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The Kramer Law Firm: Planning for the future
No one wants to think about what will happen to their estate after death. But, just as proactive planning preserves your business assets, advance preparation will safeguard your personal property and ensure that your desires are followed. The Kramer Law Firm helps individuals and families manage and protect wealth by providing personalized estate planning services.We offer services that guard the principle of your estate while maximizing future growth. We provide a variety of estate planning and tax planning services to our clients in order to ascertain that business and personal interests are aligned.
Our services include:
Wills: A will names personal representative to manage your estate after your death. It states who you would like to receive your belongings and assets. If you have dependents, a will appoints the guardian for your minor children and any disabled family members after your death. Having a will prevents the state from making those important decisions and it makes certain that your wishes are followed.Wills must go through probate. A probate court determines if the document is valid and ensures that relatives and creditors are notified. But, probate can take several months and drain thousands of dollars from your estate. In many cases, a will is not the only option.
Revocable and Irrevocable Living Trusts: In many cases, a living trust is used to manage assets and protect wealth. A trust is a legal document created to hold financial assets such as accounts and real estate. After the death of the grantor, the property is distributed to the beneficiaries by a trustee in accordance with directions set forth by the grantor in the trust agreement. The transfer occurs outside of probate. Trusts are not published in court house records, so they also protect privacy. The Kramer Law Firm can help you create a plan that will work best for your situation.
Powers of attorney: A power of attorney is a legal document that grants another person the authority to act as your legal representative and to make legal and financial decisions of your behalf. It is especially important to have a Durable Power of Attorney. This document delegates the power to legally handle your affairs should you become disabled or incapacitated. Without a power of attorney, there may be no one that can access your bank accounts, securities, or any other property in your name without lengthy legal proceedings. You may want a Medical Power of Attorney that designates someone to make health care decisions on your behalf.
Living wills and Advance Medical Directives: This document also protects you if you become terminally ill. It allows you to express your wishes for continued health care should you become terminally ill and to specify your desires as far as life saving or life extending measures. You may also name a spouse or relative to make health care decisions for you in the event that you are physically or mentally incapable of doing this on your own.
Business succession planning: If you own a small business or family business, you will want to protect your hard work and guarantee a smooth change over. The Kramer Law Firm can develop a plan that reduces the tax burden on the business and keep the business running during the transition.
General tax matters: Our skilled tax department provides personal tax advice to suit each client's needs. We provide tax planning services alongside our estate planning services. Our experience can save you and your heirs substantial amounts of federal and state transfer and inheritance tax.When you hire the Kramer Law Firm, you receive professional legal counsel that is customized for you. Whether we are working with a business or an individual, the client's interests are our highest priority. Contact the Kramer Law Firm for more information.
2275 Research Blvd
Suite 500
Rockville, MD 20850
Email: skramer@kramerfirmllc.com
Phone: 301-296-4445
Library for Tax and Estate Planning:
- Is a trust the best way to protect your Maryland or Washington DC estate?
Description: The Kramer Law Firm offers personalized estate planning services, including general estate planning, wills, business succession planning, revocable and irrevocable trusts, advance directives, powers of attorney and general tax matters. This article describes trusts and how they can protect your estate. Ensure that your business and personal interests are protected.
Frequent Questions for Tax and Estate Planning:
- Why do I need a Durable Power of Attorney?
- Why do I need a Living Will/Advance Medical Directive?
- How should my will provide for my minor children?
- What taxes are payable when a Maryland resident dies?
- What are the legal requirements for a valid will in Maryland?
- What taxes will the beneficiary of my life insurance policy have to pay?
- What are the Pros and Cons of having a Revocable Trust?
- What is a Revocable Trust?
- Why do I need a Will?
Videos about Tax and Estate Planning:
Web Resources for Tax and Estate Planning:
- Wills, Trusts & Estates Prof Blog
Description: Compilation of blogs on wills, trusts and taxes from leading university tax professors.
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2275 Research Blvd
Suite 500
Rockville, MD 20850
Phone: (301) 296-4445
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