Ellicott City, MD Estate Planning Lawyers

Experienced Estate Planning Lawyers Assisting With Wills, Trusts, and More in Ellicott City, Maryland

Planning for the future is an important responsibility. Family members can take steps to ensure that their affairs will be handled correctly after they are gone and that their loved ones will be provided for. A well-crafted estate plan can provide peace of mind and protect loved ones from uncertainty and conflict. At Law Offices of Marc A. Ominsky, LLC, we help clients in Ellicott City create comprehensive estate plans that reflect their values, protect their assets, and ensure that they are prepared for the unexpected.

Every family is unique. Our attorneys take the time to understand each client's personal and financial circumstances. Whether you are starting your estate plan, updating existing documents, or managing elder law concerns, we will provide you with guidance and help develop strategies to manage wealth, minimize taxes, provide for dependents, and prepare for potential incapacity. By providing hands-on legal help and responding to your questions in real time, we can guide you through these important decisions and provide you with assurance about the future.

The Value of a Comprehensive Estate Plan

An estate plan is not just about what happens after your death. It can also make sure you and your loved ones will be provided for during your life while making sure your wishes are understood. By making key legal decisions in advance, you can:

• Protect family members from unnecessary court proceedings or legal disputes.
• Minimize estate taxes and probate expenses, preserving more assets for your beneficiaries.
• Appoint trusted decision-makers to manage your financial affairs or medical care in the event of incapacity.
• Provide for minor children or dependents through clear guardianship designations.
• Maintain control over health care decisions by setting down your wishes in legal documents.

Key Components of an Estate Plan

At Law Offices of Marc A. Ominsky, LLC, we can help you prepare and execute the legal instruments that form a complete estate plan. These may include:

Wills

A will is a foundational document in any estate plan. It designates who will inherit your property, names guardians for your minor children, and appoints a personal representative to manage your estate. Without a valid will, Maryland's intestacy laws will determine how your assets will be distributed, which may not align with your actual wishes.

Trusts

Trusts offer greater flexibility and privacy than wills alone. They can allow you to protect and manage assets while providing clear instructions for how they should be distributed to your beneficiaries. We can help establish a variety of trusts to help achieve different goals, including:

• Revocable Living Trusts: These trusts allow you to maintain control over your assets during your life, use them to address your own needs, and make sure they will be passed on to beneficiaries either before or after your death.
• Testamentary Trusts: You may choose to create a trust through the terms of your will so that your assets will be managed on behalf of your minor children or dependents.
• Irrevocable Trusts: By placing assets in the control of a trustee, you may be able to reduce estate taxes, protect assets from creditors, and address specific needs.

Powers of Attorney

A power of attorney allows you to appoint someone you trust to handle certain matters on your behalf. With a financial power of attorney, you can give someone the authority to manage your assets and finances. With a health care power of attorney, a loved one will be able to make decisions about the medical treatment you will receive.

Powers of attorney can be especially beneficial in situations where you may be incapacitated, such as when undergoing a major medical procedure. By setting down specific instructions, you can make sure your wishes will be followed.

Advance Directives

Health care directives can make sure issues related to medical care will be handled correctly as you get closer to the end of your life. A living will is one of the most common advance directives, and it can detail your preferences regarding life-sustaining treatment if you become terminally ill and cannot make your wishes known. By addressing these issues ahead of time, you can ensure that your medical choices will be respected while reducing the burden on your family members as they make decisions about your treatment.

Guardianship Designations

In cases where a person provides care for someone who cannot fully care for themselves, it may be necessary to establish guardianship. Parents may make arrangements for guardianship of their children by designating guardians in their wills. A person may also establish guardianship for a disabled adult, ensuring that they will be able to address their personal needs and manage their financial affairs.

Contact Our Ellicott City, Maryland Estate Planning Lawyers

Planning for the future starts with taking the right steps today. At Law Offices of Marc A. Ominsky, LLC, we can help you create a comprehensive estate plan or make updates to an existing plan to address changes in your life. To begin the process of planning for the future, contact our office at 443-539-8712 and set up a consultation.