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 several different resources for you to find out any and all things related to Prenuptial/Premarital Agreements.
PRENUPTIAL/PREMARITAL AGREEMENT - RESOURCES:
Prenuptial Agreements
Your Guide to Prenuptial Agreements
About.com: Marriage
Prenuptial Marriage Agreements
I Do! Take Two: Guide to Second Weddings, Second Marriage and Vow Renewals
Prenuptial Agreements
Equality in Marriage Institute
Creating a Prenuptial Agreement
USA Today
Prenuptial Agreements: Unromantic, but Important
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, JUNE 8, 2010
Wednesday, June 2, 2010
Tuesday, May 18, 2010
Introduction – Prenuptial Agreements/Premarital Agreements
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 provide you with basic information regarding Prenuptial Agreements/Premarital Agreements. Most people are not familiar with the term Pre-Marital Agreement, yet it is identical to and operates in the same manner as a Pre-Nuptial Agreement.
Preparing a Pre-Marital agreement is a process that involves significant planning and preparation for both parties to the agreement. We have taken the time to assemble a brief Q&A regarding the essentials related to the planning and preparation of your Pre-Marital Agreement.
What is a Pre-Marital Agreement?
A pre-martial agreement is an agreement made between two people who are contemplating marriage. The agreement requires full and frank disclosure from both parties. It provides a list of all property each person owns and their accompanying debt.
The agreement also lays out the rights, duties and responsibilities of the parties during and upon termination of the marriage through death or divorce. This agreement must be in writing and signed by both parties, with fair and reasonable terms free from fraud and duress to be enforceable in court. The agreement will become enforceable upon the marriage of the parties.
Should I get a prenuptial?
Prenuptial agreements used to be looked down upon; however, they now are becoming more acceptable in our society. You should definitely consider entering into a prenuptial agreement if you have children from a previous marriage, you own significant amounts of property, have previously been married, have a salary over $100,000, or own a business and/or family business. There are four main purposes of a prenuptial agreement: to avoid costly litigation, to protect family and/or business assets, to protect against creditors, and to give you assurance that marital property will be disposed of properly. If you do not have a prenuptial, the State of Maryland will divide the assets of the marital union based on an equitable distribution, equitable does not necessarily mean “equal,” in the event of a divorce.
Should I seek independent counsel?
YES, absolutely. Each party to the marriage should seek independent counsel before entering into a prenuptial agreement so that there is full and frank disclosure, a full understanding of the rights, duties and responsibilities of the parties to the agreement, and to ensure that the agreement is free from duress and fraud. If one party seeks counsel and the other does not, and the terms of the agreement are unfavorable to one party, the entire agreement may be considered unenforceable in a court of law.
What must be disclosed in a pre-marital agreement?
Certain information must be provided by both parties to the agreement, that particular information is provided below:
• Checking accounts
• Certificates of Deposit, Savings Accounts
• Stocks & Bonds
• Mutual Funds
• Real Estate
• Business Interest/Ownership
• Retirement Benefits (IRA, 401(k), other retirement benefits)
• Life Insurance polices/annuities
• Other Trusts, Anticipated Inheritance
• Personal Property (cars, boats, etc)
• Other Personal Property (home furnishings, jewelry, collections, etc)
• Liabilities (home mortgage, debts, etc)
• Other Assets
• Most recent personal federal income tax return
What types of things may be included in a pre-marital agreement?
A prenuptial agreement can include a wide array of things. It may include the following types of provisions:
• Alimony/Spousal Support or Waiver thereof
• Use or nonuse of Joint Bank Accounts
• Filing of Tax Returns
• Agreements about specific purchases or projects
• Purchasing a home/starting a business
• Use/nonuse/limited use of Credit Cards
• How to settle future disagreements
• Lifestyle clauses
• Right to inherit
• Right to be named beneficiary of life insurance policy and/or retirement benefits
However, personal agreements as to household chores, exercising, cooking, etc should be kept out of the agreement, as they are not binding in court, and may cause a Judge to take your pre-martial agreement less seriously.
What CANNOT be included in a pre-marital agreement?
Prenuptial agreements have been drafted to include almost anything; however, there are certain provisions that cannot be included and if they are, will be stricken and unenforceable. Those provisions are provided below:
• Illegal actions and issues that are against public policy
• Restricting child support, custody or visitation rights
• Financial incentives for divorce
Almost anything else may be included in a prenuptial agreement and have been included in such agreements.
Can I revoke my pre-marital agreement?
A pre-martial agreement may be revoked after the marriage by written agreement signed by both parties, free from fraud and duress.
**Words of Advice**:
Speak with your significant other regarding the benefits, and disadvantages of a prenuptial agreement before seeking the assistance of experienced attorneys. It will make the whole process and the final document more balanced if you have the necessary time and patience to discuss your options with your partner before preparing the document. It’s best to have a written outline prepared beforehand of what you want included in your prenuptial agreement.
