No one likes to think about their own death, but it’s essential to have an estate plan in place so that your loved ones don’t have to deal with the hassle and expense of sorting everything out after you’re gone. If you don’t have an estate plan in place, this could lead to family disputes and a lot of wasted time and money. An estate plan doesn’t have to be complicated or expensive.
An estate plan is the best way to ensure your wishes are carried out after you die. A professional estate planning attorney can help you draft a plan that considers all of your assets and ensures that they are distributed according to your wishes.
Here are a few reasons why you need an estate plan.
- Plan for your own needs.
When you create an estate plan, it protects your assets after death and during life. The phrase “estate planning” is often associated with death. Still, an estate plan helps protect individuals when they are unable to do anything on their own, such as if they become incapacitated. Make medical and financial decisions on your behalf if necessary.
- Distribute your wealth according to your wishes.
The state of Maryland will decide how your assets are distributed upon your death unless you do not have a documented estate plan in place. Proper documentation can save your family members a lot of time and frustration and will ensure that your assets are dispersed the way you intend.
- Minimize taxes on the estate.
There are several taxes to consider when planning your estate. Some include the estate tax, the gift tax, and the generation-skipping transfer tax. A strategic estate plan can help minimize the impact of taxes on your estate when transferred to your successors.
- Plan philanthropic wishes.
An estate plan can establish your philanthropic intentions and direct how those wishes are implemented into the future.
- Protect your family’s wealth.
You can protect your family’s wealth by transferring assets to legally-protected vehicles, such as trusts and limited liability entities.
Hire an Experienced Estate Planning Lawyer
At the Costello Law Group, we can help ensure that your assets are distributed according to your wishes. Contact us today for a free consultation.