Planning for your death might garner many negative and morbid thoughts. On the contrary, estate planning is truly one of the biggest gifts you can give to your loved ones. By taking the time now to make tough decisions about how to handle your property in the event of incapacity and/or after your death, you are surely taking a huge weight off your loved ones shoulders. The Estate Planning, Probate and Elder Law Group at Ferrante & Dill is here to support you and educate you while you make these important decisions. Contact us at 410.535.6100 or send us an email at firstname.lastname@example.org.
A will is a legal document that describes your wishes after your death. In your will, you can explain what you want done with your assets, who may take over the care of your children, how you want your pets treated, and more. You will need to choose a person to serve as the Personal Representative, more commonly known as the executor of your will– that person will be responsible for filing the necessary paperwork and carrying out your wishes. At Ferrante & Dill, LLC we understand that estate planning often seems overwhelming and morbid, but creating a detailed will is truly a gift that will make things easier for those you love after you’ve passed on.
Powers of Attorney and Advanced Directives
Everybody should make drafting a power of attorney and advanced directive a priority. Why? While a Last Will and Testament dictates what will happen after you die, a power of attorney and advanced directive can impact the way you live. Should you become unable to make decisions on your own behalf due to age, medical conditions, or a disability, your financial power of attorney and a medical power of attorney appoints a person to make financial and medical decisions on your behalf. Similarly, an advanced directive specifies treatments that you are or are not willing to receive in specific situations. The attorneys in our firm are skilled at helping you make the right choices for your continued care.
Asset protection is not just for millionaires. The goal of asset protection is to strategize the best way to ensure you can keep your hard-earned assets to pass down to your heirs after you die. The attorneys at Ferrante & Dill keep up to date with the ever changing federal and state tax laws and are skilled at preserving as much of your assets as allowed under the law through a variety of trusts and strategic arrangements.
Special Needs Trusts
Attorneys at Ferrante & Dill take extraordinary care when planning special needs trusts meant to benefit a loved one with a disability. In addition to all the strings attached to other trusts, special needs trusts must be drafted in a way that will not hurt your loved one’s opportunities to receive Supplemental Security Income (SSI) or Medicaid benefits. It is critical to appoint a trustee–a person you know will keep your loved one’s best interests in mind–to administer the trust. We will help you understand all of the possible effects of creating a special needs trust, and make sure the trust provides for your loved one as you wish.
What a shame it would be if the things you’ve worked so hard for end up in the wrong hands upon your death. All the things you own can be given to the wrong people if you don’t take care to properly appoint beneficiaries for your life insurance policies, retirement resources, pensions, property and accounts. If you’ve already appointed beneficiaries, we can review your plan to look for loopholes or weaknesses. If you’ve not yet appointed beneficiaries, we can help you develop a plan for each of your assets.
In situations where an adult becomes incapable of making informed and responsible decision and does not have a Power of Attorney, a guardian may be appointed to act as a decisions maker on the incapacitated adult’s behalf. A person seeking guardianship must gain the court’s approval to make financial, legal, and healthcare decisions on behalf of another adult. We are sensitive to the complicated and emotional nature of guardianship relationships. Our attorneys are experienced at helping potential guardians navigate this legal challenge.
Contact our office today for all of your Maryland Estate Planning and Elder Law needs. 410.535.6100 or email@example.com We have offices in Prince Frederick and Lexington Park to better serve our clients.