If you or a loved one is contemplating a prenuptial agreement, think about it, discuss it with your partner, and contact our law firm for more 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, JUNE 1, 2010
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 provide you with basic information regarding Prenuptial Agreements/Premarital Agreements. Most people are not familiar with the term Pre-Marital Agreement, yet it is identical to and operates in the same manner as a Pre-Nuptial Agreement.
Preparing a Pre-Marital agreement is a process that involves significant planning and preparation for both parties to the agreement. We have taken the time to assemble a brief Q&A regarding the essentials related to the planning and preparation of your Pre-Marital Agreement.
What is a Pre-Marital Agreement?
A pre-martial agreement is an agreement made between two people who are contemplating marriage. The agreement requires full and frank disclosure from both parties. It provides a list of all property each person owns and their accompanying debt.
The agreement also lays out the rights, duties and responsibilities of the parties during and upon termination of the marriage through death or divorce. This agreement must be in writing and signed by both parties, with fair and reasonable terms free from fraud and duress to be enforceable in court. The agreement will become enforceable upon the marriage of the parties.
Should I get a prenuptial?
Prenuptial agreements used to be looked down upon; however, they now are becoming more acceptable in our society. You should definitely consider entering into a prenuptial agreement if you have children from a previous marriage, you own significant amounts of property, have previously been married, have a salary over $100,000, or own a business and/or family business. There are four main purposes of a prenuptial agreement: to avoid costly litigation, to protect family and/or business assets, to protect against creditors, and to give you assurance that marital property will be disposed of properly. If you do not have a prenuptial, the State of Maryland will divide the assets of the marital union based on an equitable distribution, equitable does not necessarily mean “equal,” in the event of a divorce.
Should I seek independent counsel?
YES, absolutely. Each party to the marriage should seek independent counsel before entering into a prenuptial agreement so that there is full and frank disclosure, a full understanding of the rights, duties and responsibilities of the parties to the agreement, and to ensure that the agreement is free from duress and fraud. If one party seeks counsel and the other does not, and the terms of the agreement are unfavorable to one party, the entire agreement may be considered unenforceable in a court of law.
What must be disclosed in a pre-marital agreement?
Certain information must be provided by both parties to the agreement, that particular information is provided below:
• Checking accounts
• Certificates of Deposit, Savings Accounts
• Stocks & Bonds
• Mutual Funds
• Real Estate
• Business Interest/Ownership
• Retirement Benefits (IRA, 401(k), other retirement benefits)
• Life Insurance polices/annuities
• Other Trusts, Anticipated Inheritance
• Personal Property (cars, boats, etc)
• Other Personal Property (home furnishings, jewelry, collections, etc)
• Liabilities (home mortgage, debts, etc)
• Other Assets
• Most recent personal federal income tax return
What types of things may be included in a pre-marital agreement?
A prenuptial agreement can include a wide array of things. It may include the following types of provisions:
• Alimony/Spousal Support or Waiver thereof
• Use or nonuse of Joint Bank Accounts
• Filing of Tax Returns
• Agreements about specific purchases or projects
• Purchasing a home/starting a business
• Use/nonuse/limited use of Credit Cards
• How to settle future disagreements
• Lifestyle clauses
• Right to inherit
• Right to be named beneficiary of life insurance policy and/or retirement benefits
However, personal agreements as to household chores, exercising, cooking, etc should be kept out of the agreement, as they are not binding in court, and may cause a Judge to take your pre-martial agreement less seriously.
What CANNOT be included in a pre-marital agreement?
Prenuptial agreements have been drafted to include almost anything; however, there are certain provisions that cannot be included and if they are, will be stricken and unenforceable. Those provisions are provided below:
• Illegal actions and issues that are against public policy
• Restricting child support, custody or visitation rights
• Financial incentives for divorce
Almost anything else may be included in a prenuptial agreement and have been included in such agreements.
Can I revoke my pre-marital agreement?
A pre-martial agreement may be revoked after the marriage by written agreement signed by both parties, free from fraud and duress.
**Words of Advice**:
Speak with your significant other regarding the benefits, and disadvantages of a prenuptial agreement before seeking the assistance of experienced attorneys. It will make the whole process and the final document more balanced if you have the necessary time and patience to discuss your options with your partner before preparing the document. It’s best to have a written outline prepared beforehand of what you want included in your prenuptial agreement.
If you or a loved one is contemplating a prenuptial agreement, think about it, discuss it with your partner, and contact our law firm for more 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, JUNE 1, 2010
Tuesday, May 11, 2010
Advance Directive – Need 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 Advance Directive, otherwise known as a Living Will or Health Care Power of Attorney.
