Estate Plans Top 8 Situations To Avoid

By Terry Douglas, Maryland Elder Law Attorney

Douglas Law Office

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Estate Plans Top 8 Situations To Avoid

Kept Alive by Artificial Means. Many people are worried about being kept alive by machines. As part of a custom asset protection and estate plan, an attorney can prepare a living will and a Maryland Advance Health Care directive in which you spell out your wishes in the case of a life-threatening injury or illness. You can also designate a person that you trust to communicate with your doctor when you are unable to do so.

Alzheimer's Disease Scare. One spouse already has Alzheimer's disease or is worried that someday he might get Alzheimer's disease. Or, what happens when mom dies first and dad is left alone at home with memory loss?

Disabled Spouse. Maryland requires a court-ordered conservator or a power of attorney before anyone can act for a disabled or incapacitated adult. While Maryland has surrogacy laws in place, a living trust can alleviate many of the issues consistent with a guardianship.

Avoid Disputes. Parents often want a custom asset protection and estate plan because they want things to go smoothly among their children. If they think one child might cause a dispute, setting up a carefully designed estate plan usually avoids that problem and keeps the children from ending up in court before a judge.

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 5 or 10 years. A custom asset protection and estate plan allows the parents flexibility to do as they wish.

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 not to give any money to the child. An asset protection and estate plan allows the parents to spell out exactly how and when their heirs receive their 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 Needs Trust that permits the child to get money only in certain situations. This is one of many reasons the parents want an estate plan.

Avoid Many Problems of Probate. The married couple wants their estate to avoid the substantial issues associated with probate. They have heard the horrors about how long probate takes and the fights that erupt over assets. Often, they have family or friends who have been involved in the probate process. You and your family can avoid the issues associated with probate with a custom asset protection and estate plan.