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Posts Tagged ‘powers of attorney’

“Instructions” in your financial power of attorney are key to how those assets can be protected for you and for your loved ones

You have worked hard your entire life. You have saved up a nice little nest egg for yourself, so you can use it if you need it. You've even had your own estate plan set up, including a will, financial and health care powers of attorney and maybe even a trust. You think you have done everything necessary to protect your assets for yourself during your lifetime and for your loved ones after your gone. But have you? What you may not realize is that the instructions you have in your financial power of attorney are key to how those…

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Tips for Boomers Reaching Retirement

There is an estimated 78 million boomers that have or will reach the age of retirement in the next few decades. In fact there is one person reaching the age of 65 every 10 seconds, so this begs the question, what do boomers need to do in advance of reaching retirement age? In a society where healthcare costs are rising and the cost of living is increasing, it’s crucial to be prepared long before you may think it is necessary. Below is a list of tips that baby boomers should consider: -           Legal documents: We are concerned with “What happens…

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Powers of Attorney

For most people, the durable power of attorney is the most important estate planning instrument available–even more useful than a will. A power of attorney allows a person you appoint — your "attorney-in-fact" — to act in your place for financial purposes when and if you ever become incapacitated. In that case, the person you choose will be able to step in and take care of your financial affairs. Without a durable power of attorney, no one can represent you unless a court appoints a conservator or guardian. That court process takes time, costs money, and the judge may not…

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SIX STEPS TOWARD SUCCESSFUL ESTATE PLANNING

1. DEFINE YOUR GOALS: What do you want to happen to your assets in the event of your death or disability? If your beneficiaries predecease you, who are your alternate selections? How will your assets be distributed, and when will these distributions take place? Decisions on distribution of your estate assets should take into account the size of the estate, the ages and abilities of your children, and your personal desires. For example, a distribution to children over time might consist of 10 percent of the estate at age 18, 25 percent at age 21, 50 percent at age 24…

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It’s Time to Protect Your Family and Your Future

Estate planning is a financial process that can protect you and your family, and is a very important component of your overall financial planning. If you don’t have an up-to-date estate plan and you happen to get hurt or sick and cannot manage your financial affairs, the courts, through a guardianship, will appoint someone to manage them for you. The person they appoint might not be the one you would want to perform those tasks. Without an estate plan when you pass away, your affairs will be settled by default through a complex legal system called “probate.” The handling of…

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For many executives, estate planning is an uncomfortable subject. That’s understandable, but there are adverse consequences to avoiding it.

  It certainly is understandable that no one enjoys a conversation about death – especially their own! And, with the estate tax exemption now set at $5 million for an individual and $10 million for a couple, many people may believe they have no reason to consult an attorney about their estate planning. But avoiding the topic of estate planning can mean unnecessary expense, confusion and conflict. SmartBusiness last week highlighted the fundamentals of a “well-thought-out estate plan,” with topics that everyone should consider – whether prince or pauper. Why do you need an estate plan? A comprehensive estate plan ensures…

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Maryland has encated a new financial power of attorney.

If you don’t have one, you need one, and if you have an existing Power of Attorney, you need to have it reviewed and probably updated.

What is done when a power of attorney is left to both siblings jointly but one decides to become uncommunicative?

In reviewing the New York Times, I came across the following article in the  New Old Age section. What is done when a power of attorney is left to both siblings jointly but one decides to become uncommunicative and “checks out,” not participating in decision-making, handling estate matters or caring for a parent with dementia? Does the sibling left with shouldering the burden really have to go to court to get the other sibling’s name taken off the power of attorney? The answer, carefully review the document to see if there’s any provision that allows one agent to remove the…

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Providing Care For Someone With Alzheimer’s Disease.

We, at Senior Life Care Planning, provide our clients, families, and caregivers, with a support system, expertise and resources they need to better navigate the many health care, legal, and financial complexities associated with aging.

Most people think that we do wills, trusts and power of attorneys. Although, we do prepare estate planning documents, the major focus for Senior Life Care Planning, is to provide advocacy care services

We provide our clients, families, and caregivers, with a support system, expertise and resources they need to better navigate the many health care, legal, and financial complexities associated with aging.

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