by lawmakers at the beginning of the year. However, prior to that, planning for estate administration was in constant flux due to estate tax laws often changing. Now with the generous tax exemptions for estates in Maryland and other states, many people are deciding to solidify an effective estate plan.

Wills and living trusts can help with estate administration

One can never be too prepared. This is true for almost every aspect of life. However, many people in Maryland and other states are not aware that this is true even when planning for one's own death. Although it is not a cheery topic, planning for estate administration is important for everybody, no matter the amount of assets a person may own.

IRS may allow more annuity options after estate administration

An annuity is a financial product that grows funds transferred from a person and then begins making a series of payments at a later specified time. Usually people will time the annuity to mature during retirement years in Maryland and elsewhere. On the other hand, when a person dies before an annuity matures a death benefit is paid out to a beneficiary, who is usually the intended heir during estate administration. However, this leaves some options for the heir to consider making in terms of how to receive the death benefit.

IRS wins summary judgment motion in estate administration case

After a person dies, his or her estate will be responsible for any unpaid tax obligations. The estate's tax return will need to be filed with the Internal Revenue Service (IRS) as well as the state government tax agency in Maryland or any other applicable jurisdiction. This filing will include any estate tax payments due to the IRS and the state, which will significantly affect the estate administration process. Understandably, one must use the proper process when making payments in order to avoid future complications.

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The Law Offices of Scott Alan Morrison, P.A.
141 W Patrick Street
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Frederick, MD 21701

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