Souza Roy represents a variety of clients – from individuals with significant wealth to young families just starting to build their nest eggs. For some, preparing an estate plan can be a daunting task – our goal is to make that process as stress-free and relaxed as possible. We work closely with our clients to understand their values and goals and develop estate plans that are responsive to their needs, whatever their financial status. We also coordinate our efforts with clients’ financial advisors, accountants, and insurance professionals and consultants as needed.
We assist clients on a range of matters in this practice area including:
Will Preparation
A Will can serve as the foundation of your estate plan and cover a variety of details to help you prepare for the future. In a Will, you appoint a personal representative (also known as an executor) to handle your estate and specify how and to whom your property is to be distributed upon your death. A Will can also nominate someone to serve as guardian for any minor children. The attorneys at Souza Roy tailor each will to our clients’ individual needs and provide guidance through the execution process to ensure our clients abide by the appropriate legal formalities.
Estate and Inheritance Tax Planning
Clients who have accumulated assets during their lifetime may want to transfer that wealth to their heirs. Depending on the amount of assets, federal and Maryland estate taxes may be assessed against their estate, reducing the amount of assets transferred to their heirs. Maryland also imposes an inheritance tax on certain heirs. Our firm takes an in-depth review of our clients’ potential federal estate and Maryland estate and inheritance tax liability and crafts an estate plan to minimize taxation.
Advance Directives for Healthcare
An Advance Directive for Healthcare is a vital document for adults of all ages to plan for your future health care needs. This document allows you to select an agent to make decisions about your health care when you are unable to do so and provides that agent with guidance about the kinds of medical treatments that you do or do not want.
Powers of Attorney
A Power of Attorney allows you to select someone to have legal authority to manage your financial affairs for you. Our firm assists clients in customizing their Power of Attorney to be as general or specific as each client’s circumstances require.
Trust Establishment, Funding, and Management
Many clients choose to utilize a trust to avoid the cost and public process of probate. Trusts can hold money, property, and other assets to distribute those assets, either in the present or future, reduce potential federal and Maryland estate tax liability, protect assets from creditors, and for a variety of other benefits. Our team can create a variety of trusts to serve our clients’ needs, including Revocable Trusts, Irrevocable Trusts, Special Needs Trusts, and Life Insurance Trusts.
Estate Administration
After the death of a loved one, the administration of their estate is often an overwhelming task. Our firm can facilitate every step of the estate administration process in Maryland, from initiating probate proceedings, to preparing the appropriate financial accountings, and assisting our clients with final distribution of the estate assets.
