Maryland Estate Planning Services
There are many legal strategies involved in estate planning, including wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and health care documents. Most people are surprised to learn that they actually do have a plan.
Estate Tax Planning
There are three distinct aspects to federal wealth transfer taxes that comprise what is called the Unified Transfer Tax: Estate Taxes, Gift Taxes, and Generation-Skipping Transfer Taxes. Legal planning to avoid or minimize these transfer taxes is both a prudent and an important aspect of comprehensive estate planning.
Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of legal planning is especially prudent for professionals and business owners, whose personal assets could be at risk due the nature of their employment.
At Sims & Campbell, we draft wills that are tailored to each client’s specific needs, such as estate tax minimization or appointment of guardians of minor children. In addition, we supervise the execution of wills to ensure that the proper formalities have been respected.
Keeping Wealth In The Family
The firm develops estate plans that help clients in all family situations provide for beneficiaries, minimize gift and estate taxes, preserve and protect assets, designate guardians of minor children, and benefit charitable organizations.
Revocable Living Trusts
If you are considering a revocable living trust, the attorneys at Sims & Campbell can help you make sure that you have all of the facts concerning the advantages and disadvantages of these estate planning devices so that you can make an informed decision.
Business Succession Planning
It would be an understatement to say that family businesses are the backbone of the American economy. Some 90 percent of all businesses in this country are either family-owned or family-controlled. They come in all shapes, sizes and colors, representing all sectors of our economy.
At Sims & Campbell, we encourage and assist the tradition of giving to charitable causes. In addition to the many personal rewards inherent in making a charitable gift, most gifts also provide a current charitable income tax deduction.
Powers of Attorney & Advance Directives
We draft both durable general powers of attorney and advance directives for our clients. A power of attorney is a powerful legal document, and you should only sign one after speaking with an attorney knowledgeable in the field of estate planning.
Life Insurance Trusts
At Sims & Campbell, we often recommend insurance trusts as a way to keep insurance proceeds out of the taxable estate. If you think that you could benefit from an insurance trust, please feel free to contact us to discuss whether an insurance trust would be a useful tool in your estate plan.
Special Needs Trusts
Special Needs Estate Planning focuses on providing for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf. Parents of children with special needs must make careful estate planning choices to coordinate all of the legal, financial, and special care needs of their children – both now and in the future.
Do you seek to avoid probate and protect your estate for your beneficiaries? What type of trust is right for your tax situation? The attorneys at Sims & Campbell help people with possessions avoid the probate process to determine how assets are split up.