Healthcare Power of Attorney
- What is it? A Healthcare Power of Attorney, also known as a medical power of attorney, allows you to appoint a trusted person to make medical decisions for you if you become incapacitated and can't make those decisions yourself.
- Why is it essential? Life can be unpredictable, and during a health crisis, every decision matters. It's imperative to have someone who understands your health wishes, can communicate effectively with medical professionals, and can make critical decisions promptly.
Financial Power of Attorney
- What is it? A Financial Power of Attorney gives your appointed agent the authority to manage your financial affairs. This can include paying bills, handling investments, or even selling property on your behalf.
- Why is it essential? If you're incapacitated, bills still need to be paid, investments managed, and your financial affairs need to be in order. Your agent will ensure that your financial world keeps spinning, even when you can't personally oversee it.
Now, let's take a deeper dive into why these documents are crucial as we age:
Avoiding Court Intervention:
Without a POA, if you become incapacitated, your loved ones may have to go through a costly and time-consuming court process to manage your affairs. A valid POA helps your family avoid this probate process, saving them time, emotional toll, and money.
Privacy:
Unlike wills that become part of public records, POAs are private documents. This ensures your personal matters remain personal.
Mitigating Family Disputes:
A clear POA can help avoid potential family conflicts by stating your wishes explicitly, thus leaving no room for interpretation or disputes.
Tax Considerations:
Proper estate planning, including effective use of a POA, can reduce the tax burden on your heirs, potentially saving them a significant amount of money.
Avoiding… Financial Disaster
- Foreclosure – It’s simple – if you have a long period of illness and can’t manage your funds you can lose your house. Your mortgage company does not know you’re unwell and are unable to physically make payments – and typically couldn’t do anything with that information if they did. And your family may not have the ability to pay themselves, or access to your accounts to do so on your behalf.
- Tax and Utility Payments – If you’re a business owner in particular, there can be serious financial consequences if you’re not filing your quarterly tax returns (depending on your business). Or if you are required to make separate tax payments for rental or investment properties, it can put those assets at risk. And in many climates, simply having the utilities turned off can be disastrous for physical assets.
Taking Steps Now
We understand that discussing these matters can be emotionally taxing.
However, we also recognize how vitally important this preparation can be!
That’s why we developed the education and tools inherent in the Freedom Plan Trust.
This unique product offers a comprehensive solution, catering to your need to avoid probate, maintain privacy, reduce tax burdens, and ensure your wishes are followed.
By setting up your Powers of Attorney and incorporating them into a holistic estate plan like the Freedom Plan Trust, you can provide your loved ones with a roadmap, guiding them through potentially difficult times with clarity and certainty.
You’re not just planning for an unpredictable future; you’re providing a gift of peace of mind to your loved ones.
Remember, estate planning isn’t only for the wealthy or the elderly. If you’re a married couple in your 50s or 60s, with children, owning a home, and have assets typically adding up to over $500,000, it’s time to start planning.
Consider the emotional, time, and financial costs you can save your family by being proactive today.
Our expert estate planning attorneys are here to help navigate you through these decisions.
Contact us today, and let us help you in setting up a path towards a secure future for you and your loved ones.
