Critical Planning Issues

 

Estate Planning means different things to different people depending on their family situation and the nature & value of the assets they own.

 

For most folks, Estate Planning means having a Will. But there's more to Estate Planning than simply determining who gets what you own when you're gone.

 

In my experience, the most difficult challenges for family members arise when loved ones become mentally incapacitated. Planning for incapacity includes creating these 4 authorizations or directives:

  1. Financial Power of Attorney

  2. Health Care Power of Attorney;

  3. Living Will; and

  4. HIPAA Authorization.

 

Each of these planning tools is legally effective only during one's lifetime, but these important documents provide the authority needed to carry out your wishes and manage your affairs if you cannot.

 

In addition to the above planning documents, I believe everyone should have a Revocable Trust.  

 

Click on each of the documents listed in this page (or go to the drop-down menu in the header) to find out more about each of these critical estate planning issues.

 

 

This website and all materials appearing herein are presented solely for educational purposes and cannot be relied upon by anyone for elder law, estate planning, tax or any other purpose.  You must seek advice from competent legal, financial and tax advisors before attempting any form of elder law planning or any other form of estate planning.  Nothing presented on this website implies or creates an attorney-client relationship between a site visitor and the author, Jay H. Krall.  Attorney Krall is licensed by the North Carolina State Bar and not in any other state.  Links to other internet sites are not endorsements of any products or services described at those sites.   

Circular 230 Disclosure: Pursuant to U.S. Treasury Department Regulations, we are required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

© 2020 Jay H. Krall,  Attorney at Law

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