Blog

Use Your Estate Plan to Plan for Your Pets

Use Your Estate Plan to Plan for Your Pets image

Hello. Bella here. If we haven’t yet been introduced, I’m the Chief Content Contributor for the Procino-Wells & Woodland, LLC quarterly newsletter. Also, and more importantly, four legged queen of the Wells’ home. I just left a spa day with my girlfriend Phoebe and she had the nerve to ask me who her humans should hire to create their estate plan. Like, hello, the Dremel isn’t so loud that you’ve never heard me talk about what my mom does for a living. Ugh. She gets my bandana in such a wad. I’ve told her before. Your human’s estate plan shouldn’t...

Power of Attorney: The Broader The Better

Power of Attorney: The Broader The Better image

Contributed by: Jessica L. Whaley, Legal Assistant

When speaking about estate planning in general terms, most people tend to direct their attention to those documents that plan for after they have departed this life (i.e. a will or trust). However, when we prepare an estate plan for our clients, we not only want to prepare documents to assist in the administration of their estate, but also to aid in the years of life ahead. This is where a Power of Attorney (“POA”) becomes a useful document when it is drafted correctly. As we will discuss below, without the proper powers...

A Thorough Estate Plan Includes Your Child with Special Needs

A Thorough Estate Plan Includes Your Child with Special Needs image

Contributed by: Amber B. Woodland, Esquire

Any well-rounded estate plan plans for your incapacity and ultimately your death. With the use of foundational, thoroughly drafted estate planning documents, you can ensure that your affairs are in order. But, if you have a special needs child, grandchild or other beneficiary, there is a bit more you should consider.

Outlined here are 3 common myths associated with special needs planning along with an ideal solution:

Does your child with special needs have to be disinherited? No. While we recognize and understand that disinheriting your child with special needs may seem like an...

What Will Happen To Your IRA Upon Your Death?

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Contributed by: Michele Procino-Wells, Esquire

As more “baby boomers” are retiring and rolling over large 401(k)s and other retirement plans to Individual Retirement Accounts (IRAs), proper tax and estate planning for IRAs has become increasingly important.

Upon your death, the beneficiary of your IRA can take the money out as fast as all of it right away, or as slow as payments over the beneficiary’s life expectancy. If the beneficiary is taking the money out as slowly as possible, the amount she or he has to take out every year is known as the required minimum distribution (RMD). Taking the...

Your Ultimate Guide to a Maryland Crab Feast

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The Basics

Q: What is a “Maryland crab feast”? A: Crab feasts are a time honored tradition during which friends and family gather around a large picnic-style table to eat Maryland blue crabs. Blue crabs take time to pick and eat so it becomes a very social activity. Typically held in the summer, crab feasts are best enjoyed with a cold beer in hand.

Q: When is Maryland crab season? A: The Maryland crab season typically starts in mid April and runs all the way through December.

Q: What is the difference between male and female crabs? A: Male crabs...