Wills & Probate
JDKatz, a Maryland Law firm located in Bethesda,Maryland provides businesses and individuals located in the areas around Montgomery County (including Bethesda, Kensington, Silver Spring, Potomac, Rockville, Wheaton, and Gaithersburg), Washington, DC, Tyson's Corner, Fairfax County , and other areas of Central Maryland, and Northern Virginia with Lawyers offering assistance in all aspects of Estate Planning and Asset Protection.
We treat every client with the utmost of care, and understanding throughout the estate planning and estate administration process. We understand that every client has their own unique goals and listen to your desires before providing advice. For many of our clients, the most important estate-planning goal is to secure a future which provides for your spouse, family, and for the ones you love. Other clients are more concerned with charitable intent, and seek to secure their legacy through selfless giving. Whether your ambitions are family specific or directed towards the greater good, our attorneys can work with you to create credit shelter trusts, AB trusts, kids trusts, and living trusts (also known as revocable trusts), as well as naming a guardian (i.e. guadianships) and drafting simple wills,complex wills, and pour over wills. . We can also help you create various health care and financial directives, including medical powers of attorney, living wills, and financial powers of attorney, durable powers of attorney, and appointment. We want to insure that your personal matters and financial affairs are appropriately handled and structured.
Is It Too Soon To plan?
We are often asked when the advice of a lawyer should be sought in the Estate Planning process. For many of our client's the answer appears clear: whether you own property, have children, have recently been married, separated or divorced, or for single individuals wishing to make a special bequest to a friend or relative, estate planning is a good idea. and you should make or update your estate plan.
Recent Arrival to Maryland, Virginia or the District?
If you are new arrival and your will, revocable trust or other estate planning documents were created in another state, you might want our estate-planning attorneys to review your existing documents (whether executed or not) for validity, compliance with local laws, and to make sure they are STILL best suited for your needs. Our team of estate-planning lawyers will insure that your goals are met so that property may be distributed according to your desires and not how others or the State of Maryland, District of Columbia, or Commonwealth of Virginia. In the absence of a Will or other estate planning document, you may be considered intestate, and can lose control of the process. The jurisdiction you reside in, may then take over and direct who will get your property, care of minor children, and when your money and other assets can be distributed.
Taxes are Taxing!
Our staff is comprised of attorneys and CPA's. Many of our attorneys hold top degrees from Masters in Tax law programs, such as the University of Miami, and Georgetown. Our CPA's have Big Four experience. This experience and expertise provides us the tools and techniques which may reduce or eliminate any death taxes, estate taxes or inheritance tax, and avoid probate via a living trust, or similar instrument. In Maryland, and the District of Columbia, estate taxes have been "decoupled" from the federal estate tax. That means that people with assets in excess of $1,000,000 may be subject to Maryland/DC taxes at rates as high as SIXTEEN PERCENT (16%). Those taxes are in addition to any Federal Estate tax which may be due on assets in excess of the federal exemption amount ($2,000,000 in 2008 and $3,500,000 in 2009). You will get to deduct the total amount of state estate taxes paid against the amount of assets for federal estate tax purposes, but this is not a dollar for dollar credit (as existed under prior law). Distributions from most IRA's, 401(k), 403(b) plans and other qualified retirement plans may also be subject to ordinary income taxes, in addition to the estate taxes. For taxable estates where qualified plans are distributed, many beneficiaries are surprised to find that not much money is left after payment of all those taxes.
Confused? It gets worse. Their can also be probate fees and inheritance taxes to pay too-- and these may be on top of the State and Federal Taxes without any offset. Forgot to pay the taxes,or didn't know you had a tax problem? No Worries-- the IRS and States go after the individuals who fail to make the payments, such as the Personal Representative, Executor, Power of Attorney Holder, or Trustee. In some instances, they may even go after the beneficiaries or other persons who received the funds
What is a Living Trust?
Living trusts are estate planning tools that allow you to avoid probate. Living Trusts are sometimes referred to as Revocable Trusts, because a Living Trust can be changed by the person who established it, so long as they are alive and competent. Living trusts, like Wills describes what happens to your property in the event of your death. Establishing a living trust provides an easy way of avoiding the publicity, expense and delay of probate. Probate fees in Maryland are statutory and can constitute as much as nine percent (9%) of an estate, and in the District of Columbia and Virginia can constitute e as much as five (5%) percent of an estate
More Questions? Check out our Q&A links below, or contact us to schedule a personal consultation.....
