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Estate Planning, Administration & Wealth Transfer

Overview

You’ve invested extraordinary amounts of time, effort and determination to achieve security, build a business or provide for loved ones. Now it may be time to consider making a modest investment in planning for your legacy. Without planning and proper documentation, much of what you have worked to accomplish may dissipate on your death in ways you never intended. Nearly half of your assets may be consumed by taxes. Your spouse may end up with a third or less of your property. Your business may have to be liquidated.

Estate Planning Strategies – Wills and Trusts

Bean, Kinney & Korman can help you take stock of your estate, define and organize your objectives, and develop appropriate strategies to best suit your desires. Although taxes may not be entirely avoidable, they can be minimized. To the extent specific circumstances allow, spouses and other dependents may be assured of support and maintenance. Our attorneys are adept in preparing wills and trust documents in Virginia, Maryland and the District of Columbia that work together to accomplish your goals.

Business Succession Planning

We also undertake succession planning with our clients who want to provide for the continuation of their business enterprises as a legacy for the next generation. The capabilities of our business , real estate and tax practices contribute to developing a comprehensive roadmap, resulting in a tax efficient and practical transfer of enterprise ownership and control.

Wealth Transfer Strategies

Trusts can serve a variety of useful purposes for individuals apart from their estate planning objectives. They may be used to transfer wealth to subsequent generations, on terms that promote its responsible use. They may be used to provide for dependents who are incapable of taking care of themselves. They may be special needs trusts, created to ensure that beneficiaries who are disabled or mentally ill receive gifts or other funds without losing any government benefits to which they may be entitled.

A well-conceived and skillfully arranged trust may advance any number of your aspirations for the future use and disposition of your assets. We provide thoughtful and practical counsel on trust formation, assisting our clients in constructing workable and effective trust structures.

Providing for Incapacity

You should consider the possibility of your incapacity and the extent to which you want extraordinary life-extending measures taken in the event of a terminal illness or injury. Our lawyers can help you address these circumstances with a durable power of attorney and an advance medical directive.

Estate Administration Services

Taken together, your will, trust documents and personal directives allow you to determine in advance what happens to you and your estate in the event of death or disability. When your estate representatives and trust fiduciaries have to take on their responsibilities, we provide knowledgeable and responsive assistance in the process of estate and trust administration. We can help guide them through the intricate requirements of tax compliance, accounting and closure. We also provide representation of executors and administrators who are administering decedent’s estates related to personal injury, wrongful death or class action suits and to guardians of minors’ estates.


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