When it comes to estate planning in Howard County, most people assume drafting a will is all that is necessary. Though our Howard County estate planning attorneys draft plenty of wills, we do so much more in the context of estate planning. Our estate planning attorneys provide invaluable advice pertaining to the tax ramifications of estate planning, how to handle the affairs of the deceased and beyond.
Wills
Lean on our estate planning legal team in Howard County and we will ensure your hard-earned money and other assets are distributed exactly as you desire. If your will is not written properly, you run the risk of your assets being dispersed to the undeserving. Furthermore, local jurisdictions have nuanced rules pertaining to the disposition of property. Such rules have massive tax consequences for the individual planning his or her property distribution as well as benefactors. Let our Howard County estate planning team craft your will to perfection so your tax exposure as well as that of your benefactors is minimized to the fullest extent.
Trusts
Aside from writing wills, our estate planning team also establishes trusts and numerous other legal tools to ensure your money is properly distributed. Plenty of clients benefit from testamentary trusts. This form of trust has stipulations meant to transmit money to designated individuals at specific points in time for distinct purposes. As an example, our Howard County estate planning attorney can create a testamentary trust to ensure your grandchildren or others are provided with money to be used for a college education upon earning a high school diploma.
The Probate Process
The probate process is incredibly intricate. This is not the type of project you should attempt to handle on your own. You need an experienced estate planning attorney on your side who understand the intricacies of inheritance laws, tax ramifications and other details. Our estate planning legal team is here to meet the probate court’s nuanced bureaucratic requirements, provide advice regarding estate property sales, ensure life insurance is properly paid, ensure the decedent’s debts and bills are paid and address any income tax issues that arise.
We are also here for more challenging endeavors such as calculating estate and gift taxes, determining how to pay such taxes, calculating the value of properties the decedent owned and handling estate checking accounts/retirement accounts. There is a chance beneficiaries and the decedent’s personal representatives will become embroiled in a dispute. If any such tiffs arise, our estate planning attorney will serve as a mediator to settle the disagreement with a mutually beneficial arrangement.
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Power of Attorney
Power of Attorney is a legal tool that lets you pinpoint a person to handle your assets while you are still alive yet incapable of making financial transactions on your own. Whether you are disabled, ill, traveling outside of Howard County or the country, power of Attorney will empower a trusted person to manage your assets on your behalf. Furthermore, Power of Attorney makes it easier to avoid guardianship proceedings. Let our team create a legally valid Power of Attorney and it won’t be necessary to pinpoint a guardian.
Special Needs Planning
A comprehensive estate plan is necessary for every single adult in Howard County and beyond. However, estate planning is even more important for individuals with special needs dependents. Those with special needs are usually financially dependent from childhood to adulthood. If a plan is not in place to protect the financial health of those with special needs, there is a chance he or she will struggle after the caretaker passes. Our Howard County estate planning team is here to develop your unique estate plan and update it as necessary to ensure the special needs beneficiary receives the support necessary to enjoy a high quality of life.
