The Law Office of Eugenia Ordynsky, of Columbia, Maryland, brings its expertise, knowledge, and quality legal services in all wills and estate planning matters, including living wills or physician’s directives.
For more information or to make an appointment with The Law Office of Eugenia
Ordynsky, please call, send an e-mail or complete the
on-line form.
| Law Office of Eugenia Ordynsky |
| "Finding Solutions for the Most Difficult
Problems" |
| 8182 Lark Brown Road Suite 300 |
| Elkridge, MD 21075 |
| Phone: |
1-866-799-4511 |
|
410-799-4511 |
| Fax: |
410-799-4522 |
| E-mail: |
attorney@ordynsky.com |
Trusts, Wills and Estate Planning and Elder Law
The Law Office of Eugenia Ordynsky brings knowledge and expertise to their professional, high-quality counseling and legal representation in all
trusts, wills and estate planning for their clients, including the preparation
of:
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Wills, including living wills (physician's directive)
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Trusts, including generation-skipping trusts, charitable remainder trusts,
living trusts, life insurance trusts, Crummey Trusts and Bypass Trusts
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Annual gift tax exclusions
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Guardianships
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Financial power of attorney
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Family limited partnerships
Wills and Trusts – An Overview
Even if you are only thirty but you own a nice home and have children, life insurance and a health and retirement plan may not be enough. Probably you need a Will, Trust, or a broader estate plan. An experienced estate planning attorney can explain the benefit of a good plan and answer any other questions you may have about your family’s financial future.
If you become ill or are injured, so that you are put on a respirator and fed intravenously for years, the assets held in your name are used to pay for your care. What will become of your children and their inheritance? Your minor children could be given a court appointed guardian possibly even one you have never met.
Why You Shouldn’t Die Without a Will
Most people are familiar with Wills and they are one of the basic elements of estate planning. A Will is a legal document that explains how you want your property and assets distributed after you die. It allows you to say who you want to carry out your wishes and gives you a chance to nominate a guardian for your minor children. A Will puts you in control. However, about half of Americans die without one. When you die Intestate or without a Will, the laws in the state where you live will control distribution of your assets. The state may appoint a lawyer to oversee the distribution of your estate and that lawyer will be paid out of your estate’s assets. The state may even claim your property if you have no apparent heirs. If you do have heirs, they may be forced to pay sizable taxes in order to keep the property you have left to them. The State will also decide on a suitable guardian for our children without any input from you.
Probate
When you die, the assets and property interests you leave behind are your estate. Every state has a court-supervised process for winding up your affairs and distributing the property left in your estate. That process is known as Probate. Some of your estate may be excluded from probate through the use of joint property rights; the designation of a beneficiary on life insurance or pension plans; or the use of trusts or corporate structures.
Probate is the court-supervised process of winding up your affairs. Many people associate probate with large costs and even bigger hassles and think that the smart thing to do is to avoid it all together. Contrary to this popular belief, the probate of most estates runs smoothly. The court’s supervision ensures that your outstanding debts, taxes and claims against you are paid and that your remaining assets are divided among your heirs.
When you die testate, or with a Will, the court makes its decisions using your Will as a guide. When you die intestate, or without a Will, the court and the state make those decisions for you based on the laws of your state.
Taxes
Upon your death you also have something called a Taxable Estate. Under current law your taxable estate for federal estate and gift tax purposes can be significantly larger than your probate estate. Unfortunately, your state taxes on your estate could be quite significant. The Law Office of Eugenia Ordynsky will help you decide what is the best course of action based on your assets.
Trusts
Trusts have acquired an image of something for millionaires. However, a trust can be a useful tool for anyone who would like to avoid the costs associated with probate, avoid paying some death taxes, and provide some limitations on their young children’s ability to access money left to them.
A Trust is a legal property interest held by a person called a Trustee for the benefit of others called Beneficiaries. The person, establishing the trust is called the Grantor. The trust can be revocable or irrevocable.
Elder Law
The Law Office of Eugenia Ordynsky handles all aspects of planning for older and
disabled persons, including providing comprehensive legal advice to the elderly
client and their family. The following legal services are provided:
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Financial planning, including asset protection planning
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Planning for incapacity, including living wills, powers of attorney, nursing
home placement, discrimination against the elderly, elder abuse and nursing
home negligence
- Conservatorships and guardianships
- Long-term health care planning, including long-term disability, short-term
disability insurance and health care proxies
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Life insurance planning
Wills and Trusts Resource Links
Maryland Bar Association Trusts and Estates Guide
American Bar Association Guide to Estate Planning
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