Preparing for ones death seems a bit morbid. But every reasonable and caring person should do just that. Taking care of the funeral service and the associated costs in advance can save a family a lot of money as well as ensuring they don’t have to spend time while they are grieving to make important decisions about how to lay their loved one to rest.
You Don’t Have to be Rich
Something else that should be taken care of is the estate of the person doing the planning. While a lot of wealthy people participate in estate planning, many people who aren’t wealthy don’t do so because they don’t see the point. The truth, however, is that an Estate Planning Attorney in Dundalk MD can help people from virtually any financial background. The only exception is for someone who is not leaving any property or money to anyone.
Reducing Taxes
An Estate Planning Attorney in Dundalk MD offers a number of benefits. For example, they can help the person preparing for the future to limit the tax implications their family will face upon receiving inherited assets.
There are several ways that a lawyer can help with this. One of the most common is to have the wealth distributed prior to their client’s death. Property can be put in the names of different people and monetary gifts can be made as well. Purchasing multiple life insurance policies is another way to reduce or even eliminate taxes when money is left to family members.
Shorten the Probate Process
Another thing an attorney can do is to reduce the amount of time that property stays in probate. They will help the preparer to create a will that reduces legal entanglements and prevents contesting. They will also help to pay off debt to ensure that there can be no other claims to the person’s estate upon their death.
There are a number of other things that the right lawyer can help with when it comes to estate planning, creating a will and preparing for the future in general. If you haven’t given this a lot of thought, or if you thought that since you’re not wealthy you don’t need to plan this way, it’s time to rethink this. Contact Maria Caruso to see how she can help you prepare for the future of your family. Find us on Facebook!
