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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: These documents protects you if you become ill and incapacitated.  They 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 the person of your choice to make health care decisions for you in the event that you are physically or mentally incapable of doing so 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.  Properly drafted Buy-Sell Agreements and funding through life insurance proceeds can ensure conflict free succession.  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 practice 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.  

Blog for Tax and Estate Planning

• Is Your Maryland Will Valid?

Library for Tax and Estate Planning:

• Why Maryland Small Business Owners Need a Will   
  While having a valid will is important for everyone, it is especially crucial for small business owners. Without a will, state law dictates who will control the business after you die, often with serious unintended consequences. For more information contact the Rockville, MD-based Kramer Law Firm at 301.296.4445.
• Mistakes In Estate Planning Series - Part 1   
  Estate Planning is a complicated legal field. Even the most experienced attorneys often make costly mistakes. This is the first in a series of articles that highlights common estate planning errors that can derail even the best laid plans. For further information, please contact The Kramer Law Firm.
• Planning for Your Child's Future   
  The primary concern of all parents in the event of death is the the financial and domestic security of their children. However, without proper estate planning and will drafting, an impersonal and unfamiliar court will establish physical and economic guardianship over your children -- often in a way contrary to your wishes. Only proper planning ensures that your children will be cared for in the manner that you desire.
• Estate Planning with Irrevocable Life Insurance Trusts Q&A   
  An irrevocable life insurance trust (an "ILIT") is an irrevocable trust created for the principal purpose of owning a life insurance policy. One of the primary reason executing a life insurance trust is estate tax considerations. If an ILIT is properly structured, the death benefits paid to the trust will be free from inclusion in the gross estate of the insured. In addition, the ILIT can also be structured so that the trust will provide benefits to the insured's surviving spouse without inclusion in the surviving spouse's gross estate either.
• Nine Key Maryland Estate Planning Considerations   
  This article lists the nine key considerations that should be a part of any estate planning discussion. Included are estate tax issues, business succession and health care decisions. Please contact The Kramer Law Firm with any questions.
• Is a trust the best way to protect your Maryland or Washington DC estate?   
  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.

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Frequent Questions for Tax and Estate Planning:

• Why is a Will useful in estate planning?
• What Happens if I don't have a Will?
• What is required to have a valid Will?
• Why may Trusts be useful in estate planning?
• What are the different types of Trusts?
• Why may a Revocable Trust be more beneficial than just having a Will in some situations?
• Why is a Durable Power of Attorney useful in estate planning?
• How Long is a Durable Power of Attorney effective?
• What powers can be specified in a Durable Power of Attorney?
• Is a Durable Power of Attorney different from a Power of Attorney for Health Care?
• What is an Irrevocable Life Insurance Trust?
• Why do I need a Living Will/Advance Medical Directive?
• Why do I need a Durable Power of Attorney?
• What taxes will the beneficiary of my life insurance policy have to pay?
• What are the legal requirements for a valid will in Maryland?
• What taxes are payable when a Maryland resident dies?
• How should my will provide for my minor children?
• Why do I need a Will?
• What is a Revocable Trust?
• What are the Pros and Cons of having a Revocable Trust?

Web Resources for Tax and Estate Planning:

• Dangers of Drafting Your Own Will

  Description: NY Times analysis of the pitfalls inherent in do-it-yourself estate planning.

• Montgomery County Register of Wills

  Description: Website for the Montgomery County, Maryland Register of Wills, the office responsible for appointing personal representatives to administer decedents’ estates and for overseeing the proper and timely administration of these proceedings.

• Wills, Trusts & Estates Prof Blog

  Description: Compilation of blogs on wills, trusts and taxes from leading university tax professors.

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