Mr. Ealley is an estate planning attorney with over 20 years experience. He understands the intricacies of all levels of estate planning, from the simple, small estate, to more complex estate planning needs. More than ever, these times require a plan to protect your property and assets. Through thorough estate and financial planning, your assets can be transferred to your beneficiaries as you wish, rather than how the state would decide.
There was a time when estate planning was only available and utilized by the super wealthy. Today anyone with assets should take the steps to ensure their assets are protected. Establishing an estate plan provides you with certain tax advantages and gives direction for how you wish for your assets to be distributed. It also reduces the burden on your family after you pass. Creating a plan provides for peace of mind, with the knowledge that your family will be taken care of in the years ahead.
Approximately one-half of all Americans will die without a will in place, creating a significant chance for confusion and contention among the surviving family and friends. A complete, well-defined estate plan helps avoid such conflict by providing clear direction for how you want your property and affairs to be handled upon your passing.
Living trusts allow you to create a detailed plan for how and when your assets are distributed at your passing. Through the use of trusts, you can distribute assets to heirs efficiently without the cost, delay and publicity of probate. Trusts can also reduce estate and gift taxes, and better protects assets from creditors and lawsuits.
A power of attorney gives the people you name the power to act on your behalf as your agent. The power may be limited to a specific activity, such as completing the sale of a home, or be general to cover all financial acts. The power can be temporary or permanent, and can take effect immediately, or only upon your incompetency.
An advance healthcare directive, also known as a living will, allows you to name an agent to make healthcare decisions for you when you cannot due to your medical condition. It also allows you to make certain decisions now regarding the level of care you wish to receive if suffering from an illness or injury where it has been determined there will be no possible recovery.
A life insurance trust is an irrevocable trust, where the trust is the owner and beneficiary of one or multiple life insurance policies. Upon your passing, the named trustee will invest insurance proceeds and administers the trust for the beneficiaries you have named. This kind of trust, when properly established, is an effective tool to avoid estate tax on the proceeds.
We work closely with a professional financial adviser and accountant to provide comprehensive analyses and advice regarding all available investment opportunities. We offer a team approach to the estate planning process. We will help you achieve your financial goals through a solid plan that allows your assets to grow while protecting them for you and your family.
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136 West Dares Beach Road, #405, Prince Frederick, Maryland
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