Downs Law Firm, P.C.
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a critical piece of the planning puzzle.
Q: Is there a difference between a ‘living will’ and a ‘do not resuscitate’ order?
A common dilemma that families face upon the incapacity or death of a loved one is locating estate planning documents. While preparing the documents are the most important step, that is irrelevant if the documents are lost when they most need to be used.
Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
If you’re folate deficient, talk to your doctor about healthy ways to boost your levels.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
Some people think that, because their assets are jointly owned with a spouse or are in a trust, they do not need a Power of Attorney, or that if they become incapacitated, their spouse automatically has the authority to make medical decisions on their behalf.
As we age, our health risks increase. After all, none of us is going to live forever.
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