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Meticulous Bethesda Attorneys Handle Complex Estate Planning

Experienced Maryland lawyers structure plans for high-net-worth estates

When it comes to developing wealth-transfer strategies, high net worth individuals contend with unique considerations and challenges. At John C. Hendricks with Paley Rothman, our Bethesda, MD estate planning attorneys deliver personalized advice tailored to the scope of your wealth and goals. We are well versed in the establishment of trusts, wills and succession plans, and in helping our clients minimize the estate tax burden on their beneficiaries. Residents of Maryland and the District of Columbia have trusted us for reliable legal guidance since 1918.

Knowledgeable lawyers provide guidance for selecting qualified trustees

Your estate plan may include one or more trusts. Depending on whether you need flexibility to modify your trusts, these legal instruments can be revocable or irrevocable. For each, you will need to designate a trustee. The trustee has a fiduciary duty to beneficiaries and as such is responsible for managing the investment and distribution of trust assets in the best interest of the beneficiaries.

A trustee may be a friend, family member, accountant, lawyer or other third party. Under Maryland law, a trustee is allowed to collect limited commissions for overseeing a trust. The trustee’s fee is based on the value of assets in the trust, so a fee can be quite large for a high net worth trust. Given the substantial amount of responsibility conferred upon your trustee, it is essential that you choose someone with the ability to make smart financial decisions. Our Bethesda, MD trust attorneys can help you selected a qualified candidate.

Seasoned advisers prepare necessary documents for incapacity planning

In the event that you become incapacitated in any way, power of attorney documents and detailed instructions to designate an agent to act on your behalf and inform them about the types of choices you would make to protect your finances, health, business and personal interests. An incapacity plan may comprise several documents, including a:

  • Healthcare power of attorney
  • Durable power of attorney for finances
  • Living will
  • Living trust

You may allow an agent to have broad or narrow decision-making authority. Our team can draft a clear and enforceable document that conveys your priorities.

Skilled counselors help business owners create thorough succession plans

For business owners, part of estate planning in Bethesda MD is developing a succession plan. When you think about who should take over your business when you retire or if you pass away, you may have a specific person or persons in mind. Passing ownership down to the next generation can be accomplished via a trust, by transferring ownership shares or by carrying out an installment sale.

You also have the option of selling the entirety of your business to a buyer, or selling your ownership stakes to a partner. Whichever path feels right to you, we can work to help you achieve your goal.

Respected firm creates estate plans for blended families and childless couples

When each spouse enters the marriage with children from a previous relationship, issues of inheritance can become tricky. If you are in a blended marriage and do not have a solid estate plan, your assets could be split between your biological children and your spouse, which may or may not be in line with your wishes. A postnuptial agreement can be used to discern the inheritance rights of your spouse and each of your children, or you can transfer individual property to your chosen beneficiaries through a trust.

Childless couples may question how to create an estate plan when they have no heirs. One of our attorneys can help you explore your options, from choosing friends or extended family members as beneficiaries to donating your assets or establishing a charity in your name.

Contact dedicated Bethesda complex estate planning attorneys for a free consultation

The attorneys at John C. Hendricks with Paley Rothman in Bethesda, Maryland help business owners and high net worth individuals establish comprehensive estate plans. For a free initial consultation, call 301-652-8302 or contact us online.