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What You Need to Know
Health.
FIRST: Who will help manage your healthcare? This can include appointments, prescriptions, physical therapy, surgery, alternative treatments, and other medical decisions. This person (or persons) should be readily available if you cannot communicate with your healthcare professionals. A medical power-of-attorney identifies your healthcare proxy.
SECOND: Who will make your end-of-life decision? When it is your time, this person will authorize the removal of life-sustaining healthcare. Knowledge of your wishes, beliefs, and preferences is critical. The importance of this decision cannot be understated. If allowed by your state, a living will is how you designate this person and the scope of their authority.
THIRD: Who can access your medical and billing information? Federal law (HIPAA) strictly limits disclosure only to authorized recipients. Inadequate planning can cause awkward situations, such as the inability to pay a medical bill or confirm your admission to the hospital. A HIPAA release solves these problems.
SUMMARY: The persons in these roles will be intimately involved with your healthcare. They may be a parent, spouse, child, close friend, or trusted advisor.
For more information, read our article "Who Should I Choose as My Health Care Proxy?"
What You Need to Know
Wealth.
FIRST: What type of stuff do you have? Bank accounts? Collectibles? Firearms? Gold and silver? Investment accounts? Knick-knacks? LLCs? Mineral interests? Partnerships? Real estate? Retirement accounts? Timeshares? Start making your list.
SECOND: Who will care for your "stuff" before you die? Spouse? Children? Business partners? Close friends? Trusted advisors? Professional advisors? Remember, if you don't select someone and someone is needed, then a court will choose. This extra effort can be time-consuming and expensive.
THIRD: When do they start? Immediately? Sometime in the future? After some pre-selected condition is met? It is your stuff. You chose.
FOURTH: Who will care for your "stuff" after you die? After you die, your property is distributed. The property distribution follows the government's plan unless you provide your own plan.
SUMMARY: You have a choice. You can use the government's plan or use your own. Government plans tend to be time-consuming, expensive and rigid. Professionally-designed plans offer flexibility, cost-savings, tax efficiency, and customization.
Meet Our Team
We Are Equipped With Talent.
Alan Barker
Brenda Brown
