Category: Estates and Trusts
Every day, the estate and trust team at Bulman Dunie assist clients who serve as “Personal Representatives” (a/k/a “Executors”) of an estate in navigating the probate process. Probate can be complicated, but there are some easy steps that can be taken from Day 1 to…
Last month, my wife and I signed our own trust. Just like nearly all of my clients who create trusts, my wife and retitled our home into our trust. In retitling our home into our trust, we signed a deed conveying title to the property…
Maryland is one of the few states that charges “inheritance tax”. We’ll start with the good news before you read on—fortunately, most conveyances of property are exempt from inheritance tax. However, it is important to be aware of inheritance tax as you consider bequests from…
Many clients come to an estate planning consultation with a belief that a Last Will and Testament is the tool that disposes of their assets after they have passed away. Assets that transfer to your heirs via a Will must go through the court-supervised process…
In legislation that we will be keeping a close eye on, Maryland officials have proposed significantly reducing the state estate tax exemption from $5 Million to $2 Million. This would expose thousands more Marylanders – and many Bulman Dunie clients – to estate tax. What…
“Can My Kids Be Co-Agents?” This is one of the more common questions we get asked when we work with families to complete their Advance Medical Directive and Financial Power of Attorney. When clients designate their initial Health Care Surrogate or Financial Agent, the instinctive…
A common tool used by many of our estate planning clients is the use of a trust to protect a loved one’s inheritance. Where a trust is established, the inheritance is retained in trust for the benefit of a designated beneficiary, rather than distributed to…
When most people in their 20s or 30s think about estate planning, they assume that is something that their parents or grandparents should be worrying about. “I don’t yet have significant savings, let alone an ‘estate’ to plan for” is the common refrain. However, estate…
With a new year comes updated exemptions for estate tax exclusion and gift tax for 2024. What is the “estate tax exemption” and where is it going in 2024? The estate tax exemption refers to the value (or sum) of non-charitable bequests that can pass…
Thanksgiving. A time for food, football, and family. When families gather – particularly when multiple generations gather – it is not unusual for younger generations to broach the subject (sometimes after a glass of wine or two) about estate planning. We know this because, at Bulman…
