No one can ever predict the future. A misconception exists that estate planning is only for the wealthy or only impacts when you pass away. Nothing could be further from the truth. Estate planning is not just about dividing up property or deciding how your assets and personal wishes will be managed, distributed, or carried out if you become incapacitated or after you have passed away. Estate planning is for everyone.
Estate planning provides several benefits. It is about providing peace of mind and includes decisions that affect you during your life, such as who will make medical and financial decisions for you if you cannot. Estate planning is about protecting assets and preparing for long term health care so your property remains for family should you pass. A well-crafted estate plan can help you avoid paying estate and other taxes along with a plan to avoid probate.
While the process can be overwhelming and fraught with emotion, knowing that your family won't be burdened with trying to determine your personal, health, and financial decisions, regardless of your estate size, allows them to grieve without the stress of having to prepare paperwork.
At Altman & Associates, every family situation is unique. We work with families with various estate planning needs and pride ourselves on our ability to draft a wide range of trusts, particularly for high-net-worth clients. Our approach to every matter is to listen, build trust, and show empathy and compassion, while bringing enthusiasm for problem-solving and strategy. We can review your existing documents, prepare new documents, and update your current documents to reflect changes in tax law.
If you live in Maryland, estate planning is important because the State has both estate and inheritance taxes. Maryland's estate tax applies to estates worth over $5 million. Estates below this exemption amount are not subject to the tax. The inheritance tax applies to relatives outside (children, grandchildren, parents, siblings, spouses). They will need to pay 10% of the inheritance value.
At Altman & Associates, we can assist you in drafting your estate plan — even if you are a newlywed, the wealthy matriarch or patriarch of a multigenerational family, or anything between. Our basic estate plan package includes a Last Will and Testament, in which you can specify how your property should be distributed among your loved ones at your death and a set of advanced directive documents. The advanced directives include Health Care Proxy and HIPAA Release, a Durable Power of Attorney, and an Appointment of Agent to Control Disposition of Remains. The Health Care Proxy and Power of Attorney allow you to appoint agents to make decisions (medical and financial, respectively) on your behalf if you cannot make the decisions yourself, while the Appointment of Agent to Control Disposition of Remains permits you to specify your desired method of disposition for your body after you pass away and to appoint an agent to carry out your wishes.