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Tuesday, April 27, 2010

Introduction to Advance Directives – The Basics

Welcome Back to the MVP Estate Planning Blog!

We will be posting about "Advance Directives" for the next two weeks. Our postings will contain the most basic information about advance directives otherwise known as a Living Will or Health Care Power of Attorney.

Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.

For those that have questions surrounding the "Advance Directive" please take the time to review the "Question & Answer" discussion we have created below.

o What is an Advance Directive?
An advance directive is similar to the Power of Attorney which grants authorization to act on someone else’s behalf in matters relating to their health care. In order to make a valid Advance Directive, you must be at least 18 years of age, able to understand what the document means, what it contains, and how it works.

o What is the purpose of an Advance Directive?
The purpose of having an Advance Directive is to have a legal document in place which sets out instructions and/or wishes for your medical care, in case something where to occur that would leave you unable to communicate your wishes to your doctor/hospital/family members.

o What’s involved with an Advance Directive? An Advance Directive normally involves these types of issues:
• Admission and/or Discharge from Hospital, Hospice, Nursing Home, or other medical facility
• Request to Receive Protected Health Records as your Personal Representative under HIPAA
• Withholding/Withdrawing Life-Prolonging Procedures
• Withdrawing Food & Water (Artificially Administered Nutrition & Hydration);
• Palliative Care
• Authorizing Organ, Tissue or Body Donation
• Authorizing an Autopsy
• Authorizing Disposition of Your Remains
• Nominating a Guardian
• Pregnancy (you may indicate whether or not you want Health Care directions carried out in the event of your pregnancy)

However, with an Advance Directive, you may specify your care for different situations, or if you wishes are simple, you may leave all decisions to your health care agent to act in your best interest.

o Who can I name as my Health Care Agent?
You should appoint someone who you trust, who is reliable, and who you have shared your medical care concerns and/or wishes with, as your Health Care Agent. You may appoint your Attorney as your Health Care Agent, an immediate family member, or even a trusted friend. You may not name an owner, operator, or employee of a health care facility where you are/or have received care to be your health care agent. We recommend that you name two Health Care Agents in the event that your first choice is unavailable for some reason to act in your best interests.

o Should I execute an Advance Directive?
You should execute an Advance Directive for the mere purpose that life is full of unexpected events and issues. With an Advance Directive in place, your health care directions will be carried out in the event that you are unable to communicate with your doctor, hospital, and/or loved ones. Having an Advance Directive will save your family time and money.

o Can I revoke my Advance Directive?
You may revoke your Advance Directive at any time. You are completely in control of your health care directions, and if your desires change at any time, you should destroy the original and execute a new Advance Directive to reflect your wishes. You should also inform all who have a copy to return it to you to be destroyed, and let them know that you have revoked it, as your health care directions have changed.

o Should I distribute copies of my Advance Directive to my physician/insurance plan/immediate family members?
You should distribute copies of your Advance Directive to your agent, doctors, or medical facility most likely to treat you, otherwise it will be wasted time, money and words on a sheet of paper. Your Advance Directive should be in the hands of the people who need to know about it, so that your health care directions are carried out in accordance with your wishes.

o Does the MVP Law Group offer a bundle deal for executing both an Advance Directive and a POA?
Yes! Considering the fact that they are similar documents, both allowing someone else to act on your behalf if you are unable to do so. We offer a bundle deal for the preparation and execution of the Advance Directive and POA, a deal that you do not want to miss! Please contact our office for more information!

As an Individual in the United States, health care has become an extreme concern in this day and age. As such it is important to have protections in place in case you are unable to relay your health care wishes to your medical providers and/or immediate family members. Your health care directions are unique to you as an individual, encompassing your religious and/or spiritual beliefs, family traditions, and sincere values. We at the MVP Law Group want to help you prepare so that you are taken care of according to your wishes in the event that something would happen to you.

Act now and have your health care plan in place.

Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.

PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, MAY 4, 2010

Tuesday, April 20, 2010

POA - Still in Need of More Information ????

Welcome Back to the MVP Estate Planning Blog!

Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.

