Downs Law Firm, P.C.
Both the state and federal government, administered through the Social Security Administration (SSA) and Medicaid, provide disabled individuals with a variety of life enhancing, and sometimes life sustaining, public benefits.
One of the biggest challenges for anyone administering an estate is how to distribute what are called its tangible items. Unlike other property which can be easily sold, turned into cash and divided equally, tangible property is unique and often can’t be equally split. Its value also often can’t be measured by what it could be sold for. A family photo album may have no monetary value, for instance, but great sentimental significance.
Take, for example, the sad and sordid tax case of Mary Ellen Cranmer Nice vs. United States of America, which would not have existed if an attentive financial advisor hadn’t noticed the large IRA distributions that were allegedly stolen right from under a matriarch’s nose.
The concept of financial scams isn’t a new one. Unfortunately, seniors tend to be particularly prone to them in general. Introduce a pandemic, and you have the makings for financial ruin among our country’s most vulnerable.
The world exists just as much online as it does offline. Failing to recognize that when planning for the end of life can lead to unexpected repercussions for survivors.
Most consumers are familiar with the beneficiary designation form they complete when opening an IRA or 401(k). The form designates who receives the asset if the account owner dies. However, these forms can create confusion, unintended bequests, and family turmoil if not adequately monitored.
Amid the climate of uncertainty surrounding the coronavirus pandemic that is sweeping the nation, people are grappling with the difficult subject of estate planning … and not taking any chances.
While residents in Cecil County and throughout the state are taking precautions to safeguard themselves against COVID-19, some people are stealing or attempting to steal money through coronavirus-based scams, according to the Maryland U.S. Attorney’s Office.
The best way to take precautions and ensure your pet will be well cared for is by doing some estate planning.
An issue that frequently arises is the treatment of an inheritance received by a spouse during the marriage. The basic rule is that any property received via gift or inheritance during the marriage is exempt from equitable distribution.
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