Maryland Estate Planning
Estate planning involves much more than determining how to distribute your possessions after you're dead. It can also give you more control over your healthcare now and in the future. It allows you to delegate some legal and financial powers to others. It can help you preserve your wealth while you're still alive and enable you to reduce what your estate pays in federal and Maryland taxes after you die. An estate planning attorney can help assess your needs and suggest the estate-planning tools that are right for you.
Secure Your Financial Future With Estate Planning
Many people are surprised to learn that estate planning can involve more than simply creating a last will and testament. But a good estate planning lawyer will spend time learning about you, your family, your financial situation, your healthcare concerns and your plans for the future before recommending estate planning tools that are appropriate for your specific situation. These might include:
- A last will and testament and/or a living trust
- A power of attorney
- Healthcare power of attorney and a living will
One important element of estate planning: Protecting your money while you're alive and ensuring that your survivors, including spouse and children, have financial security after you've passed away. There are many strategies to help accomplish this, and your estate planning attorney will want to discuss your specific concerns. He or she might ask you:
- Do you feel comfortable with the amount of money you've saved for retirement?
- Who is the primary breadwinner in your family? If that person passed away unexpectedly, would your survivors be financially secure?
- Are you able to cope with unexpected financial issues, such as unemployment or unexpected medical expenses?
- Have you invested in things such as life insurance or annuities?
- If you're a business owner, are you concerned about losing your company or personal holdings in the event of an adverse financial judgment?
- Are you interested in minimizing what your estate will pay in federal and Maryland estate and inheritance taxes?
Your answers to these questions will help your attorney recommend ways to protect and preserve your wealth so it's available to spend when you need it.
Find & Hire Local Maryland Estate Planning Attorneys
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