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Month: March 2023

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Vacations can be the perfect opportunity to relax, disconnect from work and responsibilities, and enjoy your spouse, partner, kids’ or friend’s company. But before you head off on your next getaway, there’s something else you should consider doing that might not sound quite as fun—creating an estate plan. While it may not sound like the most thrilling way to spend a day, here are some reasons why you need to think about your estate plans before you travel.

  • An estate plan ensures any medical decisions needed while away from home will be handled according to your wishes, and with as much ease as possible, no matter what the rules are where something happens. If you fall ill or become injured and can’t make medical decisions for yourself, your estate plan will ensure that decisions will be made by the person you choose, and with your indicated desires for your care at the forefront.
  • Without an estate plan in place, your family or friends could have a heavy lift to get you back home, locate your assets, keep your bills paid, and even ensure your children get taken care of by the right people in the right way.
  • Lastly, an estate plan ensures that any debts or liabilities are taken care of properly in case something happens while on vacation. This can help prevent creditors from trying to collect from surviving family members after the fact — something no one wants to deal with during such a difficult time.

Yes, Even Married Couples Need an Estate Plan

You might think that because you’re married, you don’t need an estate plan. Or you might even think your will is enough and would just handle everything. But that’s generally not the case.

Even if you’re married, you still need medical powers of attorney, making it clear that you want your spouse making medical decisions for you, or even potentially adding in additional decision-makers. You still want a living will to give clarity on how you want medical decisions made for you.

Finally, if you have dependent children, you want to ensure you’ve made it as easy as possible for their care needs to be continued by the people you want, in the way you want. Without a plan in place, decisions around their care could be tied up for months, including access to the financial assets their caregivers would need to ensure they have what they need along the way.

The Benefits of Working With an Attorney

While you can create an estate plan without legal assistance, there are serious risks to the people you love, if your plan isn’t completed, not updated after it’s been done once, or not completed properly. The only real guarantee for the people you love to have as much ease as possible, is if you work with an experienced attorney specializing in estate planning, and particularly Life & Legacy Planning. We understand what needs to go into a thorough and complete estate plan — as well as the potential pitfalls or issues that could arise due to your unique personal and family dynamics — so you can rest assured knowing everything is being taken care of properly before you embark on your trip.

We can advise you on other important documents such as Wills, Trusts, powers of attorney (POA), health care directives (HCD), and guardianship paperwork (for minor children) so you can make informed decisions based on what you want to have happen if you become incapacitated or die. All these items should be considered when creating an effective estate plan — especially when one or both parties will be traveling outside their home country at any point.

Don’t Let a Lack of Planning Dampen Your Vacation Spirits!

Taking a few simple, yet critically important, steps now can save you and your family considerable headaches down the road if anything were ever to happen while on the road—not only do we want you to enjoy each moment spent together, but we want peace of mind knowing that whatever comes your way is handled according to your wishes!

We can help put a plan together now so that you don’t forget about this important task before packing up for your next adventure. Making sure all your affairs are in order will ensure nothing stands in the way between you and enjoying time together! Contact us today to get started.

This article is a service of Brittany Cohen, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

[email protected]

858-427-0539

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As the world and its laws continue to evolve, everyone needs to keep their estate plans up-to-date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual’s current legal and financial situation should be considered to create a comprehensive estate plan tailored specifically to their needs.

Ensure Your Wishes Are Respected

The primary reason to update an estate plan is to ensure that an individual’s wishes are respected upon death. For example, suppose an individual has recently acquired valuable property or has had changes in family structure (such as marriage or children). In that case, updating the documents that outline how assets should be distributed is important. If the documents aren’t updated, this could lead to disputes between family members and legal complications when probate occurs. Additionally, if laws change at the state or federal level, those changes need to be incorporated into the existing estate plan to remain valid and effective.

Ensure Your Loved Ones Are Protected From Tax Implications

Another reason for updating an estate plan is for future tax planning purposes. Without proper planning and asset allocation, taxes can significantly reduce the amount that beneficiaries receive after one’s death. Additionally, some states have transfer taxes on certain assets (such as real estate), which must be factored into one’s estate planning decisions. In addition, changes in federal tax law may affect whether other taxes, such as capital gains tax, applies at the time of death or while transferring assets during life – thus providing additional incentive for individuals to review their plans regularly with their advisors and make necessary updates when necessary.

