Glen Burnie Estate Planning Lawyer

Estate Planning Attorney in Glen Burnie

It’s important to plan for your family’s future, especially when you’re no longer here. One of the most important and effective ways to do this is through estate planning. At Liberty Legacy Law Group, we understand that estate planning isn’t just about paperwork, but about protecting the things that matter most to you. When planning for your future, you need the help of a Glen Burnie estate planning lawyer.

Understanding Estate Planning

Estate planning is the strategic organization and management of your assets and personal affairs, both during your lifetime and after death, to ensure your wishes are fulfilled.  Estate planning does more than just writing a will. Estate planning will give you a much-needed legal safety net for your wealth and your family. It also helps to ensure that your loved ones are provided for after you’re gone, and in the process, it reduces potential conflict and tax liability.

Estate planning is all about you being in control and having peace of mind. By thinking through your financial and family objectives, you can take control of your financial legacy.

Common Aspects of Estate Planning

There are a variety of tools available to help you reach your estate planning goals. Some of the most common include:

• Wills. A will is a legal document that outlines how you want your property distributed and your wishes regarding guardianship of minor children, among other matters, after your death.
• Trusts. A trust is an estate planning vehicle that enables you to transfer assets into the legal ownership of a trustee, which allows those assets to be managed on behalf of your beneficiaries. Trusts may allow you to avoid probate and maintain greater control over how and when your heirs receive their inheritance.
• Powers of attorney. Powers of attorney (POAs) are legal documents through which you can appoint a trusted person to manage your financial affairs if you are unable to do so yourself.
• Business desires. Succession planning is a form of estate planning for business owners. It can involve making arrangements for the orderly transfer of your business interests to family members, key employees, or other successors.
• Healthcare directives. Also known as living wills, these documents let you convey your wishes for medical treatment if you are unable to communicate your decisions directly. A healthcare directive also allows you to name a proxy who can help make those decisions on your behalf.
• Assigning a beneficiary. Beneficiary designations are instructions you can make regarding who will receive property, such as retirement plan benefits or life insurance proceeds.
• Assigning a guardian. Guardianship designations allow you to name the people you would like to care for your minor children if you pass away or are otherwise unable to care for them.

Understanding Estate Planning Laws

The laws that govern estate planning differ in each state. Maryland laws on probate, trusts, taxes, and inheritance can affect how your estate is distributed after you die. Probate in Maryland can be lengthy and costly if your estate plan is incomplete or outdated.

Maryland has a couple of unique laws that make estate planning complex. Most notably, the state uses a double tax system. Maryland is the only state that levies both an estate tax and an inheritance tax. The estate tax is on estates valued at over $5 million, and the inheritance tax is typically 10% of property received from someone other than a spouse, child, or sibling.

According to one study, only 32% of adults have a will. This leaves many families at risk for tax burdens and legal hurdles.

About Liberty Legacy Law Group

Liberty Legacy Law Group was founded by Kaitlyn Tauber and Melissa Paddy, who have over 30 years of legal experience combined and have been friends for as long as they can remember. With offices conveniently located in Ellicott City, Maryland, the Liberty Legacy Law Group proudly serves families in Glen Burnie and throughout Maryland.

We know the local legal landscape. Whether you need a will drafted or representation at Anne Arundel County Circuit Court, we guide our clients through the process with care. We are here to protect what’s important to you.

FAQs

How Much Does Estate Planning Cost in Maryland?

In Maryland, estate planning costs can range. The exact price depends on the complexity of your situation and the services included in your plan. A basic will is cheaper than a full package that might include trusts, powers of attorney, and tax strategies. Costs also vary based on the attorney’s experience, the degree of customization, and whether you pay a flat fee or by the hour.

What Is the 5 By 5 Rule in Estate Planning?

The “5 by 5 rule” is a trust provision that allows a trust beneficiary to withdraw, without certain tax consequences, the greater of $5,000 or 5% of the trust’s assets each year. The “5 by 5 rule” is often utilized in irrevocable trusts as a way to give beneficiaries limited access to trust assets while keeping most of the trust property in trust.

What Is the Difference Between an Estate Lawyer and an Estate Planner?

The difference between an estate lawyer and an estate planner is that an estate lawyer is an attorney who’s qualified to draft legally binding documents, interpret your state’s laws, and represent you in court in the event of a dispute. An estate planner is someone who may or may not be an attorney and is concerned with your overall financial strategy, often working with financial advisors.

How Might You Locate an Estate Planning Attorney?

You may find a qualified attorney in estate planning by searching the internet, through friend referrals, or by online databases in your city or county. Some sources have testimonials from previous clients. Be sure to check that your Glen Burnie estate planning attorney has the relevant experience in estate planning cases.

Hire an Estate Planning Lawyer Today

Having an estate plan can give you peace of mind for your family’s future. Hire an estate planning lawyer to begin protecting what’s important to you. Contact Liberty Legacy Law Group today to get started.