Estate planning is a broad term that encompasses many things. It includes careful consideration for the disposition of assets after death, and proactive decisions regarding wishes surrounding incapacitation. A well-conceived plan is essential to your emotional and financial well-being. It provides peace of mind and can help avoid familial disputes over elder care, end-of-life decisions and inheritance. Estate plans also often utilize various methods of planning to minimize the impact of federal and state taxes that can follow death.
Preparing your estate plan should consist of the following areas of focus:
A comprehensive estate plan will tie together your goals and allow you and your family to rest assured you are protected and prepared for your future and beyond.
Nicole T. Livingston is an estates and trusts attorney in Annapolis, Maryland, with extensive experience helping individuals and families plan for their future. Reach her at 410-268-6600 or livingston@councilbaradel.com.
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