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Welcome to Maine Estate Planning Law Firms.com
Did You Know?
A "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property
You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.
In Maine if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Maine Estate Planning Lawyer to help get your affairs in order.
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Maine
Gross estate tax purposes
669
Gross estate tax Amount
993,241
Total allowable deductions Number
669
Total allowable deductions Amount
321,417
State death tax credit Number
512
State death tax credit Amount
30,071
Net estate tax Number
455
Net estate tax Amount
120,917
Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
Our Maine Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Maine will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Maine Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Maine Estate Planning include:
Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio
Maine External Sites
USBC, District of Maine - Glossary
Bankruptcy Estate - all legal or equitable interests of the debtor in ... (A chapter 11 debtor usually proposes a plan of reorganization to keep its Bureau of Elder and Adult Services - Maine
Information on elder and adult services issues in Maine. ... Older people who want information on how to plan for the future using a Health Care Adva
Newsroom
Latest news about Financial & Estate Planning in Maine and nationwide:
Violation Of A Technical Rule
Businesses in California are facing, among other things, 100-400% increases in workers' compensation premiums, increasing employer mandates, a... Read more >
Definition:
The total of all assets, all debts and other obligations of an individual. At the time of death the total amount of benefits (life insurance, annuity and retirement benefits) to be paid to beneficiaries are often also considered part of the estate for Federal Estate Tax purposes
Decedent
Definition:
A person who has died.
Grantor
Definition:
The person who sets up or creates the trust; also called a Settlor, Trust Creator, Trust Maker, or Trustor.
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Did You Know?
Estate Tax Returns Filed in 2001: Gross
USBC, District of Maine - Glossary