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Maryland Power of Attorney: What Do You Need to Protect Your Assets? - YouTube
Channel: Chesapeake Wills & Trusts - MD Estate Planning
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Hi this is Greg Jimeno with Chesapeake Wills聽
and Trusts. Let's talk about power of attorney.
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So what is a power of attorney and why do you聽
need one? We talk about estate planning as a聽聽
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to act play act number one is what happens if聽
you're alive and disabled an act number two is聽聽
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what happens to your stuff after your death聽
so often when clients come in to see us they聽聽
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are mainly concerned about act number two which is聽
where does my stuff go who gets it when the client聽聽
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sits across from the table from us the first thing聽
out of their mouth is I want my stuff to go to my聽聽
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kids or I want to make sure stuff doesn't go to聽
certain kids but that's where the primary focus聽聽
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is what's often overlooked is what happens to you聽
and your stuff upon your disability so if you are聽聽
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alive and well you're in control of your stuff聽
you get to decide what you spend your money on聽聽
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you get to decide when to pay the mortgage聽
payment when to pay the electric bill when聽聽
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to pay the water bill you make those decisions聽
for yourself if you're alive and well you get to聽聽
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make the decisions on your medical care do you聽
get surgery do you not get surgery do you get聽聽
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medication what kind of medication you're gonna聽
take those are the sessions that you have to make聽聽
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for yourself while you're alive and competent now聽
if you become disabled you've had a stroke you're聽聽
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in the nursing home you can no longer make your聽
own decisions now who's gonna make your financial聽聽
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decisions for you it's not an easy question is聽
it for so many people when we ask that question聽聽
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who's gonna handle your stuff upon your disability聽
who's gonna handle your financial affairs people聽聽
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rarely have an answer the most common answers we聽
get is well I have beneficiary designations on my聽聽
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stuff that'll be just fine that they'll they'll聽
be able to take care of my stuff or my spouse is聽聽
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on my account so something happens to me my spouse聽
will be able to continue writing checks and making聽聽
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those payments what if you become a widow or聽
a widower what if your spouse pre diseases you聽聽
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and you're the sole person on that account no if聽
it gets to manage that account now just having a聽聽
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beneficiary designation on account doesn't allow聽
that person any access to that account during you聽聽
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lifetime so we encourage people to make sure all聽
your beneficiary designations are up to date it's聽聽
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wise because that is how things will pass after聽
your death back to of the play but who's going聽聽
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to be able to have access to that account during聽
your lifetime upon your disability same thing with聽聽
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your medical care who's gonna be able to make聽
your medical decisions for you if you can't now聽聽
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unless you've designated someone the law books聽
have listed who gets to make decisions for you聽聽
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there's a list of priority as it goes to spouse if聽
not to a spouse and to the kids but again what if聽聽
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you have no spouse then the decision to go to your聽
kids notice I said plural kids I know for anybody聽聽
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watching this video your kids would never fight聽
when it comes to life-or-death decisions or when聽聽
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potentially money's on the line no one's gonna聽
argue in the hospital just play along with me聽聽
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it says all of your kids doesn't says the kids聽
who that one kid who lives closest to you gets聽聽
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to make the decision it doesn't say the kid who聽
called you every Sunday morning gets to make the聽聽
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decision all of your kids are on equal footing聽
what happens if you have three kids and they all聽聽
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disagree on the care you want one thinks they聽
know what you wanted the other one thinks they聽聽
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know what you wanted now the doctors don't have聽
any direction the hospital has to get involved聽聽
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help direct your care you could have avoided that聽
by selecting someone to make that decision for聽聽
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you with a health care power of attorney form聽
healthcare power of attorney says this is the聽聽
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person who gets to make my medical decisions聽
for me if I can't and you can make sure that聽聽
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the person who's making the healthcare decisions聽
for you has access to your medical records the聽聽
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healthcare powers attorneys the we draft all聽
contain what we call a waiver of your HIPPA聽聽
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rights waiver of your federally mandated rights to聽
privacy for your medical records those are great聽聽
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things the HIPAA rights but we want to make sure聽
the people who are in charge of CAIR have access聽聽
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to speak to your doctors and have access to speak聽
to your medical records so while in the law books聽聽
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they have a list of priority of who gets to make聽
decisions for you and whether it's the person of聽聽
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the people you want to make the decision for you聽
