In Maryland, estate owners gain access to measures that protect their estate and rights to make choices related to it. The first step for enforcing their rights is to create a comprehensive plan for their estate. An Estate Planning Lawyer in Bel Air MD presents these measures to owners to ensure that their wishes are upheld.
Securing the Estate
To secure the estate, the owner writes a will. This document identifies the rightful owner of real estate properties, high-valued items, and monetary assets. It could also include provisions to prevent abuse of these assignments. For example, the owner could provide ownership to a family property with the provision that the new owner isn’t allowed to sell it. They could also make assignments related to monetary assets allotted for the care of their minor children.
Lowered Tax Implications
Measures to reduce tax implications begin with transferring key items out of the estate. These measures help the estate owner reduce the impact of inheritance taxes imposed on their children after they die. These measures could include the early transfer of ownership for these properties. They could also include the transfer of key assets into a foundation or charitable organization. This measure gives the foundation owner full use of the assets without the added tax expenses.
Future Medical Care and Power of Attorney
The future medical care for the estate owner is included in these plans. They identify a trusted individual and give them power of attorney. This allows this individual the authority to make medical decisions for the estate owner. They also have full use of the owner’s assets based on the provisions included in the plan.
Establishing a Trust Fund
A trust fund is established to provide financial support for children. These funds could provide college tuition or financial opportunities for these children. The estate owner includes provisions to prevent abuse of the funds to protect their child and reduce tax implications.
In Maryland, estate owners access planning opportunities to maintain control over their estate. These plans help them choose ownership assignments for their property and monetary assets. They could also stabilize common costs such as inheritance tax. Individuals who wish to participate in these services should contact an Estate Planning Lawyer in Bel Air MD or visit MariaCarusoLaw.com for additional details.