People have various objectives in mind when planning their estates. These objectives for estate administration planning will be different for each individual case in Maryland or in any other state. For instance, married couples usually have specific estate planning concerns and goals that may be distinct from those who are not married.
Most married couples are worried about taking care of their family and loved ones when planning an estate. Usually, any other goals are secondary to this particular estate planning objective for married couples. This is particularly true for married couples with children, especially minors who are not yet able to take care of themselves. Therefore, it is important that estate planning documents ensure assets will be distributed to intended heirs.
Another common goal for married couples is minimizing tax liabilities. This objective is connected to the first goal of making sure loved ones are taken care of financially. Making the correct estate planning decisions will help intended heirs avoid unnecessary tax payments which will keep more of the estate’s assets in the hands of heirs. Married couples should be sure to consider both estate taxes and income tax liabilities when planning an estate.
However, no matter if one is married or single, it is important to have a good understanding of relevant laws when making plans for estate administration in Maryland or in any other state. Knowing the applicable rules and regulations will ensure that one makes decisions aimed at obtaining the best results possible. This will also be important when creating the legal language that forms the estate planning documents.
Source: Forbes, “Eight Common Estate Planning Objectives Of Married Couples“, Lewis Saret, May 13, 2014