Estate Planning

familyThe Bald Law Firm, LLC is a full service estate planning law firm in Annapolis, Maryland. Our systematic process will help you get organized and devote the time necessary to planning, without feeling overwhelmed. Our attorneys and staff are committed to providing affordable, comprehensive, and professional legal services. We have been assisting Maryland residents with their Estate Planning needs since 1952.

For a free initial consultation regarding your estate planning needs please call 410-267-9300 or email contactus@baldlawfirm.com, to schedule your appointment.

 

Why Draft An Estate Plan?

  • Whether you have a large estate with many assets or a small estate with modest assets, an estate plan is critical to ensuring that your hard earned assets pass to whom you want, when you want, and in the manner you want it.
  • Estate planning is the process of anticipating and arranging for the disposal of a person’s estate. This process is completed while the individual is still living. We will work with you to establish an estate plan that accomplishes your wishes while avoiding certain problems that often arise upon death.
  • In the absence of an estate plan, your assets will be distributed pursuant to Maryland’s default law of descent and distribution, called intestacy. Maryland’s default law of descent and distribution may not distribute your assets in a way that accomplishes your wishes. We will work with you and your other advisors (such as your CPA, insurance agent and financial planner) so that your wishes are carried out properly.

 

The Nuts and Bolts of Estate Planning:

  • An estate plan can include Wills, Living Wills, Trusts, Beneficiary Designations, Power of Attorney, Advanced Health Care Directives, Property Ownership, and Gifts.
  • We will sit down with you and discuss all of your options so that you can make an informed decision on how your assets will pass to your ultimate beneficiaries. We will also help you understand the importance of having the proper documents in place in case you become sick or incapacitated.
  • It is never pleasant to think about your death or incapacitation, but it is incumbent upon each and every person to plan for this event.

 

Wills:

  • Almost all estate plans include a Last Will and Testament. The Will is a legal declaration by which a person specifies the method to be applied in the management and distribution of his or her estate after death. If a person does not have a Will or if a Will is declared invalid, the person will have died intestate, resulting in the distribution of a person’s estate according to the laws of descent and distribution of the state in which the person resided.
  • Having a Will enables a person to select who inherits his or her assets rather than allowing the state laws to make those decisions. Having the state decide may result in someone inheriting your assets whom the decedent did not know or like.
  • The Will also allows a person to decide which individual could best serve as the Personal Representative of the estate to ensure that the property is distributed fairly to the named beneficiaries while protecting their interests, rather than having the court appoint a stranger to handle this duty.
  • A Will also safeguards a person’s right to select someone to raise his or her children in the event of death. The Will is also the vehicle to appoint the person to invest the trust assets for the benefit of any minor child.
  • Let the lawyers at the Bald Law Firm, LLC help ensure that your assets are distributed in the manner and method that best meet your wishes.

 

Trusts:

A Trust is a legal entity in which a Trustee manages the Trust’s assets for sole benefit of the Trust’s Beneficiaries. Trusts may serve a variety of legal, personal, financial, or tax planning purposes.

Revocable Trusts:

  • Many people may want to consider the use of a revocable living trust as their primary estate-planning vehicle.
  • Bald Law Firm, LLC can meet with you and discuss whether or not a Revocable Trust would be beneficial to you in your Estate Plan.
  • A revocable trust enables those who create them to ensure the proper management of their assets both during their lifetime and after their death. Bank accounts, property and assets that are titled in the trust at the time of death do not have to pass through probate.


Irrevocable Trusts:

  • An irrevocable trust is a trust that can’t be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets of the trust.
  • The main reason for setting up an irrevocable trust is for estate and tax considerations since it removes the trust’s assets from the grantor’s taxable estate. The attorneys at the Bald Law Firm, LLC can discuss with you when it is advisable and under what circumstances you should consider creating an Irrevocable Trust.


Special Needs Trusts:

  • Should you have a family member with special needs, this trust can be created to care for the said family member. These types of trusts help family members with disabilities preserve their eligibility for government assistance while still making financial assets available for supplemental use so as to ensure the beneficiary’s well being.
  • We have created these trusts for many Maryland residents ensuring that any trust money used for the beneficiary won’t jeopardize benefits under programs like Medicaid or Supplemental Security Income.

 

Trusts for Children:

  • The lawyers at the Bald Law Firm, LLC can also set up a children’s trust in your will and name someone to manage the inheritance instead of the court. You can also decide when the children will inherit. This type of trust does not get funded until the will has been probated.

 

Summary:

Trusts are useful for many different situations. Trusts are a way to guarantee that your assets will be used as efficiently as possible to meet your wishes and provide for yourself and the members of your family. Should you wish to discuss what type of estate planning document is best for you, please contact us today to speak to an attorney at the Bald Law Firm, LLC.

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Bald Law Firm, LLC
192 Duke of Gloucester St.
Annapolis, MD 21401
(410) 267-9300
(410) 269-6477 fax
contactus@baldlawfirm.com

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