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Is a Certified Financial Planner (CFP) the Same as a Certified Public Accountant (CPA)?
Managing your finances can be tricky, and choosing the right professional to help is essential. However, it can be difficult to understand what the different roles are during your search. You will likely come across many Certified Financial Planners™ (CFP®) Practitioners and Certified Public Accountants (CPA). But what is the difference? Yes, there is overlap in their job suits, but they aren’t the same position, and who you hire depends on your goals.
Does a General Power of Attorney Expire?
Power of Attorney (POA) designations can be confusing, but they are also vital for managing authority for both capable and incapacitated individuals. Let’s briefly review what a POA is, the various degrees of control granted, and how a POA grant terminates.
What is an Inter-Vivos Trust?
An inter-vivos trust is a type of trust created during the life of the grantor, or the person who establishes the trust, as opposed to a trust created through a will after the grantor’s death.
What is a General Durable Power of Attorney?
Power of attorney is a term most people have heard. However, there are multiple types, and it is important to understand the difference when you are planning your estate. A power of attorney can give an agent or agents you name the ability to act on your behalf financially, medically, and in other matters.
What is Pari-Passu?
Pari passu is a term used in some industries that means that the parties or assets in a financial transaction are treated equally. It stems from the Latin meaning of pari passu, “with equal steps,” or “on equal footing.” The parties might include creditors, business partners, securities, or investors.
Using an LLC for Estate Planning: What You Need to Know
An important part of estate planning is making sure you direct your wealth and assets to heirs and beneficiaries of your choosing. Another important part might also involve reducing the federal estate tax burden on these heirs and beneficiaries. Depending on the size of your estate when you pass, your spouse, children, or grandchildren might owe taxes on your assets when you pass away.
Who Can Override Medical Power of Attorney?
When you appoint someone as your medical power of attorney, often referred to as a healthcare proxy, you are ceding to that individual the authority to make medical decisions on your behalf in case you are unable to. In most cases, you will make the selection and designation before the triggering event. For example, you may decide that your spouse will be your healthcare proxy years or decades before you need them to act. In many states, your medical provider will request that you assign a healthcare proxy before routine medical procedures, including minor surgery. In other cases, the facility might ask for a designation from individuals approaching their senior years.
What is a Limited Power of Attorney?
Assigning a power of attorney to someone authorizes that person to act on your behalf. In almost every situation, the Power of Attorney is a notarized document that specifies the breadth of the agent’s authority and the duration.
Does a Spouse Automatically Have Medical Power of Attorney?
In most circumstances, a spouse is not automatically designated as the medical or healthcare power of attorney (POA) for their incapacitated partner. The lack of a formal designation can lead to conflict and confusion during a medical emergency. Every state (and the District of Columbia) has established procedures for naming a healthcare proxy, which may also be called a durable power of attorney for healthcare. In most cases, a proxy recorded in one state will be recognized in another state, although there are exceptions.
What is a Springing Power of Attorney?
Designating a Power of Attorney (POA) can be an essential and productive tool for managing your financial and other interests. However, the term also causes confusion, partly because there are different varieties of POAs and partly because various jurisdictions use different definitions and procedures.
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