"LADY BIRD" DEED

EXPLORE ESTATE PLANNING OPTIONS AT FIRST SIGN OF ALZHEIMER’S

by William R. Mumbauer - Attorney - www.flwillstrustsprobate.com

A reader asks: The doctor says my husband is in the early stages of Alzheimer’s disease. Although my husband is still competent, he has been forgetful lately and I know over time his condition will only get worse. I’m afraid he will give away our assets or make imprudent investments. How can I protect what we have worked so hard for?

Answer: At a minimum you should ask your husband to execute a Durable Power of Attorney naming you as his agent. This will allow you to protect at least some of his assets from those who might try to take advantage of your husband’s unfortunate condition.

Another possibility might be for your husband to transfer all or most of his assets to you. But this approach is fraught with legal complications and is rarely recommended.

Probably your most viable solution would be to establish a “Living” Trust and then transfer you and your husband’s assets into the Trust. You could then be named as Trustee with the authority to manage all the assets during your husband’s declining years. Of course, don’t neglect to name a successor Trustee in case you also become ill or predecease your husband.

In your case, I believe a “Living” Trust is an excellent option and one that is not prohibitively expensive. However, whatever you and your husband choose to do in the way of estate planning must be put in place before the progression of the disease prevents him from understanding what he is signing.

Mr. Mumbauer, a 5th generation Floridian, has maintained a law practice in Brandon, Florida since 1980 with emphasis on estate planning. Mr. Mumbauer takes special pride in representing the senior community by maintaining a sensitive and practical approach to problem solving. Mr. Mumbauer is a member of the National Academy of Elder Law Attorneys and the Elder Law Section of the Florida Bar. Mr. Mumbauer is also a Mentor in probate law and has been qualified by the Second District Court of Appeal in Florida as an expert witness in matters involving the drafting of Wills. Mr. Mumbauer’s Martindale-Hubbell Peer Review Rating among judges and lawyers for Legal Ability is High to Very High and his General Recommendation Rating is Very High. His articles are based on general principles of law and are not intended to apply to individual circumstances.

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