Annapolis Estate Planning Attorney
Most people want to believe they will live into their nineties and that there will come an obvious time to create a will, such as in conjunction with a move into a nursing home. This thinking leaves the majority of Americans without a plan for their estate and as a result, their family is not protected or provided for after their death according to their wishes. At Frame & Frame, our knowledgeable Annapolis estate planning attorneys can help you with everything from the most basic estate planning documents to complex asset management cases so that your affairs are properly in order should you become hospitalized, incapacitated, or die.
Do I Need Estate Planning?
Basic estate planning includes creating a last will and testament, trust, healthcare power of attorney, financial power of attorney, and an advanced directive to plan for your end-of-life care. According to a study reported in the Washington Post, only 36.7 percent of nearly 800,000 adults had an advanced directive for what type of medical care they would want if they became unable to make their own decisions. These documents become crucial if you sustain severe injuries in an accident or become gravely ill. Some clients will require more detailed estate planning because they own a small business, have dependents who are disabled, or have other more complex issues. We also handle estate issues such as:
- Asset Protection;
- Elder Law;
- Estate Administration;
- Medicaid Planning;
- Long-term Care Planning;
- Wills; and
According to the Comptroller of Maryland, Maryland requires estate taxes to be paid within nine months on everything the decedent owned or had certain interests in at their date of death. Maryland also separately collects an inheritance tax on all property that passes from a decedent to the beneficiaries. Maryland is one of only two states that has both of these taxes. The result is that beneficiaries are more exposed to taxation if the estate is not properly prepared through estate planning in advance of the decedent’s death.
Trusts Vs. Wills
Many people confuse the purpose of a trust versus a will and fail to choose the option that would best serve their needs. For instance, a trust may be a better option than a will alone if you have young children and you want to set up your finances to ensure they can pay for a college education in the event that you die. There are many types of trusts, so it is important to look at what purpose you want a trust to serve prior to establishing it. Moreover, everyone needs a will at the very least, no matter their circumstances.
Frame and Frame is Here to Help With Annapolis Estate Planning
Rarely do we sit down to look at all of our assets and consider what will happen to them in the event that we die, yet it is an important step to take to protect your loved ones. If you are considering how to plan for the future, the experienced estate planning attorneys at Frame & Frame can help. We will take into consideration your wishes and the needs of your family when offering advice so that you get a customized estate plan. Contact our Annapolis offices at 410-255-0373 to learn more during a free consultation.