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Estate Planning and Administration


Either you make plans for your Estate or
the government will make your plans for you.

Estate Planning is important, no matter what the size of your estate may be. Through estate planning, you ensure that your assets will go to your intended beneficiaries, avoid probate, save on taxes, court costs and attorneys fees, and prevent contention with heirs and financial confusion after your death. You can protect your estate assets against your possible future mental or physical incapacity and the catastrophic costs of long-term medical and nursing care.

The Law Offices of Attorney Mary Markovich, PA offers a free client questionnaire to all potential clients. With the completed questionnaire, we can discuss your goals and suggest different options to help you achieve your goals
Some of the questions we address during the initial consultation are:

1. What happens to your assets if you become mentally or physically incapacitated?
2. How can you designate someone to make medical decisions for you, when you are not able to do so?
3. How will your family inherit your assets?
4. How can you be certain your money will stay in your family?
5. Who will raise your children?
6. What happens to your Individual Retirement Accounts (IRAs) and other retirement assets?
7. What will happen to your business if you are disabled or in the event of your death?
8. How can help your family avoid the lengthy probate process?
9. If you have a "blended" family from different marriages, what happens to each family member?
10. What happens to your disabled child, if you are not able to be the caregiver?

The Estate Planning Process
Estate planning is divided into two distinct parts:

1. You assure that your specific directions are carried out during your lifetime
2. You assure that, after your death, your assets are distributed according your directions

We can work with you to develop a comprehensive, customized plan to address all your concerns, using documents that may include the following:

  • Last Wills and Testaments
  • Health Care Powers of Attorney
  • HIPAA Authorizations
  • Advance Directives
  • Revocable and/or Irrevocable Trusts
  • Charitable Remainder Trusts
  • Minor's Trusts - Spendthrift Trusts-Educational Trusts
  • By-Pass or Credit Shelter Trusts
  • Marital Trusts (QTIP) or (QDOT)
  • Grantor Retained Trusts Qualified Personal Residence Trusts
  • Special Needs Trusts
  • Business Succession Planning
  • Pre-Nuptial Agreements

Wills
With a Will, one can:

1. Plan for the disposition of the estate assets;
2. Plan for the proper administration of the estate;
3. Name a guardian for your minor or incapacitated dependents, and
4. Select an Executor

The Durable Power of Attorney is a valuable document that permits a person to authorize another to make financial decisions, in the event of mental or physical incapacity.

Advance Directives for Medical Treatment
Working together, the Health Care Power of Attorney and the Advance Directive for a Natural Death permit an individual to give specific instructions to a health care provider, a funeral home, or to an organization that accepts organ donations. By executing both the Health Care Power of Attorney and the Advance Directive for a Natural Death, an individual may make end-of-life decisions prior to mental or physical incapacity.

The person authorized with The Durable Power of Attorney, Health Care Power of Attorney, and the Advance Directive for Natural Death has no power, unless the principal is incapacitated, either physically or mentally.

Trusts
The parties involved in a Trust are the Settlor (person making the Trust), the Trustee (can be the Settlor or an (successor, if the original Trustee is no longer able to act), and the beneficiary (person or organization that is receiving the benefit from the Trust). Some advantages in establishing a trust are: avoiding probate; tax savings; protecting property from creditors; providing for the continuing care of a minor or incapacitated beneficiary; and qualifying public benefits.
Comprehensive Estate Planning

The Law Offices of Attorney Mary Markovich, PA can assist clients in establishing a customized, comprehensive estate plan for any size estate.