Have You Done Your End of Year Estate Planning Fire Drill?

Many Maryland residents may not realize how critical it is to keep their estate plans current. At Powers & Worshtil, P.C., we’re here to help make sure your plan is up to date and aligned with Maryland’s estate tax rules, giving you peace of mind.

The “Fire Drill” Analogy

Think of estate planning as a fire drill—something you need to be ready for, even if you hope to never use it. Life changes such as marriage, divorce, or new family members can shift your priorities. An outdated plan could mean unintended beneficiaries or higher taxes.

Key Areas to Review

• Wills and Trusts: Ensure your documents reflect your current wishes.
• Beneficiary Designations: Keep retirement accounts and policies updated.
• Powers of Attorney: Confirm your trusted representatives are still accurate.
• Healthcare Directives: Make sure your living will aligns with Maryland’s laws.

Year-End Planning Tips

• Gift Tax Exclusion: Utilize up to $18,000 per individual or $36,000 for couples.
• Estate Tax Strategies: For estates over $5 million, explore options like trusts or lifetime gifts.
• Charitable Giving: Reduce your taxable estate with year-end contributions.

Take the Next Step

Ensure your estate plan is in order before the year ends. Call  Powers & Worshtil, P.C. at (301) 627-1000 or click below to schedule a consultation. Begin the new year with peace of mind—schedule your review now!