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The purpose of the information presented herein is not to be legal advice, but to start the reader on a process of prudent estate planning. For an initial courtesy consultation, call us at Charles Jerome Ware, LLC at (410) 720-6129. We are happy to assist you in this process.
"Estate Planning" in Maryland is the formation and maintenance of estates, including the distribution of assets of estates, using a variety of legal vehicles and methodologies. Everyone has an estate, no matter how poor or rich they are. Even the homeless have personal estates, even if their estates are just the clothes they are wearing. An estate plan is essentially the direction for distribution of all your property after you die.
Estates can include, inter alia, real estate (realty) and personal property (personalty). Generally, everything that is not real estate in an estate is personal property. Real estate can include homes, land, time shares, etc. Personal property can include clothes, jewelry, vehicles, furniture, bank accounts, cash, stocks, bonds, pensions, etc.
Estate planning legal vehicles and methodologies can include (1) wills, (2) living trusts, (3) life insurance trusts, (4) advance directives, (5) power of attorneys, (6) guardianships, (7) conservatorships, (8) charitable trusts, (9) residence trusts, (10) special needs trusts, (11) estate taxes, (12) long-term care, (13) probate, and many others.
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