Wealth Management &
Estate Planning
Jeffrey M. Axelson, Esq.
Axelson, Williamowsky,
Bender & Fishman, P.C.
What We Will Discuss
 Transfer of Property with/without a will
 Wealth preservation documents
 Powers of attorney
Documentation
 Will
 Power of Attorney over Finance
 Power of Attorney over Healthcare
 Living Will/Advance Directive
 Living Trust
 Insurance Trust
 Probate
Power of Attorney
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Medical power of attorney (POA)
Financial power of attorney (POA)
Durable power of attorney
Nondurable power of attorney
Springing power
Non-Springing power
Power Of Attorney
 Medical power of attorney (POA). The medical
POA is a legal document that designates an
individual — referred to as your health care agent or
proxy — to make medical decisions for you in the
event that you're unable to do so.
 Financial power of attorney (POA). The financial
POA is a legal document that designates an
individual — referred to as your health care agent or
proxy — to make financial decisions for you in the
event that you're unable to do so.
 A durable power of attorney is the one that often
comes to mind. These are the legal documents that
can start immediately and allow someone to act on
your behalf until it is either terminated by revocation
or your death.
Power Of Attorney
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A nondurable power of attorney is generally used
for limited transactions. For example, if someone
needs to grant authority for a single transaction,
such as a stock trade, a nondurable power of
attorney would be most applicable.
A Springing power of attorney is a power of
attorney that becomes effective only after a
specified occurrence, such as if two physicians find
that the principal is unable to manage his or her
own affairs.
A non-springing power of attorney is a power of
attorney that goes into effect immediately upon
signing.
Power of Attorney
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Medical power of attorney (POA)
Financial power of attorney (POA)
Durable power of attorney
Nondurable power of attorney
Springing power
Non-Springing power
Health Care Decisions
 Healthcare Power of Attorney
 Advance directives/Living Will
– Do not resuscitate (DNR) order
Health Care Decisions
 Healthcare power of attorney names someone who
tells the health care providers what to do - or not do for you in a medical situation in which you are
unable to speak for yourself.
 Advance directives or living wills are written
instructions regarding your medical care preferences.
Your family and health care providers will consult
your advance directives if you're unable to make
your own health care decisions.
 Do not resuscitate (DNR) order. This is a request to
not have cardiopulmonary resuscitation (CPR) if
your heart stops or if you stop breathing.
Health Care Decisions
 Healthcare Power of Attorney
 Advance directives/Living Will
– Do not resuscitate (DNR) order
Financial Documents
 A Trust
 Revocable living trust
 Irrevocable Life Insurance Trust
Financial Documents
 A trust is an arrangement under which one person,
called a trustee, holds legal title to property for
another person, called a beneficiary. You can be the
trustee of your own living trust, keeping full control
over all property held in trust.
 A revocable “living trust” is simply a trust you
create while you're alive, rather than one that is
created at your death.
 An irrevocable life insurance trust offers the
opportunity of escaping taxes not just in one estate,
but in several estates using the benefit of the spouse
and/or children.
Financial Documents
 A Trust
 Revocable living trust
 Irrevocable Life Insurance Trust
Probate
 Probate is the process by which legal title
of property is transferred from the
decedent's name to the decedent’s estate
and then to his/her beneficiaries.
Transfer of Assets without Probate
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Pay-on-death designations
Beneficiary designations
Joint tenancy
A living trust
Insurance
Gifts
Probate With/Without a Will
 If a person dies with a Will ("testate"), the probate
court determines if the Will is valid, hears any
objections to the Will, orders that creditors be paid
and supervises the process to assure that property
remaining is distributed in accordance with the terms
and conditions of the Will.
 If a person dies without a Will ("intestate"), the
probate court appoints a person to receive all claims
against the estate, pay creditors and then distribute all
remaining property in accordance with the laws of
the state.
Maryland Estate
Maryland State Estate Tax
 After a $1,000,000 tax exemption,
Maryland taxes the estate at a 16% of the
remaining value.
Federal Estate Tax Rate
Year
Exemption
Rate over Exemption
2009
$3,500,000
45%
2010
Unlimited
0%
2011
$1,000,000
55%
You can download this
presentation on our
website:
www.awbflaw.com/news