ADVANCE DIRECTIVES RESOURCES:
American Medical Association
Advance Care Directives
American Hospital Association
Put It in Writing
National Cancer Institute
Advance Directives
American Heart Association
Insurance, Legal Issues and Advance Directives
The AGS Foundation for Health in Aging
Advance Care Planning & Advance Directives
Caring Connections
Planning Ahead
National Alliance on Mental Illness
Advance Directives
American Bar Association
Health Care Advance Directives
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 18, 2010
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 Advance Directive, otherwise known as a Living Will or Health Care Power of Attorney.
ADVANCE DIRECTIVES RESOURCES:
American Medical Association
Advance Care Directives
American Hospital Association
Put It in Writing
National Cancer Institute
Advance Directives
American Heart Association
Insurance, Legal Issues and Advance Directives
The AGS Foundation for Health in Aging
Advance Care Planning & Advance Directives
Caring Connections
Planning Ahead
National Alliance on Mental Illness
Advance Directives
American Bar Association
Health Care Advance Directives
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 18, 2010
Tuesday, May 4, 2010
What is an Advance Directive?
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 an Advance Directive (Living Will/Health Care Power of Attorney) is and how it is used.
DEFINITIONS:
Advance Directive -
An advance directive is your life in your terms. It allows you to document your wishes concerning your health care. It is effective upon signature when signed in front of the required amount of witnesses. The State of Maryland has combined the living will and health care power of attorney and uses the term “Advance Directive”.
Living Will -
A living will allows you to leave instructions for your health care treatment. It usually provides specific directions about the course of treatment that is to be followed by health care providers and caregivers. A living will may be general or very specific, a specific living will may include information regarding an individual's desire for such services such as analgesia (pain relief), antibiotics, hydration, feeding, and the use of ventilators or cardiopulmonary resuscitation.
Health Care Power of Attorney -
A health care poa authorizes someone appointed by you to make decisions on your behalf concerning your health care when/if you are incapacitated.
Health Care Proxy -
A health care proxy is a document that allows you to appoint an agent to make health care decisions in the event that you are incapable of executing such decisions. Once the document is drafted, you may continue to make health care decisions as long as you are still competent to do so.
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?
Advance Directives are documents in which you express your healthcare wishes and appoint a person to make decisions for you if, someday, you can no longer speak for yourself. If you do not prepare health care documents, the state law tells your doctors what to do.
The advance directive allows you to make decisions concerning the following types of medical procedures/health care 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, and in many states Pregnancy (you may indicate whether or not you want Health Care directions carried out in the event of your pregnancy).
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.
HOW IT WORKS?
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.
If your Advance Directive is valid (signed by the appropriate amount of witnesses, and the person whom you have listed as your health care agent is not in violation of State law), then your agent, doctors and medical facility most likely to treat you must follow your wishes regarding your health care treatment.
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 WEDNESDAY, MAY 11, 2010
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 an Advance Directive (Living Will/Health Care Power of Attorney) is and how it is used.
DEFINITIONS:
Advance Directive -
An advance directive is your life in your terms. It allows you to document your wishes concerning your health care. It is effective upon signature when signed in front of the required amount of witnesses. The State of Maryland has combined the living will and health care power of attorney and uses the term “Advance Directive”.
Living Will -
A living will allows you to leave instructions for your health care treatment. It usually provides specific directions about the course of treatment that is to be followed by health care providers and caregivers. A living will may be general or very specific, a specific living will may include information regarding an individual's desire for such services such as analgesia (pain relief), antibiotics, hydration, feeding, and the use of ventilators or cardiopulmonary resuscitation.
Health Care Power of Attorney -
A health care poa authorizes someone appointed by you to make decisions on your behalf concerning your health care when/if you are incapacitated.
Health Care Proxy -
A health care proxy is a document that allows you to appoint an agent to make health care decisions in the event that you are incapable of executing such decisions. Once the document is drafted, you may continue to make health care decisions as long as you are still competent to do so.
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?
Advance Directives are documents in which you express your healthcare wishes and appoint a person to make decisions for you if, someday, you can no longer speak for yourself. If you do not prepare health care documents, the state law tells your doctors what to do.
The advance directive allows you to make decisions concerning the following types of medical procedures/health care 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, and in many states Pregnancy (you may indicate whether or not you want Health Care directions carried out in the event of your pregnancy).
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.
HOW IT WORKS?
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.
If your Advance Directive is valid (signed by the appropriate amount of witnesses, and the person whom you have listed as your health care agent is not in violation of State law), then your agent, doctors and medical facility most likely to treat you must follow your wishes regarding your health care treatment.
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 WEDNESDAY, MAY 11, 2010
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
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
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
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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
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
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