Estate planning documents are essential if you wish to protect your assets & loved ones. It includes Advance Healthcare Directives, Power of Attorney, Maryland Medical Orders for Life-Sustaining Treatment (MOLST), Trusts, Last Will & Testament, and Special Needs Planning.
An Advance Health Care Directive can be oral, but usually is a written legal document. It expresses a person’s wishes about what should be done if they later become incapable of making their own healthcare decisions.
This article specifically addresses the Pros and Cons of accounts that are titled ‘Joint Tenant with Rights of Survivorship’, (JTWROS). An account, titled in two or more persons’ names that have rights of survivorship, is jointly owned by those individuals.
With no family to provide for, many singles may feel that having a plan isn’t a necessity. However, the truth is that estate planning for single individuals is just as important, and sometimes more complex, than planning for married couples.
Estate and “death tax” planning must be undertaken in a way that also educates the client. In this way, the client understands the applicable laws, how those laws will impact their ultimate goals or how they may lower or increase the potential taxes occasioned at death.