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Tag Archives: Beneficiaries

What Is So “Special” About A Special Needs Trust?

By Berman, Sobin, Gross, Feldman & Darby LLP |

The Problem. You have a disabled child who is currently receiving need-based public assistance such as Supplemental Security Income (SSI) and Medicaid. Your child is receiving those benefits because he or she is disabled and because he or she does not havesufficient income and resources. As a parent, you want to make sure that… Read More »

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5 Things To Understand About Maryland’s Inheritance Tax

By Berman, Sobin, Gross, Feldman & Darby LLP |

It’s All About Who Inherits Maryland has both an estate tax and inheritance tax. The estate tax is assessable if more than one million dollars passes at death. The total dollar value of the property determines whether there is an estate tax. The inheritance tax is not dependent upon the value of the estate,… Read More »

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Power Of Attorney: Why Should I Give My Agent The Power To Make Gifts?

By Berman, Sobin, Gross, Feldman & Darby LLP |

The idea behind a Durable General Power of Attorney (POA) is to appoint someone (your agent) who can manage your financial affairs if you (the principal) are unable to do so. The overwhelming majority of the language in the document describes the various things that your agent can do. Most POAs (including mine) contain… Read More »

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Domestic Partnerships: How To Avoid Costly Inheritance Taxes On The Family Home

By Berman, Sobin, Gross, Feldman & Darby LLP |

In this modern era, families come in all shapes in sizes. It has become fairly common for same sex couples to buy a home and raise children. Then there are opposite sex couples who share their lives, including buying a house together, but forego the formalities of marriage. In 2009 the Maryland legislature enacted… Read More »

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6 Reasons Not To Put Your Child’s Name On The Deed To Your House

By Berman, Sobin, Gross, Feldman & Darby LLP |

Instead of drafting a Will, many people just put their child’s name on the deed to their house. Their goal is to make things easier for their child by eliminating the need to go through probate. If the house is the only asset, this can be an effective way to avoid probate. (If there… Read More »

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Think Twice About Designating A Disabled Person As A Beneficiary

By Berman, Sobin, Gross, Feldman & Darby LLP |

Despite your good intentions, naming your disabled niece as the beneficiary of your life insurance policy may not do her any good whatsoever. In this final installment in this series, I explain why disabled beneficiaries should be handled with extreme caution. This advice actually applies to all manner of property given to a disabled… Read More »

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Estate As Beneficiary Of Life Insurance, IRA Or 401k: Bad Idea

By Berman, Sobin, Gross, Feldman & Darby LLP |

The last place you want your life insurance, retirement account, or pay-on-death (POD) account to go upon your death is to your Estate. Thus, do not name your “Estate” as the beneficiary on the designation form provided by your insurer, broker, or financial institution. However, even if you don’t make this mistake on the… Read More »

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Avoid Naming Your Minor Children As Beneficiaries

By Berman, Sobin, Gross, Feldman & Darby LLP |

Beneficiary designations can be an effective tool to avoid probate, if used appropriately. (See Beneficiaries Instead of Probate: Use Caution). Assets can go quickly and directly to loved ones after your death. However, there are certain types of beneficiaries that should be avoided. First and foremost – no minor beneficiaries! I recently represented a… Read More »

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Beneficiaries Instead Of Probate: Use Caution

By Berman, Sobin, Gross, Feldman & Darby LLP |

The term “probate” refers to the court process whereby a decedent’s assets are gathered together and, after the payment of the decedent’s debts, distributed to the decedent’s heirs. One way to avoid probate is through the use of beneficiary designations. The only assets that pass through probate are assets the decedent owned in his… Read More »

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3 Issues To Consider When Drafting Your Power Of Attorney

By Berman, Sobin, Gross, Feldman & Darby LLP |

So you are now convinced that you need a Power of Attorney (POA) in place to help your family and loved ones take care of you in your time of need. Or maybe you and your aging parent have decided that a POA needs to be executed in anticipation of deteriorating health. Below are… Read More »

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