Ensure Your Medical Decisions Are Handled With Care

Estate planning also encompasses contingency plans in case of incapacity due to illness or injury – commonly referred to as disability planning. This means creating end-of-life documents such as Advance Health Care Directives, which list specific instructions about medical treatments that should be administered if certain conditions arise – such as if a person suffers from dementia or a traumatic brain injury and can no longer make decisions on their behalf. This planning can provide peace of mind knowing that an individual’s wishes will be respected even if they cannot make decisions themselves due to illness or injury.

Ensure You Leave a Legacy For Your Loved Ones

Finally, updating an estate plan allows people to express gratitude for those who have helped them over the years – whether it be through providing advice on financial matters or being there simply by offering emotional support during difficult times – by including them in a legacy interview with our firm. Specific instructions can also be included in your plan regarding how charitable donations should be handled after death – enabling individuals who wish to donate part of their wealth to leave behind a lasting legacy that furthers causes they believe in long after they pass away.

Keep Your Estate Plan Up-To-Date

In conclusion, having an up-to-date estate plan helps ensure that your wishes are respected upon incapacity or death; protects you from unnecessary taxes; helps with disability planning; and allows you the chance to express appreciation towards those who have had a positive impact on your life while still alive. Therefore, estate plans should consider current circumstances and anticipate future events to avoid any potential problems. We hold regular reviews of your estate plan through the stages of change in your life or every three years. Contact us today with your questions about your current plan and if you need an update.

This article is a service of Brittany Cohen, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

[email protected]

858-427-0539

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Making important decisions for aging parents can be a challenging task, but power of attorney (POA) can provide peace of mind and clarity in times of need. POA enables individuals to make crucial decisions on behalf of their parents, such as managing their finances or making medical decisions, when they’re unable to do so themselves due to age or illness.

While it may be difficult to approach this topic with your parents, having these discussions early on can help ensure that you follow their wishes if their health changes over time. Starting the conversation with empathy and understanding can make all the difference.

In this article, we’ll explore how to obtain power of attorney for elderly parents and provide helpful tips on how to approach these discussions with warmth and care. After all, our ultimate goal is to ensure that your aging parents receive the best possible care and support.

What’s a POA?

According to the American Bar Association, POAs are legal documents, which vary between states, that provide a person, or several individuals, with the power to perform actions on behalf of someone else. The individual with a POA is an agent, whereas the principal refers to the person who is having their affairs managed by other individuals. Agents can only perform actions outlined within the POA document. Moreover, if someone agrees to a POA, they can still make their own decisions, providing they can still do so coherently. This means the agent cannot make exclusive decisions on behalf of the principal.

POA Types

Below is more information regarding the different POA types:

  • General: For this POA, the agent can manage the principal’s affairs for a specific period, and the principal may revoke this at any point. These automatically finish if the principal becomes incapacitated and are common when an individual can still see to their affairs but prefers that someone else does this for them.
  • Durable: These POAs continue after the principal becomes incapacitated and are more common when someone cannot manage their affairs. They can conclude in many ways, including once the principal dies or if the agent completes the conditions within the POA document.
  • Springing: The terms in this POA don’t take effect unless the principal becomes incapacitated. For this POA, the principal remains in control of their affairs until they lose capacity.
  • Medical: These POAs allow agents to make the principal’s medical decisions. They last until the principal is competent and might also expire after a certain period mentioned in the document.
  • Limited: These limit the agent’s ability to make decisions regarding certain tasks as outlined in the POA document, such as paying bills or selling a house. Limited POAs are usually temporary and end when the principal loses capacity.

Why and When to Consider a POA For Your Aging Parents

Here are the common reasons why individuals may consider getting a POA:

  • Finance issues: POAs enable individuals to continue paying their parents’ bills and manage their finances when their parents struggle to fulfill these obligations.
  • Serious illness: Having a POA for an elderly parent can be helpful as it allows them to focus on getting better and reduces the stresses associated with managing their affairs.
  • Memory issues: Individuals commonly obtain a POA to manage their parents’ affairs if they develop dementia. It’s helpful to note that it’s necessary to obtain the POA before the parent loses their capacity.
  • Surgery: When an elderly parent is undergoing surgery, it might be a good idea to obtain a POA so individuals can make decisions on their parents’ behalf and manage their affairs until they’ve fully recovered.
  • Frequent travel: Some elderly parents like to travel frequently, so POAs can be useful here for ensuring their affairs remain in order while they’re away.

How Do I Choose a POA For My Parents?

When considering a POA for your aging parents, there are several things to keep in mind. The most crucial factor is trust – you must choose someone you can rely on to make decisions in your parents’ best interests and follow their wishes.

