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Your relationship with an estate planning attorney will be unique compared with other legal professionals because estate planning is inherently personal. You must trust this person to help guide you in making important decisions and to help take care of your loved ones after you pass. Deciding upon an estate planning attorney may be one […]
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Likely, the most valuable and sentimental asset within your estate is your primary residence or a vacation home. If you desire to see your home’s legacy continue within the family after you are gone, but are concerned with high estate taxes, you may want to consider setting up a Qualified Personal Residence Trust, also known […]
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For many, charitable giving provides tangible and intangible benefits throughout your lifetime, while also establishing a legacy after you die. There are several ways to structure a charitable gift. Determining how to share your assets with others is dependent on your own financial situation, your interests, and to what extent you wish to see, first-hand, […]
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When planning for your estate, you should consider creating a Trust to hold your assets. Trusts are financial arrangements in which a person, the grantor, designates a trustee to manage and distribute the assets or property to beneficiaries. People incorporate Trusts into their estate plan for different reasons, such as avoiding probate, maintaining privacy during […]
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If you own real estate in multiple states, we encourage you to consider the legal implications this may have on your estate plan. Multi-state estate planning can alleviate many legal complications, costs, and headaches when it comes to the probate process. In Maryland, probate is the legal process of administering and settling a person’s estate after they […]
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At Sessa & Dorsey, one of our goals is to keep our clients up to date on the latest news and trends on anything estates and trusts related—including tax laws. As of January 1st, there is a small change to the federal gift and estate tax exemptions. Additionally, with the inauguration of the new president […]
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When we meet with our estates and trusts clients, the conversation about life insurance policies often arises. Life insurance policies go hand-in-hand with estate planning. As you plan for what will happen with your assets after you pass, you should consider what life insurance policy best meets your family’s needs. Although we at Sessa & […]
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The Federal Gift and Estate Tax Exemption A popular way to save federal estate taxes is for an individual to make gifts during lifetime to take advantage of the federal lifetime gift tax exemption. The federal lifetime gift tax exemption allows assets worth a certain value to be gifted without those gifts being subject to […]
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Often, individuals create trusts as an important part of their estate plan. Depending on the type of trust, they offer several benefits from avoiding certain taxes and probate, to protecting assets from creditors, and other financial and privacy concerns. What is a Trust? A trust is a legal agreement in which a person, the […]
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