Estate Planning Attorney in Upper Marlboro, Maryland
What Is Estate Planning and Do I Need to Plan?
Estate planning is the process of evaluating how you currently own and handle your finances and making adjustments to maximize cost-saving strategies using appropriate estate planning tools. Every person who is interested in conserving and investing wealth and controlling the management and transfer of their property both during their lifetime and after death, should engage in estate planning.
If I Don't Own Any Property Do I Still Need an Estate Plan?
Anything a person owns solely can only be managed and transferred by that individual. If you have a car, a bank account, personal property, a retirement account, if you own a house or any other tangible asset, if you have an investment account, all of these properties are yours's to do with as you want. An estate plan allows you to direct how and to whom your property will be distributed after your death. If you don't have a plan to manage these assets during incapacity or a plan for distribution after your death, then the State will determine what happens to you and your things.
We at AMD Law believe everyone deserves to have control over what happens to their belongings during any period of incapacity as well as determining who gets their stuff after they are gone. Reach out to us today to get started in Upper Marlboro, Maryland. We serve those in Bowie, Greenbelt, Glenn Dale, Lanham, Prince George's County, and the surrounding areas.
How Does Having an Estate Plan Save Me Time and Money?
Planning in advance saves time because decisions are made in advance of occurrences. The first consideration in planning your estate is reviewing your financial plan. How well is it meeting your current objectives? Will it continue to meet your future needs? What can you do now to create the estate you want? The answer to these questions will guide you in your estate planning.
Conserving the assets that you've built is another important part of estate planning. Taxes, transfer fees, and creditor claims can reduce the value of your estate if you don't have an effective plan. To protect the value of your estate you have to plan for unexpected expenses, anticipated but extraordinary expenses like a child's education, and for ordinary living expenses. A comprehensive estate plan will allow you to manage your affairs during your lifetime and dispose of your assets after your death. Such a plan:
should take into account tax consequences
combine investment techniques with sound legal planning
consider your needs and desires
ensure that your beneficiaries receive maximum benefit from your assets
plan for the best use of property during your lifetime
plan for disability or incapacitation
avoid costly probate
protect surviving family members
protect assets from creditors or bad marriages
designate end-of-life wishes
plan for business succession
carry out charitable objectives
How Do I Create an Estate Plan?
Creating an estate plan is a process. You've worked hard to build your estate. At AMD Law we think you deserve the right to determine who will receive your assets after death but also to ensure that you benefit from the proper use of your assets during any incapacity. Therefore, the first step in our process is to listen to our client's desires and objectives. We will do a complete review of your investments, assets, and titling. Then together we will craft a plan to meet your needs and wishes.
Whether you choose to use a will-centered plan or a trust-centered plan we want to help you craft the perfect plan to meet your objectives and give you the peace of mind you deserve. Talk to us today in Upper Marlboro, Maryland. We assist families and individuals in Bowie, Greenbelt, Glenn Dale, Lanham, Prince George's County, and throughout the area.