Southern Maryland Estate Planning Attorneys
Death and taxes are the two certainties in life, and estate planning is how you prepare for both. From drafting a will and naming guardians for minor children, to setting up trusts that protect your assets from estate and inheritance taxes, the estate planning attorneys at Davis & Palumbo, LLC are here to guide you. Our estate planning services include:
- Simple and complex wills, and revocable trusts.
- Powers of Attorney & Health Care Directives
- Business and Real Estate Transfers
- Business Succession Planning
We explain your options in plain language, so you always understand the choices in front of you. Call us at 410-535-1780 to get started.
Wills
A will controls how your assets are distributed after you die. In your will, you’ll name a personal representative (called an executor in some states) who is responsible for filing the necessary paperwork with the Register of Wills, probating your estate, and carrying out the terms of your will. Beyond directing where your assets go, your will can name guardians for your minor children, establish trusts for them, designate trustees, and even spell out your funeral and burial wishes. Our Southern Maryland estate planning attorneys will walk you through these decisions, some of which aren’t easy, and help you put a plan in place with confidence.
Planning for Disability: Powers of Attorney and Advance Directives
Death isn’t the only event worth planning for. As life expectancy rises, planning for potential future disability or incapacity matters more than ever. A durable power of attorney lets you name someone to handle your financial affairs, either immediately or if you become incapacitated, with whatever powers you choose, from buying and selling real estate to filing taxes or making gifts.
While a durable power of attorney covers financial matters, an advance directive names a health care agent to make medical decisions on your behalf. In Maryland, advance directives play a critical role in guiding the care of patients who can no longer communicate their wishes, including instructions on medications, Do Not Resuscitate (DNR) orders, and organ donation. Our estate planning attorneys can walk you through every option available to you.
Trust Planning
Trust planning provides the most efficient way to protect and transfer property to your heirs. Our Southern Maryland estate planning attorneys are well versed in the tools available, including marital trusts, revocable living trusts, and special needs trusts.
Marital trusts and revocable living trusts are instruments that efficiently transfer your assets to your heirs. These trusts bypass the probate process, a process which is open to the public, and provides a private vehicle to control when and how your assets are distributed.
A special needs trust is a tool which is used to ensure that an individual who needs public assistance will be able to qualify for those programs, while also ensuring that they have access to funds and property for their support. These trusts are essential in the case that you have a special needs child or seek to give assistance to a family member who is deemed disabled.
Beneficiaries and Asset Titling
How your property is titled and who you’ve named as a beneficiary are two of the most overlooked pieces of estate planning, and two of the most important. The way an asset is titled can determine whether it passes automatically to a co-owner, becomes part of your probate estate, or flows into a trust. When we build your estate plan, we conduct a comprehensive review of your property titling and beneficiary designations. Most people know to update beneficiaries on life insurance, but it’s just as essential to review 401(k)s, IRAs, pensions, and other accounts to make sure the right person actually receives those proceeds.
For experienced, attentive estate planning, contact an attorney at Davis & Palumbo, LLC. Call 410-535-1780 to get started and gain the peace of mind that comes from knowing your family and heirs are taken care of.
Probate
Probate is the legal process of administering a deceased person’s estate: identifying assets, allowing creditors to file claims, determining inheritance and estate tax obligations, and ultimately distributing what remains to heirs or beneficiaries. In Maryland, probate begins by submitting the decedent’s will to the Orphans’ Court. If someone dies without a will, they’re said to have died “intestate,” and their estate still must go through probate. The Register of Wills, working alongside the Orphans’ Court, oversees this process. Our attorneys represent personal representatives and help guide a loved one’s estate through probate from start to finish.
Decades of Experience Guiding Personal Representatives
If you’ve been named personal representative (or executor) of an estate, our Southern Maryland attorneys can help. Some estates move through probate smoothly; others become complicated and require litigation. Either way, experienced legal guidance makes a real difference. Knowledgeable counsel during probate can mean the difference between a smooth process and one that runs into trouble at every turn. We’ve served as counsel to many personal representatives, and we have been named to serve in that role ourselves, so we know where the pitfalls lie and how to avoid or manage them.
Probate Litigation and Estate Administration
Our firm has extensive experience with Orphans’ Court matters related to probate and estate administration, including:
- Preparing the initial petition for probate
- Contesting wills based on undue influence or lack of capacity
- Inventorying and appraising property and real estate
- Securing bonds for personal representatives
- Preparing administration accounts
- Settling claims against an estate
- Advising heirs on tax implications
- Representing the interest of an heir
- Representing a claimant against an estate
- Administering trusts
If you need to submit a will to the Orphans’ Court for probate, contact our office for advice and representation. Call Davis & Palumbo, LLC at 410-535-1780 to keep the process moving and avoid unnecessary probate litigation.
Proactive and Emergency Medicaid Planning
Our firm has extensive knowledge regarding both proactive and emergency Medicaid planning. In order to qualify for Medicaid, you must be an individual who only has $2,000.00 in “countable” assets.
Proactive Medicaid planning is needed when an individual anticipates having to qualify for Medicaid in the future. Our attorneys have extensive knowledge on the tools available, such as a Medicaid Protection Trust, which allows you to transfer assets out of the reach of creditors.
Emergency Medicaid planning is needed if an individual must qualify for Medicaid immediately due to sudden illness or when they are moving to a nursing home. We are well versed in the spend down strategies that will preserve much of your wealth. These strategies include buying Medicaid compliant annuities, prepaid funeral plans, and home renovations.