In this post, I have provided a plethora of resources for you to find out any and all things related to the Power of Attorney (legal document).

POA RESOURCES:
 American Bar Association Section of Real Property/Trust & Estate Law (ABA)
o Estate Planning FAQs

 Association for the Advancement of Retired Persons (AARP)
o Understanding Power of Attorney

 National Caregivers Library
o What is Power of Attorney

 Internal Revenue Service (IRS)
o Federal Taxes Representation – Power of Attorney Information


Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.

PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, APRIL 27, 2010

Tuesday, April 13, 2010

POA – What is it?

Welcome Back to the MVP Estate Planning Blog!

Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.

In this post, I will inform you of the definitions for the most basic terms used. I will also provide you with a general overview of what a POA is and how it is used.

DEFINITIONS:
 Power of Attorney -
• A power of attorney is a written instrument executed by one person, called the principal/grantor, which designates another person, called the agent/attorney-in-fact, to perform acts on the principal’s/grantor’s behalf.

 Principal/Grantor -
• The person who creates the Power of Attorney and thereby authorizes the agent to act on his/her behalf.

 Agent/Attorney in Fact -
• The person named in a Power of Attorney that must act on behalf of the Principal.

 General POA -
• A general POA gives the Agent the full power to act on behalf of the Principal and is effective upon signature, or at a designated time and will remain effective until the Principal becomes incapacitated, disabled or incompetent.

 Limited POA -
• A limited POA may only encompass certain types of transactions and/or may be limited in duration. It may involve the selling of real estate, the closing of a bank account, or it may be valid for the time that you on vacation outside of the country, etc. Limited POAs are drafted to fit individual needs on a one-time basis or for a limited period of time and are usually your best choice.

 Durable POA -
• A durable POA is effective upon signature, or at a designated time and will continue to be effective if the Principal becomes incapacitated, disabled or incompetent.

WHAT IS IT?
A Power of Attorney (POA) is the creation of a fiduciary relationship between an Agent and a Principal, where the Agent must be completely honest and loyal to the wishes of the Principal in their dealings.

In short, a POA is just a document that authorizes one person to handle the affairs of another. The document can cover many topics, from what happens to you in the event that you are incapacitated to make decisions about your healthcare, and what is to be done with your estate after death, to the investment of your money or the purchasing of real estate. It can be customized like any other contract.

If someone has appointed you or asked you to be their agent/attorney in fact, we advise you to consult with a licensed Attorney if you are unsure about your responsibilities/liabilities as an agent/attorney in fact.

HOW IT WORKS?
The Power of Attorney is effective as soon as the Principal signs it, unless the Principal states that it is only to be effective upon the happening of some future event.

A POA is one of the strongest legal documents that an individual can give to another person. A POA can be used to create new debts, buy or sell property, and deplete your bank account. It is important to remember that YOU will be held responsible for the acts of your agent. Thus, you must exercise great care in choosing your agent.

A POA will be accepted as valid for most purposes. However, there are some actions that cannot be accomplished by using a POA because these actions are so personal in nature they cannot be delegated to another. In addition, some businesses require a power of attorney to be in a certain form or be recorded. For example, your bank may accept only a special power of attorney with the account number specifically listed. Whenever possible, you should check with the business before obtaining or using a power of attorney to be sure it will be accepted.

After being certain that the POA gives you the authority to do what you want to do, take the Power of Attorney (or a copy) to the third party. Explain to the third party that you are acting under the authority of the POA and are authorized to do this particular act. Some third parties may ask you to sign a form stating that you are acting properly. If it states something that you do not understand in your capacity as Agent for the Principal, you may wish to consult your attorney prior to signing it. The third party should accept the POA and allow you to act for the Principal. When acting as an Attorney-in-Fact, always make that clear when signing any document.

EXAMPLE - Tiffany Reid, by Nottingham Smith as her Attorney-in-Fact. In this example, Tiffany Reid is the Principal, and Nottingham Smith is her Agent/Attorney-in-Fact signing in his representative capacity.

We hope that the information presented in this post is helpful for our readers. If you have any questions or concerns, please address them in the comment box provided below.

Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.

PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, APRIL 20, 2010