Make this the year you get your Estate Plan in place.
As we enter a new year, it is a good time to reflect on whether your estate planning documents are up to date. Recent changes in Maryland laws and heightened attention to estate planning due to high-profile cases have highlighted the importance of having a good estate plan in place. At Gregory M. Kline, LLC, we are here to guide you through this critical process and ensure your loved ones are protected.
Recent Developments in Maryland Estate Planning
Maryland has specific estate planning considerations that make it unique. For instance, Maryland is one of the few states that imposes both an estate tax and an inheritance tax. While this may change in the future, as of 2025 the Maryland estate tax exemption remains at $5 million, significantly lower than the federal exemption of $13.92 million. This discrepancy makes it especially important for Maryland residents to carefully structure their plans to minimize tax liabilities.
Additionally, even if tax issues are not a concern for you, Maryland’s Revised Power of Attorney Act emphasizes the importance of using state-compliant forms to ensure your financial and healthcare wishes are respected. Keeping your documents up to date with these requirements is crucial. If you do not know if your documents comply with these requirements, contact us today.
You may be aware of the high-profile cases of Prince or Lisa Marie Presley. Legal disputes surrounding their estates serve as a stark reminder of the potential consequences of incomplete or outdated estate planning documents. Such cases highlight the importance of having an estate plan that both meets your desires and complies with the requirements of the law.
Why Everyone Needs an Estate Plan
Whether you have significant assets or a modest estate, having the right documents in place is essential. Here are some reasons why you need the following:
A Will: This is the cornerstone of your estate plan, allowing you to designate how your assets will be distributed and who will serve as the guardian for any minor children.
Power of Attorney: This document appoints someone you trust to make financial or legal decisions on your behalf if you become incapacitated. Many think this may happen automatically but it often requires getting a court to appoint someone to handle your interests with costly delays that can be easily avoided.
Living Will and Healthcare Proxy: These ensure your medical preferences are honored and that someone you trust can make healthcare decisions for you if you cannot.
Without these documents, your loved ones may face unnecessary delays, legal battles, and emotional stress during an already difficult time. Even worse, a court may make the important decisions about how what happens when you die.
Our Firm Can Help
At Gregory M. Kline, LLC, we take a personalized approach to estate planning. Our services include:
Drafting wills, powers of attorney, and healthcare directives tailored to your needs.
Advising on trusts to minimize taxes and protect your assets, especially in light of Maryland’s tax structure.
Helping you address modern estate concerns, such as digital assets and business succession planning.
Providing guidance on updates to your estate plan as laws or your circumstances change.
We’ll work closely with you to ensure every aspect of your plan is comprehensive and legally sound. We do all this for a reasonable flat fee. Even better we can arrange meetings at your convenience, in our office, via Zoom, or even in your home.
Bottom line, we make this process as easy as possible.
Contact us today to schedule a consultation. Together, we can build a plan that protects what matters most.
