There are various tools available for estate planning. The legal and financial instruments one chooses to utilize can make a significant difference in estate administration in Maryland and elsewhere. One of the most common concerns for people when designing an estate plan is avoiding tax liabilities for their heirs. A Roth IRA can play an important role in limiting the taxes heirs will have to pay.
Estate planning is not only about preparing for one's death. It is also about preparing for when a person becomes seriously ill or injured but is still alive in Maryland or in any other state. In this condition, a person may be incapacitated, which means he or she is not able to make decisions for himself or herself. This is where a power of attorney document comes in handy. There are two types of power of attorney documents -- a durable power of attorney and a health care power of attorney.
Having a will is only the first part of securing one's assets in the estate planning process. Although the will can secure a significant portion of one's assets for intended beneficiaries, there may be various other estate administration details that need to be dealt with. One commonly overlooked aspect of an estate plan is addressing retirement accounts in Maryland or in any other state.
Estate planning involves a variety of aspects, which include various financial instruments and legal documents. One of the most essential estate planning documents in Maryland is a last will and testament. However, this may not be enough to achieve many common estate administration goals. Usually, these goals center on ensuring a family's financial stability in the case of one's death.
To many, the rich and famous may seem like they live in another reality and are subject to different rules than the rest of society. However, everybody in Maryland knows that even celebrities will unfortunately face death, which means even the rich and famous should be thinking about estate planning strategies. This is particularly important when a celebrity, or any other person for that matter, has minor children. Movie star Paul Walker realized this, which is why he included a guardianship clause in his will.