While family members are often chosen for this role, it’s important to consider whether they’re the best fit. If you think an objective outsider may be better suited to the task, such as a lawyer, accountant, or financial institution, this is also an option, although it may come with additional costs.

Before agreeing to be a POA for your parents, it’s essential to have a thorough discussion with them to understand their needs and preferences. Different types of POAs have different levels of responsibility, and it’s important to clarify what your parents expect from you. If your parents need help with medical decisions, for example, this will require more involvement than if they only need assistance with financial decisions.

Finally, it’s essential to understand the financial implications of becoming a POA. You’ll need to keep your finances separate from your parents’ and be prepared to justify any decisions you make to avoid legal issues.

Choosing a POA for your aging parents is a significant decision, and it’s essential to approach it with care and sensitivity. By having open and honest discussions and seeking objective advice, you can ensure that your parents receive the best possible care and support.

Contact Us To Learn More About Obtaining A Power Of Attorney For Your Elderly Parents

If you have elderly parents, it’s understandable that discussing power of attorney (POA) may be a sensitive topic. However, starting these discussions as early as possible can bring peace of mind and clarity in the future.

When approaching these conversations, it’s important to consider your parents’ health and well-being. Let them know that you’re there to support them and that you will only use the POA powers if it’s absolutely necessary. It’s a promise that can help reassure your parents that you have their best interests at heart.

Additionally, it may be helpful to seek the guidance of an experienced estate planning attorney. They can provide objective advice and alleviate any concerns that your parents may have. We understand that this is a difficult process, but we’re here to help. Please feel free to contact us today to learn more about how we can assist you and your family.

This article is a service of Brittany Cohen, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

[email protected]

858-427-0539

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As a parent, you’re quite accustomed to managing your children’s legal and medical affairs, as circumstances require. If your child requires urgent medical attention while away from you, a simple phone call authorizing care can do the trick. But what happens when those “children” turn 18, now adults in the eyes of the law, and need urgent medical attention far from home?

The simple fact is that the day your child turns 18, he or she becomes an adult and has the legal rights of an adult. This means that you lose your prior held rights to make medical and financial decisions for your child unless your child executes legal documents giving you those rights back. Without the proper legal documents, accessing medical information and even being informed about your adult child’s medical condition can be difficult and in some cases, impossible.

When sending kids off to college, it’s crucial to consider the legal implications of an accident or medical emergency on your ability to stay informed and participate in important decision-making for your young adult child. Medical professionals are responsible for following the Privacy Rule of the Health Insurance Portability and Accountability Act (HIPAA), which ensures medical privacy protection for all adults. Once your child turns 18, they are (from a legal perspective) no more attached to you than a stranger, making communication about medical issues is tricky if your child is incapacitated and not able to grant permission on their own.

In most states, these three legal documents can make all the difference when a medical crisis strikes and your young adult child is far from home. When utilized together, they can ensure a parent or trusted adult be kept in the loop about care and treatment when a child over the age of 18 experiences a medical event while they’re away at college, traveling, or living far from home. As with most legal documents, the law varies from state to state, so be sure to seek out the counsel with us to determine which forms suit your situation best.

HIPAA

Essentially like a permission slip, this authorization allows your adult child to specify who is allowed access to their personal medical information. Specific information can be specifically withheld, such as drug use, sexual activity, and mental health issues so that additional privacy can be protected if desired.

Medical Power Of Attorney

Designates an agent to make medical decisions for the young adult. This could be you, as the parent, or another trusted adult. Each state has different laws governing medical power of attorney, requiring different forms. Be sure to check with us to be sure you’re following the laws of your state and the state where your child resides.

Durable Financial Power Of Attorney

Allows the parent or another trusted adult to take care of personal business if the adult child cannot do so. This form would allow the parent to take care of such important tasks such as signing tax returns, paying bills, and accessing bank accounts for the incapacitated adult child. A durable power of attorney is powerful and gives broad access to sensitive financial and legal decision-making and should only be given to a trusted relative or friend.

The milestones come quickly once children graduate high school and enter the big, wide world away from home. As your family navigates these significant rites of passage, consult us to determine the steps necessary to ensure excellent communication and peace of mind when a medical emergency arises. Consider including your young adult children in the process. We’re here to help your family establish the legal and medical protections needed to live your desired lives. Contact us today to schedule your Family Wealth Planning Session for your family and get the right documents in place for your kids.

This article is a service of Brittany Cohen, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

[email protected]

858-427-0539