Since I see nothing in your question that indicates it is a japanese maple then it must be either a hard maple or a soft maple.
If it's a soft maple most people over top off/prune and cause severe damage and disease making it necessary to remove the entire tree because of weakness.
Hard maple is actually the best.
My opinion is if it's soft maple cut it down now and put hard maple in.
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Problems: Maples may be troubled by borers, aphids, scales, leaf spots, tar spot, anthracnose, bacterial leaf scorch, canker and collar rot. Some fast-growing maples (red and silver maple) are soft-wooded (“soft maples”) and prone to breakage in ice storms. Slow-growing maples have hard wood (“hard maples ”) and require less maintenance.
http://hgic.clemson.edu/factsheets/HGIC1016.htm
Images of cuts in this link
http://www.treehelp.com/howto/howto-prune-a-tree.asp