or not they do have a list of priority but the聽聽
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law books don't say is if mom is in the nursing聽
home and death is eminent does she want to be聽聽
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kept alive with artificial means does she want聽
a feeding tube unless you make those selections聽聽
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for yourself during the course of your lifetime聽
you are pawning that decision off on your family聽聽
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ahead of time where emotions are high people may聽
not be thinking correctly and you're leaving them聽聽
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to guess so you have an opportunity now to sign聽
not just a medical poverty form but also a a聽聽
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living will document in the living will says if聽
you are diagnosed in one of three conditions a聽聽
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terminal condition a persistent vegetative state聽
or an end-stage condition and by definition all聽聽
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three of those conditions your death has to聽
be eminent do you want to be kept alive with聽聽
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artificial means when do you want a feeding tube聽
so now let's switch our focus for a second to not聽聽
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medical care but now your financial affairs if聽
you've had a stroke you're in the nursing home聽聽
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you're otherwise incapacitated who can access聽
your checkbook who can write checks out of your聽聽
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account who could sell your house if you need to聽
pay for long-term care and you can't execute the聽聽
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documents so unlike in the medical conditions聽
where the law books lists an order a priority聽聽
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for people who can make those decisions for you聽
there is no order of priority of people who can聽聽
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make financial decisions for you so if you don't聽
choose for yourself don't worry the government has聽聽
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a plan for you and don't we all like it when the聽
government has a for us especially when it comes聽聽
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to our finances and telling us when and how we can聽
spend our money so the plan that the government聽聽
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has for you is something called a guardianship聽
proceeding so let's say mom is in the nursing home聽聽
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she's incapacitated she's in the hospital she's聽
had a stroke she can't manage her affairs the聽聽
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mom is the only one on the checkbook how do we get聽
access to that well let's assume also mom hasn't聽聽
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done any estate planning she hasn't planned for聽
act one of the play she signed nope our attorney聽聽
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she has no living trust with a trustee to make聽
those decisions for so now the kids have to go and聽聽
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apply for a guardianship proceeding in the circuit聽
court where the mom resides mom now becomes known聽聽
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as what's called a an alleged disabled person so聽
the kids have to go and get certificates from two聽聽
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doctors to prove that mom is incapacitated then聽
they have to fill out a petition for guardianship聽聽
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and take that to the courthouse now just filing聽
the petition for guardianship and giving the聽聽
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filing fee and handing over the two doctors聽
certificates it doesn't automatically mean that聽聽
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the kids get access to the bank account in the聽
state of Maryland a guardianship is what we call聽聽
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an adversarial proceeding the alleged disabled聽
person has the right to challenge and it can聽聽
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test the imposition of the guardianship so mom聽
now gets a lawyer appointed for her that's right聽聽
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mom's never met this lawyer knows nothing about聽
this lawyer doesn't know the lawyers credibility聽聽
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whether mom would even get along with a lawyer but聽
that lawyer has now been appointed by the court to聽聽
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represent mom in the guardianship proceeding and聽
guess who pays for that lawyer mom so four out聽聽
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of moms assets she has to pay for a lawyer for a聽
guardianship proceeding but she didn't want but聽聽
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that she now needs because she didn't plan so聽
how do we prevent the guardianship process by聽聽
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having an estate plan in place by signing up our聽
attorney giving people the power to manage her聽聽
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Affairs both from a financial affairs and medical聽
every client who comes into our office who does in聽聽
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the state plan we draft carefully drafted powers聽
of attorney to try to prevent the guardianship聽聽
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but more importantly to try to protect your assets聽
to try to allow the person who's doing the estate聽聽
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plan with us to pick who they want to manage聽
their assets who the backup to that person would聽聽
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be oftentimes that prevents family fighting family聽
disputes we have a person in charge she's able to聽聽
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make those decisions you have an opportunity now聽
did not take the government's plan that's there聽聽
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for you but to develop your own plan to put your聽
own people in charge and in place at a time when聽聽
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you want them to be there so to find out more聽
information please visit our website wwlp.com聽聽
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from there you can download a free copy of my聽
book how to protect your home and life savings聽聽
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in Maryland where we discuss a whole array of聽
the state planning topics including powers of聽聽
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attorney and the types of powers of attorney聽
that you want or call our office at 410-590-1900
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