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Don’t wait until it’s too late to get a will or power of attorney. If someone becomes ill, they may longer have the legal capacity to execute these important documents. Contact us for a Free Consultation Today.
The Law Office of Jeffrey J. Downey provides trusted and competitively priced services to clients who need the following legal instruments:
- Wills
- Trusts
- Powers of Attorney
- Advance Medical Directives (living wills)
- Prenuptial Agreements
The benefits of Estate Planning are numerous and include the following:
- Preserving assets and making sure your money and property go where you want it to go when you pass away. Without an estate plan the Courts and state law will determine where your money goes and your family may have to spend thousands of dollars in court proceedings just to distribute your assets after death.
- A will allows you to name an administrator who will have the legal duty to implement your will as written. You can also set up guardianships for minors or incapacitated adults and outline your funeral arrangements.
- Powers of Attorney are critically important. Without such protection, if a loved one suffers a sudden illness or develops dementia, they may not have the capacity to execute such documents. This leaves the family with the difficult and expensive option of pursuing a Court ordered guardianship proceeding.
- If a loved one enters a nursing home or hospital, a valid Power of Attorney will assure that you can assist in the medical decision-making process and obtain important medical information to assist you in the process. Long term care is the weak link in our healthcare chain and it’s important that you have an effective advocate with legal authority to protect your interests and follow your wishes.
- Proper estate planning can help reduce potential estate taxes so your loved ones will inherit more money. If you have minor children, you can also set up a guardianship to administer funds. This avoids the costly process of having a court appointed guardian who will potentially drain assets by providing guardianship services that a friend or loved one may be able to provide at no cost
- A trust can give you flexibility and options that are not available with simple wills. For example, with a revocable living trust you can transfer and control assets without the need for time consuming and expensive probate. Since ownership of the trust can be transferred while you are still alive, your beneficiaries can receive their inheritance without the delays and costs associated with a court supervised probate process.
- Proper estate planning can also include business succession planning for family or coworkers who may want to take over your business.
- Lifetime gifting strategies are often a component of a good estate plan. This tool can be used to limit estate tax liability for your children, while carefully planned gifts can also limit gift tax consequences.
Read What Our Clients Say…
Contact our office today for a free consultation. We’ll work with you to come up with a plan that is affordable and customized for your needs. Estate planning is no longer a tool only for the rich. It’s a necessity for everyone who wants the protection and peace of mind that comes with being prepared for the inevitable.
We serve Virginia, Maryland and Washington D.C. If you can’t come to our office, we can come to you and/or handle meetings through zoom.
Law Office of Jeffrey J. Downey
8300 Greensboro Dr, Suite 500
Mclean, VA 22102
Phone: 703-564-7318
Email: jdowney@jeffdowney.com