Reasons to Create an Estate Plan Now

Have you ever said or overheard someone else say I do not need a Will, Power of Attorney or Advance Care Directive?  Some of the reasons given are they think they are too young to become disabled, they own everything with their spouse or that they never get sick. While these excuses may sound acceptable, in reality by failing to plan you are gambling with you possessions, interests and even your life.

By not engaging in estate planning you are allowing  laws enacted by the legislature to make your decisions. These statutes may or may not make the same choices and decisions that you would regarding your healthcare and assets. Having professionally prepared estate planning documents eliminates this uncertainty.

During the next year, several questions  that clients frequently ask me  concerning estate planning will be reviewed in a series of articles, blogs and newsletters. These questions include the following:

  • How should I choose who controls my healthcare and end of life decisions if in the future I become disabled?
  • How should I choose who controls my financial affairs if in the future I  become disabled or when I die?
  • My spouse and I have made a number of large gifts over the years. Will those gifts impact Maryland or federal estate tax?
  • I want to decide who inherits and when they inherit after I die. What planning is available to me?
  • I own property in two or more states. I  do not want to have estates in multiple states after I die. How can I prevent this from occurring?
  • I want to want to avoid probate. Are there alternatives to Revocable Living Trusts?
  • I have children from two or more marriages. What can I do to ensure they and my current spouse are all treated fairly in my estate plan?
  • I have a special needs child. What planning is available so he/she can maintain their benefits?
  • I have minor children. How can I prevent infighting among family members and also ensure who shall raise them if I and their mother both die while they are still under the age of majority?

These questions are each equally important to individuals in different situations. If any of these questions apply to you, be sure to check in to our “News” section as we provide comprehensive answers to these issues. If the matter is urgent, please do not hesitate to contact the office to have it addressed directly by Mr. Richard Abraham.

 

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