With a bit of careful planning, you can also transfer as much of your assets as possible to those you leave behind, and your heirs can avoid having to pay state or federal taxes on their inheritances.
Still, with all the advantages of estate planning, many people make mistakes in the process. Let’s take a look at stress that is avoidable.
Don’t fall into the trap of thinking that estate planning is just for the rich. Planning your estate is essential for anyone who has an asset they wish to leave behind.
Many people don’t realize how large their estate actually is, especially when they fail to take their home or personal property into account. Remember to update your will and to review it at least once every 5 years, or when you have a change in circumstances to reflect changes in your family or finances.
At Abraham & Bauer, we take an individualistic approach to Asset Preservation. Mr. Abraham works to educate each client about the different strategies that can be implemented to protect themselves and their possessions.
Through retitling accounts, setting up a trust, or numerous other strategies to maximize what you actually leave behind. All of your financial papers should be in order so that it’s easy for someone to find them. Talk to your estate planning attorney about different ways to manage your assets.
Many people take a lot of time deciding what to do with their assets and forget that they need to appoint guardianship for their children. There are many details to take into consideration when it comes to guardianship and these can be just as important as who inherits what.
Take the time to plan for your death even though you think that you have years before it becomes an issue. The key to successful estate planning is being prepared.
Working with an experienced estate planning attorney can take the stress out of the process by guiding you step-by-step, and customizing your plan to your unique needs.
Mr. Abraham is an experienced attorney and founding member of the Law Office of Richard K. Abraham. The Sparks, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
Schedule a consultation to help you and your loved ones.