Estate planning is the process of designating who will receive your assets in the event of your death. A well-constructed estate plan will ensure your wishes are captured at your death but also during times of incapacity. An individual’s estate plan can articulate not only where they want their assets to go upon their death but can incorporate values and beliefs. It’s not just about who inherits the assets, but also about the message and legacy left behind and allows you to make a statement about what is important to you. A well-designed estate plan can also help ensure that your beneficiaries receive assets in a way that manages and minimizes estate taxes, gift taxes and other tax impacts.
A comprehensive estate plan will also take into consideration the needs of your beneficiaries. If you have any concerns about your beneficiary receiving their share of your estate directly, then it is critical to have a plan to address how to protect their distribution before it goes to them outright.
A critical component of your estate plan will also address who you trust to step into your shoes during times of incapacity. A complete estate plan will include power of attorney documents and oftentimes, a revocable living trust which will allow your successor trustee to act to manage trust assets not only at death but also during your life, if necessary.
Here’s a checklist to help you start thinking about the necessary components of your plan and to motivate you into action today.
- Create an inventory of your assets and the approximate value of the assets
- Account for your family needs
- Establish end of life directives
- Determine your beneficiaries
- Be aware of current Maryland and federal estate tax laws
- Work with a professional who can support you as your set up the plan and for years to come
- Plan to reassess.
- If you’re ready to get a plan in place today, reach out to the attorneys at Sinclair Prosser Gasior for all your estate planning and elder law needs today.
For more information, please join us for an upcoming FREE Seminar. Contact the experienced estate planning attorneys at Sinclair Prosser Gasior by calling (410) 573-4818 to schedule an appointment.
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