If you have a great deal of assets that include real estate, stocks and bonds, cash or jewelry, hiring an Estate Law Attorney in Bel Air MD to set up your estate will be the best move you ever made. State laws are very specific on how your estate must be worded in order for your final wishes to be carried out. If you don’t have your wishes written in proper legal terminology, it could leave your estate left open for members to dispute your assets in probate court.
Don’t use forms you print off of the internet. Your directives for your medical care, advanced directives or the distribution of your estate might not be valid. Your family will have to spend financial resources to straighten out any misunderstandings. If you’re in a second marriage, have more than one business, have children or were recently divorced, you need the advice of an Estate Law Attorney in Bel Air MD.
Proper planning can help to eliminate the state or IRS receiving the largest share of your estate in taxes. There are exemptions for certain types of inheritance tax. When you have an estate that is properly established, you will be able to protect your loved ones from paying tax on assets you wanted them to have. In addition, if you should need nursing home care, you need to protect your assets. Nursing homes prefer private pay patients. They will deplete your assets very quickly.
If you have someone in your family that you do not want to have any of your assets, proper estate planning can make sure your assets are protected from them. If you have an IRA or several of them, listing the beneficiary and the designation of those accounts need to be completed by an attorney like Michael S. Birch Attorney at Law.
Don’t let your assets end up in probate. You would visit an attorney for any other legal matter and estate planning is no different. Have your wishes carried out legally and let your family tend to taking care of you or grieving. A few steps today will eliminate the hassle for your family tomorrow. For more information on estate planning, Browse their website.
