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Tag: Durable power of attorney Maryland

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Tell Someone about Your Advanced Medical Directives

MP900448483If you have a health care power of attorney and living will, you should make sure that someone you trust knows where to find them.

It is very easy to get advanced medical directives today. You can often get living wills and health care powers of attorney as part of the process of admission to a hospital. If you tell a doctor about your wishes, it is often good enough for the doctor to make a note of them in his or her notes. However, getting those documents at a hospital or by telling a doctor can be a problem.

The system of medical records used in the U.S. does not make it easy for doctors to know that you have expressed your wishes ahead of time, especially when they actually need the information as The New York Times reports in "You've Detailed Your Last Wishes, but Doctors May Not See Them."

There is a potential way to mitigate the possibility that this problem will happen to you. Get your living will and your health care power of attorney ahead of time, by going to an estate planning attorney. These documents are routinely created as part of the estate planning process.

Once you have created the documents, you should store them in a secure place.  However, do not stop there. Make sure that someone you trust knows where to find the documents. That person can then get them when needed, to the doctors providing care for you.

This is not a perfect plan that will work all of the time, but it is better than relying on the current system of medical records.

Reference: New York Times (March 27, 2018) "You've Detailed Your Last Wishes, but Doctors May Not See Them."

 

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Planning for Accident or Illness

MP900314367It is impossible to know whether you will ever have an accident or have an illness that will leave you incapacitated.  However, you can easily plan for dealing with it should it happen.

Most people generally understand that the older they get, the more likely they are to suffer from cognitive decline because of Alzheimer's or some other form of dementia. As people get older, they often begin to prepare for what will happen if their time comes and they become incapacitated.

What people do not think about is that elder dementia is not the only way people can become incapacitated. There are no age requirements for disabling accidents or illnesses. Everyone, no matter their age, should plan for what would happen if they are incapacitated. It is not difficult to do, as TC Palm discusses in "Be as prepared as you can by planning for incapacity."

To get started, schedule an appointment with an estate planning attorney. The attorney can prepare the necessary documents for incapacity.

You will need a general durable power of attorney, so someone else has the authority to handle your day-to-day finances. A health care power of attorney will allow someone else to make your health care decisions. A living will lets you decide ahead of time what medical means can be taken to prolong your life.

Consider taking another step at the attorney’s office and get an estate plan, just in case an accident or illness does more than incapacitate you.  A thorough estate plan prepares you and your loved ones for illness and death.

Reference: TC Palm (Feb. 20, 2018) "Be as prepared as you can by planning for incapacity."

 

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Last Minute Estate Planning

If you have avoided getting an estate plan and are now facing the prospect of death, it might not be too late for you to get a Maryland estate plan that protects the interests of your family.

Ideally, you should get an estate plan long before you become terminally ill. However, not everyone really thinks about the prospect of their own death until it is imminent and that is somewhat understandable. When faced with the prospect of death do not assume you do not still have time to get an estate plan.

There is still be time to do some planning to help your family, consult Profit Law Firm to find out how.

Recently, NASDAQ listed some estate planning tips for people in that situation in “6 Estate Planning Tips for Those Approaching Death,” including:

  • Make sure to get powers of attorney in place so when you become incapacitated someone else will be legally able to handle your affairs.
  • Come up with a plan for your estate to avoid probate with the help of a Maryland estate planning attorney and make sure all of your assets are titled appropriately.
  • You may want to consider swapping assets for capital gains tax purposes, but only do so after talking to your attorney to make sure you do everything correctly.
  • It might be a good time to make donations to charities you support.
  • Review any life insurance policies you have to make sure the beneficiary designations are still appropriate.
  • Talk to your attorney about the best strategies to avoid income and estate taxes for your family. This could include avoiding income in respect of decedent issues.

Reference: NASDAQ (July 26, 2016) “6 Estate Planning Tips for Those Approaching Death,”