Without an estate plan, after your death your estate will be distributed according to state law, which may not align with your wishes. If you become incapacitated during your lifetime, your loved ones might need to seek guardianship.
A comprehensive estate plan may include a will, trusts, durable financial powers of attorney, advance healthcare directives, HIPAA releases, and other tailored documents. Oliver Law, P.C. will help design a plan to meet your goals.
Strategies like trusts, lifetime giving, and charitable planning can help minimize estate, gift, and generation-skipping transfer taxes, preserving more wealth for your beneficiaries.
After notifying family, it is important to locate the estate plan and consult an attorney for guidance on such matters like probate, trust administration, managing assets, and tax obligations. Oliver Law, P.C. can assist whether or not your loved one had an estate plan, or even if their plan was prepared by someone else.
Probate is the court-supervised administration of a deceased person’s assets. Procedures vary by jurisdiction, but generally include:
(1) a court hearing to determine if the decedent died with or without a will;
(2) notifying heirs and creditors of the probate estate;
(3) filing an inventory of probate assets;
(4) paying administration expenses, taxes, and creditor claims;
(5) distributing remaining assets according to the will or state law;
(6) filing a Fiduciary Account with the court showing all financial transactions.
If you are named the executor in a will, contact Oliver Law, P.C. for assistance in carrying out your responsibilities.
No. Your will controls only assets held in your sole name without a valid beneficiary designation, or that are not subject to a right of survivorship. Each asset’s ownership structure determines its disposition upon death. Jointly owned assets with rights of survivorship automatically pass to surviving owners; only if you are the last surviving owner does the property become part of your probate estate, unless there is a valid beneficiary designation.
Assets held as trustee under a trust do not pass under your will; they are governed by the trust agreement. To ensure your assets pass to your intended beneficiaries, consider working with an estate planning attorney.
A trust is an arrangement whereby a person (the grantor) transfers property to a trustee, who manages and distributes it for beneficiaries, as directed by a trust agreement.
An everyday example: a parent gives money to a child to buy ice cream for siblings, with written instructions. The parent is the grantor, the child is the trustee, and the siblings are beneficiaries; the note is the trust agreement.
Most people with a revocable trust act as grantor, initial trustee, and initial beneficiary, and appoint a successor trustee to manage the trust if they cannot. Upon death, trust beneficiaries are those named by the grantor in the trust document. There are many types of trusts addressing tax, asset protection, or benefits eligibility objectives. Contact Oliver Law, P.C. to discuss trust options for your estate plan.
No. The One Big Beautiful Bill Act (“OBBBA”) did not eliminate federal estate, gift, or generation-skipping transfer taxes, but did raise the amount exempt from these transfer tax systems from $13,990,000 to $15,000,000, starting January 1, 2026.
While fewer than 1% of Americans will be subject to any of these taxes, estates with values exceeding the $15,000,000 threshold will be subject to a 40% tax on the excess. Citizens or legal residents who give more than $15,000,000 to their grandchildren could face a total tax of 80% on the excess (40% percent on the excess under the gift or estate tax system, and a 40% tax on the excess under the generation-skipping transfer tax system).
While the OBBBA increased the amount exempt from federal estate, gift, and generation-skipping transfer tax, it does not affect state transfer taxes.
For example, Maryland has a $5,000,000 estate tax exemption and a 10% inheritance tax. State laws vary, so consult an estate planning attorney to assess and plan for potential estate tax exposure. If your estate may be subject to these taxes, contact Oliver Law, P.C. for planning assistance.