Bobby’s Blog

Take Care of Your Furry Loved Ones – The Benefits of a Pet Trust

Many people who own pets consider them to be a member of the family, much like a child. When planning your estate, you consider your children and make plans to pass on assets and ensure your children are protected. The same logic applies to your pets – you want to make sure there is someone designated to take care of them when you are no longer able to. Many pet owners just assume that their remaining family members will continue to care for their beloved pet. As the years go by, your surviving spouse may not be able to...

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Firearm Owners Should Consider Gun Trusts

The Second Amendment is cherished in our country and millions of Americans are proud gun owners. So what will happen to your firearm when you pass away? The fact that is that a firearm is not your typical asset that can simply be transferred to a loved one. In fact, if you pass away without a will, there are federal transfer requirements that have to be satisfied before a loved one can take ownership of your firearm. For example, to transfer a registered firearm, the owner must get approval from the Bureau of Alcohol, Tobacco, and Firearms, along with paying...

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Get the Most Out of Maryland’s MOLST Form

If you live in Maryland and have a life care plan, you may have heard of something known as a “MOLST” form. If you’ve never heard of this form, have no worries. We’re going to explain exactly what this form is and how to utilize it in your estate plan. What is a MOLST Form? MOLST stands for Maryland Order for Life Sustaining Treatment. A MOLST form signifies written medical orders by a physician or nurse practitioner regarding life-sustaining treatments, according to Miemss.org. The objective is for the MOLST form to be a portable and enduring medical order form that...

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Tax Benefits for Husband and Wife Owned Businesses

If you’re looking to diversify your business interests and are married, a good option is to start a business with your spouse. The IRS gives husbands and wives, who file their taxes jointly, the ability to treat a joint business venture as a jointly owned sole proprietorship. It would be categorized as a “qualified joint venture” but that means the owners must exclusively be husband and wife. Also, both spouses have to “materially participate” in the business (so you can’t just list your spouse and hope to get this tax benefit). There are many advantages to having a husband-and-wife-owned business...

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Importance of Disability Planning

You and your loved ones may be relatively healthy today, but can you guarantee you’ll be just as healthy 20 years from now? Of course not. No one can predict when and if they develop a physical disability or disease. No one can be ready for the day they walk into their doctor’s office and are told they’re suffering from Alzheimer’s or cancer. Even if you eat a perfect diet, exercise every day and take supplements, you still can’t avoid the risk of suffering a debilitating physical ailment. For example, one-third of adults over the age of 65 suffer a...

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