CNBC conducted a survey and reported that 67% of Americans do not have an estate plan. The root cause of why they overlook it can be traced back to a variety of reasons. Young professionals may assume that it isn’t a priority because of their age and that they have ample time to create one. Others could hold the false position that they simply don’t have enough assets to warrant the costs of hiring an Read More
Power of Attorney for College Students
As parents begin to prepare their high school graduates to leave for college the to do list can get quite lengthy. One item that should be near the top is getting a medical power of attorney. This is necessary because your child is now or likely soon will be eighteen and a legal adult. This newly acquired adult status is often overlooked and comes with many new rights and responsibilities. For example, your child Read More
Planning for a Possible Future Incapacity
We all hope to live a long fulfilled life. That picture usually includes living in the home of our choice and making all of our decisions. However with modern medicine prolonging life spans, more and more people are finding themselves needing care at the end of their life. This care can be as simple as someone coming in to clean the house, help with household chores and fix a few meals. The other extreme is the Read More
Planning for Non-Traditional Families
While the need for proper estate planning is the same for both traditional and non-traditional families, some of the planning techniques used are different. Same sex couples are not treated the same as traditional married couples for many purposes and while these differences in treatment present challenges, they are not insurmountable with proper planning. Same sex couples, just like opposite sex couples, must have 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
