In Estate Planning, The Risk is in Waiting
An illness or accident can happen at any time in your life. If you should pass without an estate plan in place, then your estate will be distributed according to your state's intestacy law. This could result in a distribution you never intended.
At The Shump Law Firm our lawyers advise and guide our clients for the best distribution of their assets to their family and loved ones, in a manner that incorporates the values of the client. We also help our clients meet other goals such as wealth preservation, tax savings and protection from major health care liabilities.
Wealth Preservation
Many business owners and professionals wish to protect assets from unforeseen business and legal liabilities. Asset protection trusts, family limited partnerships and offshore entities are just some of the ways we accomplish those goals. Tax Savings
Saving taxes is a primary concern of many of our estate planning clients. Our attorneys create charitable remainder trusts, gifting trusts and life insurance trusts, to name a few, to minimize taxes and to increase the amount passing to legatees. We also advise our clients on the tax implications of their estate plan. For example, maintaining assets in an estate can result in favorable step-up in the cost basis when those assets are distributed to legatees, and leaving assets to a non-lineal descendant could create an unintended tax burden for the recipient.
Both of our attorneys have post-graduate education in taxation. Our principal attorney, W. Randolph Shump, is a former IRS trial lawyer and advisor with the U.S. Treasury's Office of Chief Counsel.
Efficient Distribution of Assets
Tax considerations will not be the driving force of estate planning in all cases. Many of our clients are equally concerned about the possibility of a putting a lot of money and assets into the hands of a young adult, who is not prepared to manage such responsibility. Our lawyers draft wills and trusts that will efficiently and rationally distribute assets to children and grandchildren. For example, establishing the appropriate trust to pay for a child's education will ensure that an inheritance is not wasted.
Protection From Incapacity
Advanced health care directives (also known as living wills) and powers of attorney give a trusted person the authority to act for you if you are incapacitated by an illness, accident or old age.
Free Lawyer Consultation
For more information or to schedule an appointment, call (410) 832-8865 or fill out the contact form on this Web site. Our law office is conveniently located in the Baltimore suburb of Towson, Maryland.
