Estate Plans Help Families Avoid Problems

By Terry Douglas, Maryland Elder Law Attorney

Douglas Law Office

More Legal and Health Articles

Estate Plans Help Families Avoid Problems

Kept Alive by Artificial Means. As part of a custom asset protection and estate plan, an attorney can prepare an advance health care directive and living will in which the person spells out his wishes.

Disabled Spouse. Most people think a power of attorney allows them to act on behalf of a disabled spouse. At times, a Court could require a court-ordered conservator before anyone can act for a disabled adult.

Spendthrift Child. The parents are worried about a child spending his inheritance all at once. They want to delay the distribution of his inheritance over a period of time. A custom asset protection and estate plan allows the parents flexibility.

Avoid Disputes. Parents often want a custom estate plan because they want things to go smoothly among their children.

Alzheimer's Disease Scare. One spouse already has Alzheimer's Disease or is worried that someday he might get Alzheimer's Disease. The couple wants an asset protection estate plan so they don't have to go to court.

Estranged Child. The parents have an estranged child, a child on drugs, or a child they have not kept in touch with. They want either to give money to the child slowly over a period of years or to not give any money. An asset protection estate plan allows the parents to spell out their wishes.

High Estate Value. The value of the estate is greater than the amount of the federal estate tax exemption, meaning the beneficiaries will have to pay IRS the federal estate tax when they inherit the estate. A proper estate plan can help minimize tax liabilities.

Avoid Probate. The married couple wants their estate to avoid probate. They have heard the horrors about how long probate takes and the fights that erupt over assets.

Disabled Child. The parents have a disabled child on Medicaid. Medicaid won't allow the child to have any assets, so the parents want a Special or Supplemental Needs Trust that permits the child to get money only in certain situations.

New Residents. People move to Maryland from another state and want an estate plan that is designed for their new state of residence.

The choice of an attorney is an important decision and should not be based solely upon advertisements.