While some Social Security strategies have been discontinued, there are still a few under-utilized strategies…
In 2018 MD began to allow a beneficiary designation on an Automobile Title. If you own an auto in just one spouses name, then I strongly suggest you put a beneficiary on the auto title. It is very easy and can be done online at this site:
Many times when the first spouse passes the only asset in the estate is an automobile that was purchased in the one person’s name. This requires an estate to be opened to transfer only a used automobile to the surviving spouse. This now can be easily avoided by going online and applying for a beneficiary to be placed on the auto.
Single clients can also do this if they have a single individual who they intend to leave the auto to.
Take the time to do this and avoid an unnecessary probate process in MD for your family. Other states have easier ways of passing on a car if no probate estate is otherwise necessary, but not MD so use this new beneficiary form.