Estate Planning Attorneys:
- Last Will & Testament
- Power of Attorneys (POA)
- Directives
- Transferring of Property
- Family Limited Partnerships
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Last Will & Testament:
A vital part of estate planning is a will. If you do not leave a written, legal document delineating how your assets are to be divided at death, the state has a set system established and will divide and distribute the assets for you.
A will also avoids the unfortunate situation where your assets can be used to pay debts, taxes or belong to the federal or state governments.
Most Americans still do not have a Will or Last Testament. If you desire is to leave your assets to your spouse or children with as minimal taxes as possible, you will estate planning attorneys to help you. There are strategies that can be implemented that can avoid the issue of having to open an estate or pay inheritance tax.
There can be advantages to having a Will even if you do not consider yourself wealthy. Wills are no longer just for the wealthy. A will can help not only avoid probate and taxes, but can also eliminate confusion and dispute among beneficiaries. If you have a question about creating or changing your current Will, then let the experienced estate planning attorneys of FLAHERTY FARDO help you with a free consultation at 412.802.6666.
What is a Power of Attorney (POA)?
Powers of attorney is a form of estate planning that allows you to appoint a person as your agent in the event that you become disabled.
A general power of attorney is usually used to allow your agent to handle all of your affairs during a period of time when you are unable to do so. Including a power of attorney as part of an estate plan is a wise addition.
Flaherty Fardo will assist in determining what the best form of Powers of Attorney is for you, while helping you to address issues such as who is the best person to appoint as your agent, at what point would you like the Powers to be triggered, and how board of Powers should your agent be granted.
A power of attorney can grant extensive powers and can include the power:
(1) "To make limited gifts."
(2) "To create a trust for my benefit."
(3) "To make additions to an existing trust for my benefit."
(4) "To claim an elective share of the estate of my deceased spouse."
(5) "To disclaim any interest in property."
(6) "To renounce fiduciary positions."
(7) "To withdraw and receive the income or corpus of a trust."
(8) "To authorize my admission to a medical, nursing, residential or
similar facility and to enter into agreements for my care."
(9) "To authorize medical and surgical procedures."
(10) "To engage in real property transactions."
(11) "To engage in tangible personal property transactions."
(12) "To engage in stock, bond and other securities transactions."
(13) "To engage in commodity and option transactions."
(14) "To engage in banking and financial transactions."
(15) "To borrow money."
(16) "To enter safe deposit boxes."
(17) "To engage in insurance transactions."
(18) "To engage in retirement plan transactions."
(19) "To handle interests in estates and trusts."
(20) "To pursue claims and litigation."
(21) "To receive government benefits."
(22) "To pursue tax matters."
(23) "To make an anatomical gift of all or part of my body.”
The power of attorney can also be as limited and constricted as you would like. Appointing a trusted family member or friend will give you the peace of mind that your property will be diligently taken care of when you are unable to do so yourself.
Power of Attorney / Living Will
A health care care power of attorney allows you to give your agent the authority to make health care decisions on your behalf if you are unconscious, mentally incompetent, or otherwise unable to make such decisions. It can also allow your agent to discuss your medical treatment with health care providers, regardless of your mental competency.
You may also want to consider including a living will with the healthcare power of attorney or as its own separate document within your estate plan. The living will dictates whether or not you wish to receive life-sustaining procedures when your attending physician has determined you to be incompetent and to have an end-stage medical condition or to be permanently unconscious. The living will takes a difficult decision out of the hands of your loved ones while complying with your expressed wishes, values, and preferences regarding your end-of-life healthcare.