Congratulations! You have come to an important decision at this point in your life. So, what should you do?
Identify your goals. Why would you need an estate plan? Some common goals include: * Care for yourself during your life especially when incapacitated * Care for and protect your surviving spouse * Care for and protect your adult and minor children from bad influences * Pass on values and ideals to your children and grandchildren * Save money in the long term * If you are divorced, ensure your property does not end up with your ex-spouse You may have similar goals, more goals or fewer goals than those identified above. Now that you’ve identified your goals, what should you do? Discuss your goals with an estate planning attorney licensed in your state so that you can both design a plan that fits your needs. If you have a simple estate with assets of $50,000 or less, a Will Plan may be best for you. Keep in mind that a Will may not effectively cross state lines and you may have to execute another Will should you relocate to another state sometime in the future. Also, a Will guarantees that your estate will be probated and if you have property in more than one state, then a probate process will have to be initiated in every state in which you have your property or properties. Ideally, a Will Plan should have the following: * A Last Will and Testament * A HealthCare Advance Directive or HealthCare power of attorney * A Living Will * A HIPAA Authorization document * Durable Financial Power of Attorney (in Maryland, a statutory financial power of attorney) * Supplemental Durable Power of Attorney (if applicable) * Memorial Instructions (if desired) If you are a business owner, or you are a partner in a corporation, you own lots of assets or you are a highly skilled professional (doctor, lawyer, etc), you will be doing yourself a great disservice by having a simple Will Plan. This is because you have not taken into consideration issues like asset protection, properly utilizing your tax coupons, protecting the interests in your business, etc by utilizing advanced estate planning techniques that will not only protect you and save you lots of taxes, but will be of great benefit to your loved ones. Discuss advanced estate planning strategies with your estate planning attorney today. Contact us by clicking here. At the very minimum, if you are 18 or like most 18 year olds heading to college, you should have a simple basic estate plan such as the Will Plan in place so that your loved ones can step in to help and deal with any doctors, health professionals, etc should the need arise. So are you truly ready to plan? Don't put it off. Do it now. Your comment will be posted after it is approved.
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AuthorBiola Bakare is passionate about protecting you, your loved ones, and your assets through carefully crafted estate plans that gives you peace of mind. Attorney Bakare will also take care of your small business needs with the courtesy and attention you deserve. Call or contact us today for a free consultation. ArchivesCategories |
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From within Prince George’s County, our law firm represents estate planning clients from Laurel, Clarksville, Columbia, Elkridge, Ellicott City, Marriottsville, Upper Marlboro, Mitchellville, Bowie, Beltsville, Glenn Dale, College Park, Greenbelt, Silver Spring, Rockville, Potomac, Washington, D.C. and surrounding areas. The Maryland and Washington, D.C. Law Firm of Biola Bakare, LLC focuses on Maryland and Washington, D.C. comprehensive estate planning, wills, trusts, estates, probate administration, asset protection, children’s trust, credit shelter or family trust, special needs trust, beneficiary planning, incapacity planning, enhanced durable power of attorney, enhanced advance directive, business succession planning, and family limited partnerships. Attorney Biola Bakare offers comprehensive planning as a trust attorney, probate attorney, asset protection attorney, corporate attorney, and business law attorney. Licensed in Maryland, Washington, D.C., and New York. DISCLAIMER: This website is for informational purposes only. It is not to be construed as formal legal advice. Viewing the contents or exchanging emails with the Law Office of Biola Bakare, LLC does not create a business or professional relationship between the parties. No attorney/client relationship will be created with the Law Office of Biola Bakare, LLC without a formal, written legal services agreement. |