Powers of Attorney to Empower Health

If you are ill or in an accident, who is going to make sure the doctors give you the care you need? Even if you are awake and able, being confined to a hospital bed can make it very difficult to check up on when your doctor is going to examine you, when your tests are going to be run and if your medications are being given correctly.

You can give full legal authority to the person of YOUR CHOICE with a health care power of attorney. Estate planning is not just about what happens with you money when you die. Estate planning documents provide the legal framework for the persons of your choice can help you with your health care and finances when you are alive but need assistance.

Don't let your family and friends fight about what kind of medical care you should have. Make your choice through a health care power of attorney and make sure you have the care you need.

What is happening with the federal estate tax?

Currently, there is no federal estate tax, but that does not mean there is no taxation at death. Instead, right now there is a capital gains tax that can be levied on any assets over $1.3 million (or $3 million for a spouse). Congress has been struggling with trying to adopt a law which will put the $3.5 million estate tax exclusion back in place-- a much fairer tax in most situations. As it stands now, Congress may pass a law that allows estates of decedents who die this year to choose between the capital gains tax and the $1.3 million exclusion or the $3.5 million estate tax exclusion. So, right now, no one really knows whether the tax will remain as it is this year, or change or even what it will be for next year.
How does a married couple plan for that? There is a lot of flexibility in revocable living trusts which can allow for a QTIP or qualified terminable interest trust, or an A-B split or even keep the trust revocable when one of the spouses die. These are complex times but there are simple solutions available when using wills and trusts in your estate planning.

Protect access to your finances-now easier than ever

The Durable Power of Attorney protects your access to your finances. You can give legal authority to the person of your choice to handle your finances if you cannot.

Now, a financial power of attorney is simpler than ever. The Arizona legislature removed the requirement of initial each power to protect the agent from civil and criminal penalties if the agent received an incidental benefit when acting on your behalf. The agent must still work in your best interest, but there are less formalities.

A written financial power of attorney is still necessary and must have "durable" language so your selected agent can help you if you become incapacitated. For more information, see www.sharonravenscroft.com.