Posted in Blog - "Altman Speaks"
Estate Planning for Columbia MD
Columbia Maryland Estate Planning Attorneys
Detailed focus on all aspects of estate planning
An effective estate plan allows you to minimize estate and inheritance taxes while passing property to heirs in a conscientious manner that effectuates your true wishes. Additionally, an estate plan focuses on provisions that protect your interests in the event you become incapacitated. The skilled Columbia estate planning lawyers at Altman & Associates carefully explain the estate planning process and guide you through even the most difficult decisions. With more than 40 years of experience to draw from, our experienced estate planning attorneys design customized estate planning solutions with skill and compassion.
Estate planning tools in Maryland
An effective estate plan may consist of a number of important financial products or designations, including:
- Power of attorney – A power of attorney gives someone the right to make financial decisions on behalf of another person. This designation can allow a person to receive the immediate ability to act on the other’s behalf, or the power may become effective at a certain point in time, such as upon the development of an incapacity.
- Power of attorney for health care – This designation allows a person to delegate the authority to make certain medical decisions to another person. Having this document in place ensures that a person hands over the trust the ability to make important decisions to someone to whom he or she trusts.
- Living will – A living will or advance directive explains the end-of-life treatment that he or she wants or does not want in the event of a terminal illness or permanent unconsciousness.
- Will – The cornerstone of an estate plan, a last will and testament allows a person to determine how to distribute the property that he or she owns at death.
- Trust – A trust allows a person to name a person to take possession and control of certain property and to follow a certain set of instructions regarding how to manage the property. Trusts are used for many different purposes, including directing how inheritances are used, making charitable contributions, providing for the special needs of a beneficiary or to protect assets.
- Payable on death designation – A payable on death designation allows funds in an account to be immediately transferred to the named beneficiary upon a person’s passing.
- Life insurance – Life insurance is a critical component to many estate plans and helps provide a replacement of the decedent’s income or contributions to beneficiaries.
- Property agreement – Many estate plans integrate a prenuptial or postnuptial agreement into them which sets forth certain parameters regarding how property is treated upon divorce or death.
- Succession plan – A strong succession plan can ensure that a business’ legacy continues.
We provide personalized solutions
Our experienced estate planning attorneys know every person and every estate planning matter is unique. Each person has specific wants and needs that must be incorporated into their estate plan. We create comprehensive plans for all types of individuals and entities, including:
- Business owners
- Blended families
- Charitable donations
- High-net worth individuals
- Family-owned businesses
- Domestic partners
- Possession of collections or other valuable assets
- Families with special-needs children
- Families with an incapacitated elder adult
Contact our experienced Columbia Maryland estate planning lawyers to learn about your options
Turn to a firm dedicated to estate planning for more than 40 years. Call us at (301) 468-3220 or contact us online to schedule a confidential appointment to come by our conveniently-located Columbia office.