Today, a majority of Americans polled reported that they do not have an estate plan in place to prepare for the continuation of their estates and provide considerable support for loved ones once they …Read More
Estate Planning Bethesda
Estate Planning Attorneys In Bethesda To Help You Plan Ahead
Putting your future plans into place to ensure the continuity of your estate can prove to be a very beneficial move for your entire family. From that old hatchback that still runs to the holiday money placed into a savings account, everyone has an estate that is comprised of their assets and valuables. Estate planning is one task that puts everything in order for how your possessions will be dealt with after your death. While seemingly morbid, this field is founded on two truths, with one being that we will all die and the second being that we will not be able to take our valuables with us.
Our estate planning lawyers in Maryland and Washington D.C. are here and ready to help clients through every step of how to handle the passing on of their estates. JDKatz has the experience for a wide range of specialties, from international taxation cases to tax litigation and more. Be sure to reach out to our tax attorneys today for help with your financial dealings.
What is Estate Planning?
As the name implies, this term consists of individuals planning the succession of their worldly assets upon perishing. Many individuals seek professional estate lawyers after a life-changing experience, whether it’s the birth of a child or a demoralizing medical diagnosis. Regardless of who you are, everyone can benefit from professional estate planning services.
When most people think of this term, they imagine the execution of trusts, wills, and probate. While these documents are the backbone for establishing a continuation of ownership, properly planning your estate consists of so many more benefits than people realize.
The Benefits of Hiring the JDKatz Team as your Estate Planning Attorneys
Beyond knowledge, experience guides us and dictates the best course of action to take. JDKatz is proud to be your top estate lawyers in Maryland, delivering advice and guidance to give you the best possible outcome for your estate. Estate planning is a complex process that requires a lot of effort to ensure every contingency is covered and every “i” is dotted. A few benefits have been listed below to enlighten readers with a few of our most well-received services.
Openly communicating is often the missing link that can help to make nearly any task easier. JDKatz’s tax attorneys are here to help keep you looped into the complex estate process, making calls and sending emails when needed to keep you constantly on the inside track. As a team, we’ll all work to include everyone involved in all correspondences to ensure that everyone is on the right course for estate inheritance.
Providing Insightful Support
Estate planning is complex, with numerous complexities and subtleties that can work to either enhance or hamper the progress of passing on your estate. Our Washington D.C. and Maryland estate lawyers have the experience and know-how to optimize this process, providing comprehensive support to ensure that you are not missing any crucial pieces. Tax and inheritance laws are a lot to deal with, and our financial advisors are ready to help from start to finish.
Avoiding Financial Issues
Estate taxes can greatly affect your plans. Most people want to provide the most inheritance possible without taxes minimizing the value of their estate. The JDKatz team is here to help you avoid costly fines and penalties. When the rules are followed, citizens have the power to make the most of their wealth without fear of retribution from auditors and tax collectors. Whether you’ve combined assets with your spouse for a larger estate or you’ve made some changes to the plan, it’s important to do so in a way that properly navigates the maze of laws and fines inherent in our tax system.
Updating the Plans
Estate planning revolves around the wishes of the individual, and people tend to go through changes over the years. Once set, your will and trust will need continual monitoring and updating to be the most effective. Continually refreshing your documents to represent your best wishes will help to avoid complications and legal intervention in the future.
The Purpose of Estate Planning
Our tax attorneys are experts at creating a personalized plan that matches your unique lifestyle. As such, our wills, trusts, and estate planning work to provide a comprehensive result that is sure to keep your assets secure for a long time. When done right, a quality estate plan will also:
- Provide instructions for care in the event that you are disabled.
- Allow a guardian or conservator to manage inheritances for minors.
- Provide assistance for loved ones with special needs without affecting government assistance already in-place.
- Supply support measures for those that are not as responsible with wealth as you would like. Support services here can vary in purpose and intensity.
- Install safeguard measures such as life insurance in case of death or dismemberment. Insurance coverages can help to provide protection in the event of disability or long-term illness.
- Pass on your wishes for how to utilize these resources. This can include anything from specific written instructions to personal values for how to live life.
- Enact succession matters for your business ventures in the event of your death, disability, or even just retirement.
- Help to avoid costly and unnecessary fees. Our tax attorneys can excel in this field, helping clients to optimize their estate planning while avoiding costly fines. The more money that is saved during the process, the better off your loved ones will be.
Estate Planning Myths
Unfortunately, too many people miss out on the benefits of our estate and trust services until it is too late. While planning for the event of your death or serious disability is a monumental task that nobody wants to start, the positive results are too valuable to ignore. One reason why many Americans fail to properly plan their estate is that they think that they do not qualify. The JDKatz legal team is here to tell you otherwise!
Below are a few myths surrounding this all-important service. It would be ill-advised to ignore our estate planning lawyers if you fall under one of these misconceptions!
I’m Too Young to Plan my Estate
Life is short. While many people live with the idea that they’ll live well into their nineties, others are realizing the folly of this logic and are reaching out to estate experts for assistance. Life can change in a heartbeat, creating a new outcome that may be much better or far worse for your expectations. Unfortunately, many people fail to face the risk of mortality, putting off their estate planning measures until it is too late. No matter what your age is, being able to put your estate and affairs into order will help to make things better for your loved ones in worst-case scenarios. The sooner the better, so be sure to reach out to our estate lawyers in Maryland!
Estate Planning is for the Wealthy
One popular misconception we hear about planning one’s estates is that it is only meant for those with wealth. Regardless of your financial situation, everyone holds their own estate that includes valuables and sentimental possessions. It’s important to make sure that your loved ones receive your property regardless of how wealthy you are!
My Family Can be Trusted to Handle my Estates
While we all love our family and wish the best for them, relatives often favor a properly executed estate plan over putting the work onto a loved one’s shoulders. We can all assume the best outcome for our estates with family members involved, yet the stresses of wealth and property can work to create conflict. Many individuals avoid quality estate planning services because they are worried about offending loved ones. It’s important to know that your best wishes should be written and enforced with the hope that your family will follow your wishes for the best outcome.
My Marital Status Negates the Need for Estate Planning
Many people take solace in the fact that their legal unity will make inheritance over probate an easy experience. Couples who rely on the institution of marriage for estate continuation may face unexpected changes in life. What happens if your loved one decides to remarry? What if tragedy were to strike and claim the lives of you and your wife? Having a plan in place will help to create contingencies in this event, eliminating the concern and complications that can arise from life’s happenings.
Beyond the myths of properly planning for the passing of your estate, many people fail to enlist the help of experienced lawyers and tax consultants.
Getting Started Today
As we have said, your Maryland estate planning should be done sooner rather than later to keep a plan in place in case of the unexpected. The purpose here is to avoid the probate process, where the courts step in to ensure the accurate division of an estate amongst heirs. This process is costly and on public record, making probate one task to avoid. Our tax attorneys are here to help create an estate plan that includes measures such as a revocable living trust, where property is divvied up while the estate owner is alive with the intention of avoiding high fees and legal intervention.
Proper estate planning serves to organize your holdings, titles, and records in a way that ensures that your inheritors receive exactly what they are entitled to. Whether you need an appointed guardian for a minor or child, or estate plan revisions, our tax attorneys are ready to help. Read below for our blog feed concerning estate planning in the Maryland area or contact us today for assistance with your will and trusts!