LAST WILL AND TESTAMENT 

This allows you to specify “who gets what” when you  pass away. Without your own Last Will and Testament,  your assets will be distributed according to state  guidelines. A Will also allows you to name guardians  for your minor children. This is important because  if something happens to you and your spouse, the  state will decide who will have legal authority over  your minor children. This could very well be a person  or institution you would never have chosen to have  such authority.  

DURABLE POWERS OF ATTORNEY 

These allow you to name people of your own choosing  to make decisions for you in the event of incapacity. A  power of attorney for healthcare lets you designate a  person you trust to make decisions about your medical  care, while a power of attorney for finances lets you  name the person you want to make financial and legal  decisions on your behalf. 

ADVANCE DIRECTIVES 

An advance healthcare directive, also known as a  living will, allows you to choose, in advance, the types  of medical treatments you want (or don’t want) in an  end-of-life situation.  

HIPAA AUTHORIZATION 

The Health Insurance Portability and Accountability Act  (HIPAA) established national standards to protect the  privacy of patients’ health care information by regulating  the use and disclosure of “protected health information.”  

A HIPAA Authorization ensures your loved ones  and decision makers can gain access to medical  information about your condition when they need it.  

TRUSTS 

There are many types of trusts, capable of helping you  accomplish a variety of goals. However, when most  people think about trusts, a Revocable Living Trust is  the one they have in mind.  

A Revocable Living Trust allows you to maintain  complete control over your assets while you are alive  and after you have passed away. You don’t have to  transfer your assets to the trust all at once, you can do  so over time and even add to the trust as you acquire  new assets.  

Other benefits of a Revocable Living Trust include:  

• Avoiding probate. The probate process is time consuming, needlessly expensive and exposes your  assets and estate to public scrutiny 

• It can be changed over time, to compensate for  changes in your financial and family situation 

• Basic wills can lead to disagreements among  family members. A Revocable Living Trust can  help eliminate challenges to the will and ensure  beneficiaries receive what you have intended  for them 

• It allows for ongoing financial management.  As your wealth accumulates, so too will assets  in the trust 

The many moving parts of your estate – business, heirs, real estate, philanthropy, investments – need to be orchestrated in concert to maximize your legacy and reduce your loss to estate taxes. This requires significant inter-disciplinary expertise to realize the benefits and avoid the pitfalls. Planning Network Partners is dedicated to examining this and other opportunities as part of a larger picture of your whole financial health. 

Contact Us today for expert assistance.