Terms to know
Living Will & Durable Power of Attorney for Health Care
The Living Will is a declaration of your wishes pertaining to life- sustaining procedure when in a terminal or persistent vegetative state. The Power of Attorney may be effective when you are unable to communicate rationally and gives your agent the authority to make decisions on your behalf as specified.
Power of Attorney
A legal document which gives an agent the power to act on behalf of a principal in financial and other designated matters. The Power of Attorney may be drafted to take effect immediately (Durable) or upon incapacity (Springing).
Special Needs Trusts and Supplemental Needs Trusts
These trusts are appropriate for individuals and parents of individuals receiving or likely to receive government benefits, and who wish to ensure the individual beneficiary’s quality of life. Special Needs Trusts and Supplemental Needs Trusts allow a disabled beneficiary to receive gifts, settlements, or other funds and yet not lose their eligibility for certain government programs and ensuring quality of life. An example of a settlement received might be a claim for personal injury resulting in disability.
A trust is a legal entity that is able to own property and other assets. A Revocable Living Trust can be used to remove property & assets from the probate procedure, reduce estate taxes, preserve privacy, and manage financial affairs.
The most well known of estate planning tools. A will, if drafted and executed according to state law, will ensure that your property is dispersed according to your wishes and that your loved ones are provided for as you intended.