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The following article was published in Your Health Magazine. Our mission is to empower people to live healthier.
Terry Douglas, Maryland Elder Law Attorney
Problems That Could Cost Your Family a Fortune
Douglas Law Office

Problems That Could Cost Your Family a Fortune

Guardianships. Protect your assets from the high costs of incapacity by (1) setting up a Living Trust so you avoid the need for a guardianship, (2) drawing up an Advance Health Care Directive, and (3) drawing up a Financial Power of Attorney.

Unwanted Medical Care. Protect your assets from unwanted and costly medical care by having an Advance Healthcare Directive and Health Care Powers of Attorney that spell out your instructions, including which medical care, treatment, and procedures you want.

Nursing Home Care. Protect joint assets from the high costs of nursing home care. Buy long term care insurance that covers nursing home care and provides a death benefit that returns the money spent on nursing home care to your heirs.

Unwanted Emergency Care. Protect your assets from unwanted emergency care. If you have a terminal illness, you can draw up and sign a Pre-hospital Medical Directive that will tell emergency personnel not to resuscitate you in the event of a medical emergency. This directive is referred to as a “Do Not Resuscitate Order”.

Ineffective Estate Plans. Protect your assets from an ineffective estate plan. Don't depend on pre-printed form kits or document preparation services for your estate plan. Contrary to what you may have heard or read, one size does not fit all. You may think you have precisely what you need. But you will never know because your family members will have to clean up the mess. You see, after you die, your family members will try to use your documents to settle your estate. And if the documents weren't drafted correctly, they will cause additional expense and delay because a probate will have to be done to convey title to your assets.

Lawsuits and Creditors. Protect the property you leave to your spouse and children from the claims of their creditors, ex-spouses, in-laws, and the IRS. This can best be done with proper creditor protection provisions in a Revocable Living Trust.

Inexperienced Beneficiaries. Protect your assets from being wasted by young or inexperienced family members. Most beneficiaries spend their entire inheritances in less than two years, regardless of the size of the estate or the heir's socio-economic background. Your lawyer can set up your Family Trust with protective provisions that provide guidance and safeguard your life savings.

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