Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the third in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. The second article examined the Healthcare Power of Attorney and Advance Directive. This third article in the series focuses on a “HIPAA” Power of Attorney. These three documents are the keystone in even the most basic estate … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Financial Power of Attorney
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the first in a three-part series of articles on Powers of Attorney. This first article examines the Financial Power of Attorney. The second article will address the Healthcare Powers of Attorney. The third article in the series will focus on a “HIPAA” Power of Attorney. These three documents are the keystone in even the most basic estate plan. First, what’s … [Read more...] about The Basics: Financial Power of Attorney
Planning for the Sandwich Generation
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. People are living longer and are having children later in life. Due to this combination of demographic factors, many more people are in the “Sandwich Generation.” Someone in the Sandwich Generation has elderly parents while they still have minor children. All too often, they are torn between their caregiving responsibilities for their children and for their parents. … [Read more...] about Planning for the Sandwich Generation
Incapacity Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. People plan to die. We know it’s going to happen. Perhaps we have life insurance to cover our financial responsibilities and care for our loved ones. We may have a Will to divvy up our assets at death. It’s usually not something we look forward to. But, we know it’s going to happen. But, we don’t expect to become incapacitated. Nobody wants to be unable to manage … [Read more...] about Incapacity Planning
You Never Know: Planning for the Unexpected
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. On a hot summer day, few things are more fun than swimming. Hannah Collins went swimming on such a day in the Edisto river near Charleston, South Carolina. She swam often and was nicknamed “river rat” by her father. But, while swimming one summer day, she became infected by an unseen danger, a rare amoeba, Naegleria fowleri, which is known as the “brain-eating … [Read more...] about You Never Know: Planning for the Unexpected
Planning for the Unexpected
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Charlotte Fox was an adventurous woman. She was a serious mountain climber and reached the summit of some of the world’s tallest mountains. She became the first American woman to climb three peaks above 8,000 meters, including the world’s tallest peak. She was a member of a climbing party on Mount Everest in 1996 which encountered disaster on their descent. Several … [Read more...] about Planning for the Unexpected
Who Can Create a Power of Attorney?
Your estate plan should be holistically prepared to address the eventualities of aging along with the postmortem process of asset distribution. Incapacity planning is part of the equation. Because many people become unable to handle their own affairs late in their lives, powers of attorney are often used. With a power of attorney you can name someone else to act on your behalf. This representative is known as the agent or attorney-in-fact. A standard power of attorney that is not designated as … [Read more...] about Who Can Create a Power of Attorney?
Should I Have a Durable Power of Attorney for Health Care?
It is important to consider the eventualities of aging if you want to be comprehensively prepared for the future. Incapacity is one of the challenges that you may face. To prepare for this possibility, you should consider the execution of a legally binding document called a durable power of attorney for health care. Powers of Attorney A power of attorney is a legal device that is used to name an agent or attorney-in-fact to act on your behalf. People sometimes execute powers of attorney even … [Read more...] about Should I Have a Durable Power of Attorney for Health Care?
What Is the Difference Between a Limited and a General Power of Attorney?
A comprehensive estate plan will go beyond the transfer of assets after you die. It will also include preparations for the eventualities of aging. Many people become unable to handle their own affairs when they reach an advanced age. A legal device that is used to name a representative to act on your behalf is a power of attorney ("POA"). A particular type of POA is used to account for the possibility of incapacity. Limited and General Powers of Attorney There are different types of powers … [Read more...] about What Is the Difference Between a Limited and a General Power of Attorney?
Don’t Overlook These Details
Estate planning obviously entails making preparations for the transfer of financial assets to your loved ones after you pass away. However, there are some additional details to consider, and we would like to take a look at a few of them here. Incapacity Planning Individuals who reach an advanced age sometimes become unable to make their own medical and financial decisions. If you do nothing to prepare for this contingency and you do in fact become incapacitated, a conservator can be appointed … [Read more...] about Don’t Overlook These Details
