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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.
How To Get Money Out of a Trust Fund
Here’s a hypothetical situation. Let’s say you’ve been named a beneficiary of a particular trust fund. You might be grateful for the consideration. But one question that might be on your mind is: how do I get money out of that trust fund?
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.
What is a Financial Power of Attorney?
Power of attorney is a legal instrument that allows another person to act on behalf of the individual who granted the power to them. While each state has specific rules governing the designation, in most cases, you can confer it on your selected agent by completing a legal, notarized form. While the documents must be notarized, usually, an attorney is not a necessary part of the process.
What is an Immediate Power of Attorney?
A power of attorney is a designation that another person has the authority to make decisions on behalf of the power grantor. Typically, you would grant a power of attorney to someone either for convenience or necessity.
How is Cost Basis Calculated on an Inherited Asset?
If the beneficiary of a trust receives an asset valued at $500,000 but was purchased for only $100,000, does the beneficiary incur a big tax bill? For many, this could be a crippling tax bill. However, the IRS code does provide some relief for beneficiaries of inherited assets. This relief comes in the form of an adjustment to the original cost basis.
Does Guardianship Override Medical Power of Attorney?
Sometimes a person can no longer make their own decisions and needs another person designated to do so. The authority can be partial, as in a medical power of attorney, or comprehensive, as is the case with guardianship.
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