In Maryland, elder laws protect seniors against those who wish to take advantage of them. By utilizing these laws, seniors possess the opportunity to take control over their property and assets. Provisions identified in directives and estate plans protect these seniors. Elder Law Attorneys in Annapolis MD help by officiating these plans.
Creating the Estate Plan
The estate plan encompasses several documents to identify the senior’s wishes. They begin with the living will. The living will identifies if the senior wants life-saving treatment if they become incapacitated or require life support.
The will identifies what family members acquire the senior’s property and assets. The probate court distributes these items to the family members. The senior has the right to include provisions for the distribution of their wealth.
Preparing a Health Care Plan
A health care plan or directive identifies what doctor provides the senior’s care if they are incapacitated. They utilize a power of attorney to give a family member certain rights. These rights include managing their finances, scheduling doctor’s appointments, and maintaining their property. The power of attorney includes restrictions to protect the senior from abuse. Family members fight for a guardianship assignment when seniors don’t have these plans.
Assigning a Guardianship
A guardian assignment entitles a family member to make decisions for the senior. They allow the family to choose a doctor and decide if the senior enters a nursing home. These guardians have control over the senior’s assets and property. However, the court introduces provisions to monitor the level of care provided.
Reducing Tax Implications
Seniors or estate owners reduce tax implications by transferring their wealth. They create trusts and foundations for these purposes. Once the money is transferred, it is no longer a part of the estate. These tactics help them to protect their assets from creditors.
Seniors in Maryland protect their assets and enforce their rights through elder laws. These statutes prevent family members, creditors, and outsiders from taking advantage of the senior. They allow the senior to ensure that the state distributes their assets and property as they wish. Seniors who need assistance formulating these plans hire Elder Law Attorneys in Annapolis MD now. For more infornation you can visit karpouzianlaw.com or their Facebook page.