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September 27, 2011
Establishing durable power of attorney is a good idea for anyone that has bills to pay or wants to have a say about medical treatments they receive. POA is a legal document that gives permission to another person to make decisions on your behalf if you become injured or too ill to make decisions or are out of town and unable to appear in person.
Durable power of attorney documents need to be executed for both personal finance and health care. The person who will be in charge of making decisions is known as the attorney-in-fact. This individual is usually a spouse, parent, or relative, but can be anyone you desire.
February 05, 2009
An irrevocable life insurance trust is a useful tool for your estate planning arsenal. Not only does a life insurance trust exclude death benefits from estate taxation, it also keeps life insurance proceeds from undergoing the probate process.
Upon establishment of an irrevocable life insurance trust (ILIT), your life insurance policy is held inside the trust. A contract is used to administer the policy and assigned benefits for designated beneficiaries. Although the life insurance policy cannot be changed once the ILIT is established, the owner retains control over how beneficiaries will receive their benefits.
January 25, 2009
Estate planning is important regardless of your age, income, assets or health. Many people procrastinate about planning for the distribution of assets in the event of their death. Some people feel they don't have enough money or personal belongings to justify executing a Will. Others think they are too young or in too good of health to start planning for their death. However, estate planning involves more than deciding who you want to inherit your belongings when you die.
At minimum, estate planning requires executing basic legal documents to protect your loved ones. Everyone should draft a Last Will and Testament; Power of Attorney; and Living Will or Healthcare Proxy.
January 15, 2009
An estate planning lawyer specializes in helping people create a plan to protect their assets. Estate planning involves executing legal documents such as trusts and wills; designating beneficiaries and the assets they will inherit; and appointing estate administrators to oversee your estate.
An estate planning lawyer can also ssist in executing a Durable Power of Attorney and Healthcare Proxy; establish guardianship for minor children; and designate payable-on-death and transfer-on-death beneficiaries to transfer real estate, financial holdings, and other valuable assets.