Estate Planning

Estate Tax Planning Carroll County, Maryland

No one wants to think about their own death. It is an uncomfortable conversation that many hope to avoid. However, estate planning isn’t for the benefit of the deceased as much as it is for the loved ones we leave behind. If your estate planning is done properly, your heirs can limit their federal and state estate tax liabilities while also decreasing the chances of a painful and costly probate process (oftentimes triggered when someone dies without a will).

Estate tax planning Carroll County needs to differ based on an individual’s goals, wishes and their phase of life. For some, the focus may be on generating a will to stipulate where assets will go, others are more concerned with who will step in to take care of their children should they pass away unexpectedly. Another person’s priority may be to create a tax efficient plan for transferring wealth to their children. Business owners oftentimes will implement estate planning for the purpose of transferring ownership of the business in the event of their demise.

Regardless of what spawns an individual to engage in estate planning services, the overarching goal is the same: peace of mind that your loved ones will be taken care of when you are gone, and that your plans will be carried out according to your wishes. Keep in mind that as your assets grow, life events unfold and/or regulations change, the strategies employed may need to change as well.

How We Can Help?

  • Provide clarity around goals
  • Analysis and discussion of potential strategies and options that align with your goals, minimize estate tax and sync with the other areas of your financial life
  • Providing estate planning attorney resources as well as tax expert resources to work in concert and coordinating implementation of documents with chosen licensed attorney
  • Annual monitoring of estate plan to ensure alignment with overall financial plan and that it reflects client’s present-day goals/wishes

Examples of Common Estate Planning Documents

  • Last Will and Testament
  • Living Will
  • Advance Medical Directive
  • Financial Power of Attorney (Durable or Springing)
  • Medical/Healthcare Power of Attorney
  • Irrevocable Life Insurance Trust (ILIT)
  • Revocable Living Trust (RLT)
  • Beneficiary Designations

Our Affiliations

We are proud to be affiliated with the following organizations.