Overview
You have worked hard all your life to obtain certain assets. Without a clear and correct plan, a significant part of your estate could be lost to probate. While many people take the time to prepare wills, many fail to keep them current, or overlook other facets of estate planning. We look forward to the opportunity to help you make the best estate planning choices. Our goal is to understand your wishes and take the steps necessary to see them fulfilled.
Clients from Baltimore, Annapolis, and the surrounding region come to us because we have a reputation for quality work. Often other attorneys refer their clients to our firm. We have expertise in such matters as:
Powers of Attorney – if you become incapacitated, you want someone you trust to make the right decisions for you
Wills and Trusts
Living Wills and Healthcare Directives – when you cannot communicate your wishes regarding healthcare decisions
Estate Administration
Probate Administration
Prenuptial Agreements designed to protect family assets
A broad range of other estate planning tools
We know that preparing for the future can be confusing and overwhelming. Our approach is to create a plan for you that is effective and clear without clutter. While that are many talented Maryland attorneys skilled at wills, trusts, powers of attorney, and other estate planning practices, many develop and create documents that are unnecessary. The result can be confusing for the client and could jeopardize the estate plan through contradiction. We also work directly with a financial planner who will review your assets and provide another perspective. We are not satisfied unless you leave our office with a clear understanding of your estate plan and what your family can expect.
Regardless of your age, income level, or physical heath, an estate plan will make you feel more secure about the future. While the subject of illness and death can be difficult to approach, our clients leave the office feeling good about the decisions they have made for themselves and their families. Contact us today to learn more about estate planning, estate administration, and probate.
Glen Burnie, Maryland, Estate Planning Lawyers
Preparing for the future can seem a staggering task. An estate planning lawyer can help to create a straightforward, effective estate plan. The estate planning attorneys of the Glen Burnie, Maryland, law firm of Russell T. Potee Jr. are experienced Maryland attorneys skilled in creating wills, trusts, powers of attorney, health care directives and other estate planning tools that work for you. Our financial planner will review your assets and lend additional perspective. We will ensure that you leave our office with a thorough understanding of your estate plan and what your loved ones can expect.
Estate planning allows an individual to plan for his or her lifetime objectives and to provide direction about the disposition of his or her assets after death. Estate planning can include wills and trusts as well as powers of attorney and healthcare directives. Estate planning is impacted by state and federal law, and any individual may find that more elaborate or creative legal means are necessary for his or her situation. Some of these more complex techniques include trusts, family limited partnerships (FLPs), and limited liability companies (LLCs). An estate planning lawyer can be an essential ally in assuring that your estate planning goals are understood and carried out. If you have estate planning-related legal questions, call our firm today to schedule a consultation with an estate planning lawyer.
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Asset Protection and Estate Planning
An important goal of estate planning is to protect income and assets from creditors’ claims and tax collection. While many people think asset protection involves shady or dishonest techniques, there are many ways to protect financial reserves, personal property, real estate, and other assets for retirement or for future generations. In addition to federal and state laws that exempt certain types of property from creditors’ claims, taxation, or both, there are numerous estate planning tools that may be able to shield assets from future creditors and reduce or eliminate estate or income taxation. If you are interested in working with an estate planning attorney to create a plan to protect your assets, contact our firm today to schedule a consultation.
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Estate Planning Needs of the Elderly
Elder law deals with the legal, financial, and health needs of senior citizens. The country’s average age is advancing all the time, and now even baby-boomers are dealing with health issues and legal concerns they had not anticipated. In addition to estate planning, elder law attorneys also help with preparing for long-term healthcare needs, applying for government programs, addressing financial fraud, combating physical abuse, and establishing guardianships and conservatorships. If you have elder law or estate planning-related legal questions, call our firm today to schedule a consultation with an estate planning lawyer.
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Wills and Trusts
A will is a document that tells a person’s family or heirs and the courts how to distribute his or her money and property. A will is a basic estate planning tool, and a current and valid will is the best way to make sure your property is distributed according to your wishes and your family is taken care of after you’re gone. Many people also use trusts in conjunction with their will, as an independent estate planning tool, or both. Whether you want to prepare your first will or you are interested in updating your estate plan or exploring trusts, an estate planning lawyer can help you tailor a plan to your needs.
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Powers of Attorney
A power of attorney is a legal document in which a person (the principal) designates and authorizes another person (the agent or attorney-in-fact) to transact business or make certain decisions on his or her behalf. When a power of attorney is in effect, the agent essentially steps into the shoes of the principal and makes decisions that are legally binding on the principal. Powers of attorney can grant broad, general authority (known as a general power of attorney) or they can limit the attorney-in-fact’s power to act on behalf of the principal to particular situations (known as a special power of attorney). Because there are many different types of powers of attorney available to address a variety of situations, powers of attorney are extremely useful estate planning tools. If you are interested in drafting a power of attorney, contact our firm to schedule a consultation with an estate planning attorney.
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Estate Planning Resource Links
How Much Estate Tax Will You Pay?
This estate tax calculator adds up many different types of assets to get an estimated estate tax figure for your current estate.
Federal Estate Tax Laws
The Federal Estate Tax laws start at Section 2001 of the Internal Revenue Code.
Federal Gift Tax Laws
The Federal Gift Tax laws start at Section 2501 of the Internal Revenue Code. The estate and gift tax laws should be looked at together because there are many overlapping provisions; state laws should also be considered.
Social Security Administration Retirement Planner
The federal Social Security Administration provides retirement planning and disability benefit information from this Web site.
Administration on Aging
List of resources to connect older persons, caregivers and professionals to important federal, national and local programs.
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