24 July

Sticky

Are My Trust’s Bank Accounts Fully Insured?

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the first in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. While this information is current at the time of writing, the rules for irrevocable trusts will be changing on April 1, 2024, to bring them into conformity with the revocable trust rules. The information in this series was derived from the FDIC’s website, as well...

06 July

0 Comments

Sticky

Real Estate Developers May Be Able to Avoid Gift Taxes When Passing On Developer Units

Posted by Bobby Feisee

in Bobby's Blog

In February 2016, two Central Park condos owned by then-candidate Donald Trump had an estimated market value of $790,000 and $800,000. In April 2016, Trump sold these condos to his son, Eric Trump, for pennies on the dollar ($350,000 each, to be exact). For most people, this family-friendly sweetheart deal would typically incur hundreds of thousands of dollars in gift taxes. Not so for Donald Trump. Why? Because he was a real estate developer. A real estate owner who sells a piece of property for less than it’s estimated worth typically has to pay gift tax on the difference between the sale...

17 March

0 Comments

Sticky

New Medicare Benefit – Helping You Make Your Wishes Known

Posted by Bobby Feisee

in News

Note: This article is courtesy of DocuBank® Starting this year, Medicare is making it easier for people to have conversations about their medical wishes. This is good news. These conversations are important. They help you think about what’s important to you and help you get the care that you want when it matters most. With the benefit available, now is the time to talk with your lawyer, loved ones and doctor about your wishes, and make sure both have copies of your advance directives (if you do not already have these important documents drafted, schedule a time to meet with your estate planning...

09 December

0 Comments

Sticky

Get the Most Out of Maryland’s MOLST Form

Posted by KarenLewis

in Bobby's Blog

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...

23 August

0 Comments

Sticky

DOMA Decision and the Impact on Estate Planning

Posted by KarenLewis

in Current Events

In a groundbreaking U.S. Supreme Court decision, United States v. Windsor, the Supreme Court decided that Section 3 of the Defense of Marriage Act (i.e. DOMA) was unconstitutional. To read a summary of the decision, check out this page. Section 3 defined “marriage” to be between a man and a woman for Federal benefits. The result of Windsor is that same-sex married couples will now be treated as spouses for purposes of numerous Federal statutes. With regards to estate planning benefits, the following benefits will now be afforded to same-sex couples. (i.) Deferring income taxes where a spouse inherits a deceased...

25 April

0 Comments

Sticky

Alternative Investment Option to Consider – The “Self-Directed” IRA

Posted by KarenLewis

in Bobby's Blog

Many Americans invest retirement funds into publicly-traded assets such as stocks, bonds, mutual funds and so forth. This isn’t a surprise since the large investment institutions encourage people to invest in these types of assets and don’t do much advertising about unconventional ways in which you can use your retirement funds. You may not realize that the laws governing IRAs (i.e. Independent Retirement Accounts) allows virtually unlimited investment flexibility. This is where "self-directed IRAs" come in. Using “self-directed” IRAs has become extremely popular in recent years. The purpose of these self-directed accounts is allowing an investor to invest some (or all)...

06 February

0 Comments

Sticky

Reading Between the Lines: Why a Professional Estate Plan is Far Superior to a Cookie Cutter Online Will

Posted by KarenLewis

in Bobby's Blog

Web sites like Legal Zoom, Total Legal, and others offer inexpensive, pre-formatted wills designed for people to simply plug in a few names, some items, and, presto chango, you have a will. Many people purchase these “cookie cutter” documents under the mistaken belief that this type of will is going to protect and properly disburse their assets to loved ones. Unfortunately, that often isn’t the case. Let me preface this by stating that I fully appreciate the value of the services offered by Legal zoom and other pre-made document web sites. For many people, the prospect of creating a will,...

06 February

0 Comments

Sticky

How a Prenuptial Agreement can Impact Your Estate Plan

Posted by KarenLewis

in Current Events

By Bobby Feisee, Ashburn Estate Planning Attorney With divorce rates reaching over 50 percent in the United States, more people decide enter into a prenuptial agreement before they get married. These agreements are especially common with families composed of children from a previous marriage or relationship. A prenuptial agreement is a legal document that is agreed upon and signed by both parties before marriage. A thorough agreement should fully disclose the financial assets of both you and your spouse. For example, savings accounts, stocks, interests in trusts and estates, and so forth. Prenuptial agreements also deal with any...