For many Americans, the dream is to work hard, retire, enjoy your remaining years, and pass along a nice inheritance to your loved ones. Turning your goals into reality in today’s times can be a lot harder than many citizens realize. Today, many of us are more concerned about paying the bills and making it to the holiday weekend rather than planning for retirement and beyond. As our population ages, more and more seniors are unable to achieve financial security to meet their personal goals. Rising costs and inflation along with shrinking governmental payment support have made it more imperative than ever to create a plan that protects your estate and your family from future problems. Estate law is often thought of as planning to minimize your tax liabilities, but for many adults, the true goal is to achieve financial freedom to afford both long-term care and the ability to pay for taxes and inheritances. If you’re looking for help in Maryland, an estate lawyer can prove to be a very helpful guide through this involved process.
JDKatz is here to provide assistance with elder law, tax advice, criminal litigation, and everything in between. Our estate planning attorneys in Bethesda are experienced enough to handle a wide range of needs, creating a personalized approach to best help each individual. We’re confident that we can help optimize your plan to create security and control for your retirement years as well as designate the gifts that you can bestow on loved ones. Today, we’ll highlight a few reasons why adults of all ages can benefit from our estate planning services.
Creating Financial Independence
The costs of long-term care for elderly residents is higher than ever, making it essential for aging adults to account for rising costs as part of their estate plan. Our comprehensive strategies enable you to personalize a retirement plan that meets your income and your goals, relying on proven formulas and knowledgeable industry experts to fine-tune every aspect. Even the most beneficial estate plans can fall through if one or two details are overlooked. The earlier you start planning, the more financial freedom you will likely obtain.
Medications, unexpected tax liabilities, care facilities, and other long-term costs can quickly drain your savings. It is very important to work with a team of experts such as our estate planning attorneys to put measures in place to optimize your stability through retirement. While starting sooner is always better, seniors can still utilize proven strategies to make life much more manageable.
Maintaining Privacy
While many families do not consider this aspect of putting a loved one’s will through probate court, this process is often necessary and fully transparent. Like most Americans, you likely want to keep your family’s financial picture out of the public eye. Unfortunately, probate court information is public record, allowing the population to see how your probate process unfolds.
If you are worried about your will and estate plans holding up under challenges from relatives and creditors, probate gives them ample opportunity to challenge your wishes. Even if your will is determined to be valid in court, the time and costs can prove to be a burden on everyone. A proper estate plan will minimize your exposure to the public eye while protecting your interests upon passing away.
Increasing Family Convenience
When not properly prepared, wills often become burdensome on loved ones who are left to take care of your final responsibilities. From creditors looking for payments to working with legal professionals for estate plan validity, the emotional and stressful cost for your family may be too much. Our law firm is here to help, delivering guidance to optimize your estate plan and make the process as easy as possible for loved ones.
Retaining Control
It’s important for you to be able to control your estate, and a properly executed plan with a professional team can help to give you the reigns in deciding how to manage your assets. Programs such as living trusts can help you to retain control over your property, providing options if major changes were to develop down the road. Control is also important for individuals with more complicated estates.
Citizens with blended families, for example, may want to take extra steps to ensure that their wishes are validated and enforced. You may leave a different inheritance amount to your stepchildren than your biological offspring, and want to avoid any legal challenges. In other cases, you may be worried that your children will be left disadvantaged if their step-parent decides to remarry. Every case is different, which is why you need a team experienced in estate law to provide the best possible help!
Maximizing Your Inheritance
One goal that many retired citizens focus on is leaving wealth behind to their loved ones. Your beneficiaries are able to receive a wide range of property from your estate including savings accounts, houses, and beyond. If you were to pass away without enough money to cover unpaid dues and taxes, your family would be left with less than nothing! It is essential to plan ahead for your financial future to garner the most support for your estate, creating opportunities to support loved ones in going through college, buying a home, and so on.
If you’re worried about your future, our estate lawyers in Maryland are here to help. JDKatz was founded to help people in need across a wide range of specialties, from tax law to criminal litigation. Our estate planning attorneys in Bethesda and DC are here and ready to work with you to create cost-effective solutions to optimize your future. Contact us today to learn more!
