Health Care Advance Directives

Friday, January 07, 2011

Press Coverage of Estate Planning this Week (January 7, 2011)

Deborah L. Jacobs of Forbes discusses the new portability provisions included in the tax law passed by Congress in December, and asks if portability eliminates the need for trusts. She then provides several situations where trusts still make sense, and others where relying on portability alone may suffice. See Planning for a Disappearing Estate Tax Break (Jan. 3, 2011).

Ashlea Ebeling of Forbes argues there is no longer any excuse to put off estate planning, and suggests four steps to take soon: write a will, complete a financial power of attorney, complete a health care advance directive, and review the beneficiary designations on your life insurance policies and retirement accounts. See No Excuse For No Estate Plan (Jan. 3, 2011).

Friday, August 20, 2010

Press Coverage of Estate Planning this Week (August 20, 2010)

Seth R. Kaplan, Esq. writes in Forbes about Grantor Retained Annuity Trusts (GRAT), why GRATs are a great estate planning tool for passing money on to the next generation, and why short-term GRATs may soon be disallowed by Congress. While short-term rolling GRATs might be upended by Congressional action, mid-term and long-term GRATs are still useful, particularly when the Applicable Federal Rate (or the §7520 Rate) is low, as it is now. See The Great GRAT Debate (Aug. 18, 2010).

Joseph Nowinski, Ph.D, writes in the Huffington Post about a widower who managed to get his estate and financial affairs in order and have the necessary conversations with his children about health care directives and powers of attorney. Such conversations are not easy, but they are nevertheless important. See End of Life Planning – A Necessary Conversation (Aug. 18, 2010).

Tuesday, September 08, 2009

Estate Planning Tip of the Week

Does a Person in Their 20s or 30s Need Estate Planning?

There are levels of estate planning applicable to every age.  While many people in their 20s and 30s do not need an elaborate estate plan, they should complete a few basic documents.  The most important documents for this age focus on planning for accidents or illness, and include an Advance Directive for Health Care, which allows someone to make medical decisions on your behalf and provides guidance as to the types of medical care you want and don't want; a General Durable Power of Attorney for Finances, which allows someone to make financial decisions for you; and a HIPAA Release, which allows hospitals and medical institutions to release your medical information to family members or others.  Additionally, if you have a family of your own, a basic will is advised so that you can name who would raise your children in the event you and your spouse were severely injured or killed. 

Planning doesn't have to be complicated, but life tends to get very complicated when no planning is involved.

For more information on planning for young people, see Misconceptions About Estate Planning on the Articles Page.

Friday, June 19, 2009

Press Coverage of Estate Planning This Week (June 19, 2009)

Max Alexander of Dow Jones Newswires writes how priorities and a plan are needed when inheriting money.  Too often, short-sighted decisions lead to big financial problems.  See Inheritance Isn't Always an Easy Street (June 17, 2009).

Dennis Fordham, Esq., writes in Lake County News (Calif.) about how a charitable remainder trust works and some of the advantages, including tax savings on the sale of appreciated assets and better management of income to spread and possibly lower the donor's income taxes.  See Estate Planning: Charitable Remainder Trusts (June 15, 2009).

Victoria E. Knight of Dow Jones Newswires notes that there appear to be increasing cases of children turning to their parents for financial help, and sometimes crossing the line.  In some cases, children are making a grab for assets from frail parents, coercing parents to lend, or borrowing but never paying back the money, with no paper trail.  See Elderly's Assets Can Prove Too Tempting (June 16, 2009).

Daniel O. Tully, Esq., writes in the Bristol Press (Conn.) about reorganizing your estate plan to simplify things where possible, review life insurance policies, and refocus on your estate planning priorities.  See Senior Signals: On Estate Planning (June 14, 2009).

Monday, April 20, 2009

Health Care Advance Directive Documents from the American Bar Association

The American Bar Association released an excellent new resource to assist you during the difficult process of making health care decisions for someone else.  Making Medical Decisions for Someone Else: A How-To Guide addresses steps to follow when making medical decisions on behalf of another, how to best work within the health care system, how to go about resolving disputes, and a list of issues often faced by the health care agent.

Two other related ABA publications worth noting are the Consumers Tool Kit for Health Care Advance Planning, which assists in preparing a health care advance directive, and Myths and Facts About Health Care Advance Directives, which discusses some of the more common misperceptions about health care advance directives.