What is a Living Will?

Directive to Physicians is the legal name for the document known as a living will.  This legal name is appropriate because the purpose of a living will is to provide direction to medical professionals and loved ones on the type of care you wish at the end of your life. A list of specific procedures that should or should not be performed can be included. A person can be named to make decisions for you if you are Read More

Four Documents Every Estate Plan Needs

The four documents that create the foundation of a good estate plan are a will, medical power of attorney, durable (financial) power of attorney and a living will.  Each of these documents provides protection for specific issues associated with death or incapacity. A will details your wishes after you pass away. A will allows for a smooth transition for the loved ones you leave behind.  It will designate someone to Read More

Different Types of Power of Attorney

The two types of power of attorney are medical and durable.  A medical power of attorney addresses who should make medical decisions if you are unable to make them for yourself.  A durable power of attorney addresses financial decisions.  Either power of attorney can be customized to fit the needs of your situation. A medical power of attorney allows any adult to specify who should or should not be allowed to make Read More

Executor’s Role in a Probate Proceeding

The executor’s role is to ensure that the terms of a persons will are followed or if no will exists to ensure the estate is transferred in compliance with state law.  There are several steps in this process. Identify the assets. Collect or otherwise take control of the assets. Identify the debts. Pay debts. Distribute any remaining assets. Identifying the assets is essentially determining what is owned and Read More

Why do I need a Will?

No one likes to think about their own death which makes it hard to prepare for this inevitable occurrence. Having a will provides a guide for those you leave behind and helps ensure they will be protected.  Furthermore, if you don’t have a will the state has one for you and it may not fit your needs.  A properly drafted will provides peace of mind for those you leave behind.  A good will answers four Read More

The IRS is Ramping Up Employment Tax Audit Activity

In an effort to close the tax gap, the Internal Revenue Service (“IRS”) is increasing audits of employers related to employment tax issues.  Now in its third year of the Employment Tax Research Project, the IRS is looking at the payroll practices of 6,000 employers to identify compliance failures. The IRS is focusing on four main areas including: Executive Compensation Fringe Benefits Expense Read More