Downs Law Firm, P.C.

Laurel Maryland Estate Planning Blog

Pope Francis inspires

Aging with Purpose: Lessons from Pope Francis

Regardless of your religious beliefs, Pope Francis can inspire all Seniors to age with purpose. With age comes wisdom and sometimes physical and health challenges that affect even the pontiff. Pope Francis, at 88, continues to exemplify resilience and dedication, even as he faces significant health challenges. Recently he has been  hospitalized due to double pneumonia and a complex lung infection, conditions that have required intensive medical care. Despite these serious health issues, the Pope remains alert and has continued to fulfill some of his papal duties from his hospital room, such as signing decrees for new saints. His openness about his health struggles serves as a powerful example for seniors worldwide, demonstrating that physical limitations need not hinder one’s purpose or contributions. Cardinal Kevin Farrell has highlighted the Pope’s transparency, stating that it encourages older adults to acknowledge their limitations while continuing to engage actively in life. Pope Francis has also been a vocal advocate for the elderly, instituting the World Day for Grandparents and the Elderly to honor their invaluable contributions to society. He emphasizes that aging should be viewed as a blessing, urging seniors to embrace their later years with gratitude and purpose. The Pope’s journey underscores the importance of proactive planning in the later stages of life. Engaging in thoughtful estate planning can provide peace of mind and security for individuals and their loved ones. Addressing healthcare directives, powers of attorney, and asset distribution ensures that one’s wishes are respected, regardless of health challenges they may arise. “Along with old age and white hairs, God continues to give us the gift of life and to keep us from being overcome by evil,” Pope Francis has said. “Aging is not a condemnation, but a blessing!” Pope Francis truly inspires us to age with purpose!   Reference: ABC News (May 10, 2022) “Cardinal: Pope’s wheelchair use an example to older adults”

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Power of Attorney

Power of Attorney Requires Trust

If you think of an immediate power of attorney, take your time and decide carefully. When you create a power of attorney, the authority granted in that document can be immediately effective or alternatively can be activated only by documented proof that you are incapable of acting. Everything in life has its advantages and disadvantages. The immediate power of attorney is excellent because it is very easy to use. It can be not so great because it is equally easy to misuse. However, that requires some very careful thought before making the decision, according to the Glen Rose Reporter in “Should you add hot powers to your power of attorney?” The “hot” powers are well-named since they give a financial power of attorney considerable power. This gives an agent a lot of leeway during one’s lifetime. It allows the agent to create, amend, revoke, or terminate a trust during the principal’s lifetime. The agent may also be given the power to make gifts to themselves or others. They can also include other special powers, such as the powers to create or change rights of survivorship, create or change a beneficiary designation, and authorize another person to exercise the authority granted under the power of attorney. These extraordinary powers can be very helpful for long-term care planning if someone is currently or will soon need nursing home care. The agent’s gifts are further limited to being consistent with the principal’s objectives if the agent knows what those objectives are. However, if the agent does not know what those objectives are, he or she must still make sure the gift is aligned with the principal’s best interest based on the value and nature of the principal’s property, foreseeable obligation, and the need for maintenance. The person holding the power of attorney needs to know their responsibilities, and if they are given “hot” powers, they need to be informed what those specific powers are. If the agent is someone other than a spouse or descendant, that agent may not make gifts to themselves. A spouse or descendant, however, could make gifts to themselves. It boils down to the degree of confidence you have in the person you are empowering in your power of attorney. The person does not need to be a financial genius. They can hire advisors. However, there is no replacement for trustworthiness. Reference: Glen Rose Reporter (Jan. 3, 2019) “Should you add hot powers to your power of attorney?” Estate Planning Attorney Can Help Avoid Family Feuds

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pick a guardian

How to not pick a guardian

You need an answer to the critical question of “Who raises your child?”: it’s a paramount parental duty. An imperfect plan would be far better than none at all.

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inheritance tax

Maryland’s Proposed Inheritance Tax and Estate Tax Changes

While this proposal is still subject to legislative approval, if enacted, it would expand the number of estates subject to Maryland estate tax, potentially increasing the tax burden on families and heirs. If your assets exceed $2 million, now is the time to reassess your estate plan and consider tax-saving strategies.

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