WILLS / ESTATE PLANNING


    Services In:

    Estate Planning Will Drafting Powers of Attorney
    Living Wills Trusts Family Partnerships


    A Last Will and Testament, together with a General Power of Attorney and a Living Will constitute the three basic documents of estate planning. Beyond the basics there are many documents that could be used to exercise estate planning options, including Revocable, Irrevocable and Convertible Trusts. Family Limited Partnerships or Close Corporations may also be considered to transfer assets for estate tax and other purposes. Professional help should be secured. An attorney is necessary to draft appropriate documents. In many cases the attorney is but one member of a team of professionals that could include an accountant, life insurance agent, financial planner and bank officers. The attorneys at McIntosh & Schanno, P.A. will advise a client if additional assistance is required to meet the desires of the client developing an estate plan.


    Who Needs To Consider Estate Planning?

    Estate Planning is not an activity exclusively for senior citizens. Though older persons tend to be more willing to discuss estate planning, the process is a wise undertaking for a broad range of persons. At the minimum, any person who has another person depedant on them for support and upbringing, or guidance is a person in need of estate planning. Anyone owning a piece of real property or other significant assets should have a will and power of attorney. The greatest savings and results are achieved by planning early.

    A group that tends to overlook the need of estate planning are parents of minor children. The most important asset and obligation of any person is a person's children. All parents must address the question of what would happen if he or she was not around to support and raise their children. To provide support of a child after premature death of a parent, consideration should be given to drafting a will containing testamentary trusts funded by life insurance and other assets. A will is necessary to apoint potential guardians to raise a child in the event of death and provide instructions. Without a will dictating instructions, these matters will be left to a court to handle at a great expense to an estate and without any guarantee that the results would be what a parent desired or intended.


    General Power Of Attorney

    Simply Stated - A Durable General Power of Attorney is as important as a will. The document is a lifesaver in the event of disability, by allowing the person you want and trust to make the necessary decisions, without the need of costly judicial guardianships.


    We Keep It Simple For You
    Certain trusts, including insurance trusts and other estate planning tools such as family limited partnerships are a very popular means of non-probate transfer of assets and avoidance of estate taxes. Careful consideration should be made before using these costly tools. Valuable as they may be, they are not necessary for most personal estate plans. Consultation with the attorney and most often a Certified Public Accountant and a qualified Financial Planner is required before a decision is made and plans undertaken.


    How To Get Started
    Two or three meetings with the attorney are generally all that is required for most estate plans. The first meeting is for the gathering of information and general consultation; the second and third, if necessary, for the editing and execution of documents. Larger or complex estates will require additional meetings. Meetings are normally held in one of the law firm offices. In the case of an emergency or other good reason, meetings can be held outside of the offices, including hospital visits and the like.

    To Contact McIntosh & Schanno:

    Ocean City
    5000 Coastal Highway
    410-723-6363    		 Ocean Pines
    Groff Plaza
    410-208-0651    		 Berlin
    212 N. Main St.
    410-641-0527

    In Maryland, Toll Free At 800-750-8859

    mslaw@crosslink.com

    Disclaimer

    The information provided in this Web Site is of a general nature and not to be considered legal advice. All situations are different and legal advice can only be given directly by an attorney. The attorneys in our firm are licensed to practice only in the State of Maryland and are only qualified to give advice in matters which relate to the laws of Maryland.

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