Estate Planning

Maryland Legacy and Estate Planning Attorneys Offer a Wealth of Experience and Personalized Service

Legacy and estate planning touches every facet of our lives

Nothing is more important to you than your loved ones, and you care about their future. You work hard at your job or run your business with devotion so you can provide for your loved ones. You try to think about retirement and how you will manage. You think about your cost of living and tax liabilities now, and after you pass. At the end of the day, your loved ones are your legacy, but maybe you can afford to do something more for an important cause. Every day, whether we know it or not, we are thinking about our legacy and the future. However, thinking about the future is not the same as formally planning for the future with a trusted, service-oriented legacy and estate planning attorney. The experienced legacy and estate planning attorneys at Altman & Associates offer decades of knowledge and compassion when you need counsel.

The benefits of legacy and estate planning are many

Too often, individuals only associate legacy and estate planning with death. It is true that having even a basic estate plan in place has significant benefits in the event that you pass away or become terminally injured. It is also true that your family will save a significant amount of money and stress if you make arrangement for your affairs and, to the extent possible, limit the probate process. But legacy and estate planning is also about living your life to the fullest and maximizing your resources. Individuals are often unaware of other benefits of legacy and estate planning such as:

  • Eliminating personal liability for business activity;
  • Mitigating federal gift, estate, and generation-skipping taxes without loss of control or access;
  • Funding charitable gifts now and after you pass;
  • Establishing support systems for you or your loved ones in the event significant medical care or special needs care is required; and
  • Providing legal and financial flexibility now, and a leaving a plan for the future which established peace of mind today.

Legacy and estate planning is also key for business owners. Business owners devote so much of their time to their business, that planning for the next step in their lives is intertwined with planning for the future of their business. Whether setting up a succession plan, selling a business, or spurning any thought of retirement, the legacy and estate planning attorneys at Altman & Associates can assist you in many ways, such as:

  • Managing your business succession in a tax efficient manner;
  • Advising you on techniques to include recapitalization and gift programs for shifting value during an owner’s lifetime;
  • Counseling on liquidity needs and investment strategies in the event of your retirement or death through experienced Certified Financial Planners™ and legal professionals like Gary D. Altman, Esq.
  • Overseeing and providing resources to sell or buy a business; and
  • Advising on strategies for active or inactive members of a business, especially family members, and their compensation structure.

Whether for yourself, your business, or your family, you deserve to receive knowledgeable and attentive counsel from the Maryland legacy and estate attorneys at Altman & Associates.

How often should I have my legacy and estate plan reviewed?

This is an excellent question, and the answer is highly-dependent on an individual’s unique life events. Generally, you should review your estate plan, on your own, at least once a year. You might not think that any significant changes to your estate plan are required, but a simple review of the plan and contemplation of your recent life events may trigger a need for professional review. Events in your life which should automatically cause you to have your estate plan reviewed include:

  • A change in your marital status and/or death of a loved one;
  • The death and/or change in marital status of an immediate or close family member;
  • The birth of a child;
  • A change in your state of residence;
  • The sale or exchange of real property;
  • The retirement of you or your spouse;
  • A significant change in the value or character of your assets;
  • The potential purchase or sale of a business interest;
  • A significant change in your beneficiaries due to death or some other reason;
  • A significant change regarding a potential guardian, trustee, or personal representative;
  • A change in federal or state tax law occurs which may impact your estate; or
  • Your estate plan has not been reviewed since the passing of EGTRA 2001 and the current 2011 and 2010 estate tax rules.

Finally and most critically, you should have your estate plan professionally reviewed at least once every four years – regardless of any of the circumstances listed above.

Maryland legacy and estate planning attorneys secure your future through experienced counsel

Legacy and estate planning is a broad process with many considerations. But the Maryland legacy and estate planning attorneys at Altman & Associates have the knowledge and tools to simplify the process and provide unparalleled services. We have convenient office locations in Columbia and Rockville. Contact us by phone at (301) 468-3220 or online to schedule a consultation.

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